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SHOULD I RENT OR SELL MY HOUSE?

Rent or Sell your property with ease.

Should You Rent or Sell Your Home?

Once you have a habitable home ready to move in, a crucial question often arises: Should you rent your house or sell it? This decision can be challenging, as both options come with their own set of benefits and drawbacks.

Rent or Sell?

Homeowners frequently find themselves deliberating over whether to rent out or sell their property. This situation typically arises when they:

  • Have finished paying off their mortgage.
  • Have completed significant renovations.
  • Are planning to move but want to maximize their property’s value.
  • Plan to move temporarily and return after a few years.
  • Seek to earn passive income and achieve financial freedom.
  • Are ready for lifestyle changes.
  • Recognize market demand for rentals or properties.

Becoming a landlord can be daunting, so conducting thorough research before making a final decision is essential.

Assess Your Finances

Before deciding, consider the following financial factors:

  • Mortgage Payments: Ensure you can still generate positive cash flow after paying your mortgage dues.
  • Property Taxes: These fixed payments can quickly accumulate.
  • Capital Gains Taxes: Research your state’s laws on capital gains taxes to understand any obligations when selling your home.
  • Owning Two Properties: Managing two properties can be costly, especially if one is not fully paid off, though there are tax benefits to consider.
  • Financial Health: Assess whether you have sufficient income to cover maintenance, tenant management, and other legal duties when renting out your property.

The Costs of Renting or Selling Your Property

Understanding the costs associated with renting or selling your house is crucial for making an informed decision.

Costs of Renting Out a House

When renting out a property, you may incur:

  • Property management charges (5% to 10% of the monthly rental income)
  • Repairs and maintenance
  • Property taxes
  • Insurance
  • Vacancy expenses
  • Marketing
  • Homeowners Association (HOA) fees

Additionally, consider the realtor’s commission fee for finding renters or sellers, and potentially purchasing property management software if not using a property manager.

Costs of Selling a House

Selling your home involves various costs, including:

  • Real estate agent fees
  • Closing costs
  • Repairs
  • Staging
  • Marketing

Typically, these expenses range from 9% to 10% of the property’s sale price, which the seller must bear.

Evaluating the Local Housing Market

Before deciding, analyze your local housing market conditions to ensure you make the right choice.

Rental Demand

Study the factors affecting market demand, such as:

  • Job growth
  • New developments and infrastructure
  • Affluent neighborhoods
  • Urban areas
  • College and business districts
  • Redeveloped neighborhoods

Consult real estate experts or property management companies for accurate information on local rental property demand.

Understanding Market Conditions

Learn the differences between a buyer’s market and a seller’s market:

Buyer’s Market

  • More available properties than demand
  • Lower prices and fewer competitors
  • Disadvantages sellers
  • Buyers are thorough with inspections

Seller’s Market

  • Higher demand than available properties
  • Higher prices due to competition among buyers
  • Advantages sellers with higher offers
  • Quicker transactions as buyers might forgo inspections

Understanding how interest rates affect both markets is also vital.

Potential for Home Value Appreciation

Consider whether your property will increase in value over time. Factors influencing property appreciation include the type of rental property, its appeal to tenants, and local market demand.

Duties of Landlords

If you decide to rent out your home, be prepared for the responsibilities of a landlord, such as:

  • Property maintenance and repairs
  • Managing tenants
  • Complying with legal requirements

Bottom Line

Whether renting or selling your home, evaluate the benefits and drawbacks of each option and consider your personal financial situation. Consulting with real estate professionals can help you make the best decision.

Need further assistance with your property? JTS Property Management is here to help!

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