Keeping Current Matters August 1, 2024
Buyer
Figuring out what to do with your house when you're ready to move can be a big decision. Should you sell it and use the money for your next adventure, or keep it as a rental to build long-term wealth?
It's a question many homeowners face, and the answer isn't always straightforward. Whether you're curious about the potential income from renting or worried about the responsibilities of being a landlord, there’s a lot to consider.
Let’s walk through some key questions to ask to help you make the best decision for your situation.
Even if you're interested in becoming a landlord, your current house might not be ideal for renting. Maybe you're moving far away, so keeping up with the ongoing maintenance would be a hassle, the neighborhood isn't great for rentals, or the house needs significant repairs before you could rent it out.
If any of this sounds like it might apply, selling might be your best option.
Managing a rental property isn't just about collecting rent checks. It's a time-consuming and sometimes challenging job.
For example, you may get calls from tenants at all hours of the day with maintenance requests. Or you may find a tenant causes damage you have to repair before the next lease starts. You may even have to deal with people falling behind on payments or breaking their lease early. Investopedia highlights:
"It isn’t difficult to find horror stories of landlords troubled with more headaches than profits. Before deciding to rent, consider talking to other landlords and doing a detailed cost analysis. You might find that selling your home is a better financial decision and less stressful.”
If you're thinking about renting out your home primarily to generate extra income, remember that there are additional costs you’ll want to plan for. As an article from Bankrate explains:
To sum it all up, selling or renting out your home is a personal decision that depends on your circumstances. Whatever you decide, taking the time to evaluate your options will help you make the best choice for your future.
Make sure to weigh the pros and cons carefully and consult with professionals so you feel supported and informed as you make your decision. That’s what we’re here for.
Stay up to date on the latest real estate trends.
Seller
February 9, 2025
Hosting and entertaining guests brings so much warmth and vivaciousness into your space, even though parties can sometimes feel cramped in a small home or apartment.
Lifestyle
February 9, 2025
As children grow older, the needs of working parents shift significantly, yet workplace support often lags behind.
Lifestyle
February 9, 2025
A collection of indoor plants can immediately elevate an interior, bringing in much-needed color, life, and natural texture.
Lifestyle
February 8, 2025
If taking supplements is a part of your morning routine, you might just be popping them on auto-pilot without thinking twice about it.
Lifestyle
February 8, 2025
Staying fit and healthy while traveling doesn’t have to be a challenge.
Lifestyle
February 8, 2025
Sustainable tourism is on the rise.
We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today