Does Anyone Have Any Tips On Whether I Should Rent Out My House Or Try To Sell It?
We are weighing the pros and cons of renting vs. Selling in a soft housing market.
3 Answers - Sort by: Date | Rating
Ckalb: You are ultimately the only one who can make the decision, however, what you need to consider is the cost for maintenance. And, a major consideration is what to charge for rent. Will the rent money you ask for cover your mortgage payment and provide you with some extra money to put aside for maintenance? Will you profit from the rental?
Renting may seem glamorous, but it can be a lot of work. Tenants may want to move out and at times it is difficult to find new tenants.
You can use a Property Management firm to assist you, but remember the Property management groups have fees, and usually a set of policies.
If you sell your home you can reinvest the money, or use it for a down payment on another home.
Ultimately, the choice depends on your financial situation and your preferences towards building maintenance.
Renting may seem glamorous, but it can be a lot of work. Tenants may want to move out and at times it is difficult to find new tenants.
You can use a Property Management firm to assist you, but remember the Property management groups have fees, and usually a set of policies.
If you sell your home you can reinvest the money, or use it for a down payment on another home.
Ultimately, the choice depends on your financial situation and your preferences towards building maintenance.
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I would take this time to fix up your home and maybe hang on to it until the market builds a bit, renting has it's own hazards, you could lose all the work you have done on your home and then have to fix it up all over again before trying to sell and therefore miss a good market opportunity because you are trying to remodel. I am in the remodel business personally and would recommend just getting the work done and sitting on it for a while. That is what I personally am doing.
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I think it's wise if you're a first time home owner to rent first to see whether you like owning. Perhaps maintaining a house might be too much. If so, there are other options like purchasing a condo or co-op.
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