Consider this scenario: you own a lovely house in the city, but you need to move to the other end of the country for a long-time assignment at work. Now you are contemplating what to do with your house. Do you sell it or just rent it out? Owning a property is one accomplishment you can be proud of. With prices of real estate going up at a really fast rate, it can also be hard to let it go should you decide to sell it. Renting it out is another option you can look into if you are not ready to let go of your home entirely. You can enter into a contract with a tenant who will reside in your home for a period. If you are still having second thoughts about the best route to go, here are some key comparisons that can help with your decision-making.
Should you decide to sell your house – you can go online and type sell my house fast Jupiter in your browser, or go the traditional route of hiring a real estate agent – you have to consider these things.
- The transaction ends after the sale. Once you found a buyer, there is nothing left to do after the purchase is made. You can walk away and never look back.
- You can avoid the depreciation of your property. If you have a hunch that the market will depreciate the value of your house within several years, you can get out of the impending problem as early as now and sell your house for a considerable amount still.
- You can get enough for a down payment for a new home. You can spend a portion of the money from the sale to pay for the down payment and spend the rest on other things that you deem important.
- You don’t have to deal with tenants. Becoming a landlord does not come without challenges. You have to deal with delinquent tenants, complaints, and other issues concerning your property.
- You have to determine if renting out your house will generate income. To know if you will profit from your property, subtract the expenses that you have to spend on in keeping up with your property from the rental. If it comes up negative, you may want to reconsider renting it out.
- Some of the expenses that you have to consider are the mortgage, vacancies – because there will be a time that your property will be vacant, insurance, repair, taxes, etc.
- Do you have the time and energy to become a landlord? Being a landlord takes a good chunk of your time, and if you don’t have the time, you may encounter difficulties with your role.
- Do you plan on living in the house again? If the property has sentimental value to you and you are still planning to go back after a time, then renting out is the best option.
- If you can feel that the market will be better in the future and you have a hunch that your property’s value will go up, then this option is for you.