Should you Rent out your Home or Sell?
If you’re lucky enough to own a home and have a place to move, you’re sitting in the middle of a win-win situation regardless of whether you sell or rent it out. Sounds pretty great, huh? It is. Here's why:
Should you sell, you’re likely to land top dollar. The same is true if you hang on to it and rent. In fact, rent prices are the highest they’ve been in decades—and they’re not likely to come down anytime soon.
So how do you decide which is best? Just like most things in life, there's no right or wrong. It’s just what’s right at the moment for YOU! Here are a few questions that may help you decide:
Is your home in demand? If you own a mid-range home in a sought-after school district that’s near shopping, dining, and public transit, chances are renters are standing by for a home just like yours.
How does the title “landlord” sound to you? Working with tenants can be wonderful, but it can also be a headache. Make sure you have the time and headspace for the challenges that come.
Will your home meet the rental codes? Rentals must meet local code requirements, so before getting too far into the process make sure you’ve done your research and checked that box.
Do you need your home’s equity to purchase? If so, go ahead and sell—the market is prime for sellers this spring.
If you rent out your home, will you have cash on hand to cover deferred maintenance? You should budget around 6% of your home’s value per year in maintenance, especially if you own an older home.
If you’d like to talk more about selling vs. renting, DM me today. I’m happy to pull the numbers and show you what’s happening in both markets so you can make a decision and move on!