Should you rent out your home or sell it? If you're moving out of your current home, you might be torn between selling it or holding on to it as a rental. Here's how to weigh your options and make the best decisions for your goals.
Deciding whether to rent out your home or sell it can be a tough call. Both options have financial benefits and potential pitfalls. The right move depends on your long term goals, current market conditions, and how hands on you want to be.
Selling your home gives you immediate access to your equity, which you can use to fund your next purchase or invest elsewhere. It's a clean break with fewer responsibilities and no ongoing maintenance or tenant concerns. If you're in a seller's market, you might get top dollar now and avoid the unpredictability of the rental market.
On the other hand, renting out your home always allows you to build long term wealth through monthly rental income and property appreciation. It can be a great way to generate passive income, especially if a home is in a high demand area. However, being a landlord isn't always easy. You'll need to manage repairs, find reliable tenants, potentially deal with vacancies or property damage.
Ask yourself a few key questions. Can you afford to hold onto the property that sits empty or emotionally ready to sell? Or is this a long term investment opportunity? Are you open to hiring a property manager if you're not local?
Whether you're leaning toward selling or renting, the choice should align with your financial goals and lifestyle. Need help running the numbers or exploring what your home could sell or rent for? Let's connect and talk through the pros and cons so you can move forward with confidence. Give us a call today at(515) 329-4667 or email us at zelda@zealtynow.com.
