Should I Rent or Sell My House?

Should I Rent or Sell My House

A desire to live somewhere else, a new job offer, or an opportunity to buy the home of your dreams could make you ask yourself, should I sell or rent my current home? It is not easy to answer this question because there are many factors you need to consider. Whether you decide to rent or sell your property, there are both advantages and disadvantages that need to be taken into consideration. 

Here is a list of factors that may affect your decision. 

What to Consider Before Renting Your Home

Do you like being a landlord?

Being a landlord is not the easiest task. Many people do not like this role because it is too stressful. You never know what kind of tenants you are going to have. You may have good tenants who take care of your home and pay their rent or time or the complete opposite — tenants who wreck your property and are always late with their payments. However, even if you have great tenants, there are still many things you will need to deal with, including regular repairs, phone calls, and more. If you want to make your life as a landlord easier, there is the option to hire a property manager, but it will cost you money, about 10% of your rental income.

Is renting your home profitable?

Renting should bring you money. Otherwise it isn’t worth it. The best way to determine how much money you can make is to calculate all the expenses associated with renting a home and subtract them from the rental income you receive. Among the most common expenses are the following: HOA fees, mortgage payments, taxes, and management fees.

Are you thinking of coming back at some point? 

One of the best things about renting is that you remain the owner of the property, and you can come back whenever you want. Therefore, renting is a good option if you are not sure where your life is taking you. You can rent your home for a while and decide later whether you want to sell it or not. 

What to Consider Before Selling Your Home

You will not have tenants to deal with.

Becoming a landlord involves many responsibilities and decisions. It is much more than just turning your keys over to tenants and cashing the rent checks. Being a landlord is not for everyone. It is much easier and less stressful to sell your home and not to worry about things like monthly payments, regular repairs, and maintenance. 

It could be your chance to avoid a dropping market.

If you notice that the real estate market in your town or area is getting worse and is unlikely to become better, selling your home instead of renting may be a good decision. You will be able to generate more income compared to what you would make if the real estate market drops out in the near future. Of course, it is impossible to predict the future, and you may be wrong. But if you have a feeling that the market is getting worse, it may be time to sell your home. 

You will have money for a down payment on a new property.

One of the main reasons why homeowners decide to sell their properties is the amount of money they receive from selling them. In most cases, this amount will be enough to cover the down payment on their next property. You may be able to purchase the house of your dreams with the money that you get from selling your current home. 

If you own a property in Virginia that you want to sell as soon as possible, Virginia Home Buyers can help you. Our mission is to make the home-selling process as easy as possible for you. You do not have to do any repairs, cleaning, or renovations because we purchase properties as is. If you have any questions, or you are ready to sell your home, feel free to visit our website or give us a call. We will be happy to answer all of your questions.

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