If you’re looking to move out of the place where you are currently living, you have a choice in front of you: Do you sell the property or rent it out to others? Making that decision can actually be more difficult than you might think. There is a multitude of factors that should influence your choice in this regard.
Finding Out About Current Market Trends
First of all, you really only what to sell your house during a seller’s market phase. This happens when the value of homes in your area is higher than is typical. Talking with a real estate agent will help you determine where the market is at and whether or not you will be able to get a fair price for your home.
If the market is not in a good place, renting might be a good alternative while you wait for the conditions to change. That way, you can make sure that you aren’t paying for two properties as you move into your new place of residence.
Would You Make a Good Landlord?
Before you commit to renting out a property, you need to realize the amount of work that goes into being a landlord. First, you will have to be stern with your tenants if you want to get your payments on time. Have a firm contract that states exactly what the expectations and consequences are.
Secondly, you will be responsible for any of the major appliances that have problems in the home. For instance, if the furnace goes out, you will have to make sure that it gets fixed.
Additionally, be prepared for the possibility that the renters might inadvertently do damage to your home. This might make selling your home in the future more difficult. If you’ve come to terms with all these factors, then renting can be a very profitable venture for you.
For more information about renting out a property, call Keyrenter St. George at (435) 414-6600!