There are all kinds of reasons why your current home no longer works for you. Perhaps you have had a career or family change, or maybe you are looking to downsize to a smaller home. No matter what your reason, you need to decide what you are going to do with your old home. The most frequent question homeowners ask is “should I sell or rent my house?” And, we hate to say it, but the answer to that question is going to depend on you and your long term goals.
Should You Sell or Rent House?
Only you can decide if you should sell or rent your house, but there are quite a few things that you can take into consideration to help you make that decision. Here are the most important considerations:
1. One of the biggest factors is whether or not you want to be a landlord. Not everybody is able to be a landlord because they don’t have the time or temperament to deal with tenants and rental turnover. You need to seriously ask yourself if you are ready for the commitment involved, as well as the complications of dealing with renters and their myriad of problems. If you don’t think you have what it takes to be a landlord, then you should start looking into selling your home.
2. If you decide to rent out your home, make sure you can rent it for enough money; you need to be able to at least cover the mortgage, insurance, property taxes, and other expenses you might incur.
3. When deciding if you should sell or rent your home, consider how permanent your relocation or move will be? If you are looking into your options because you are relocating due to your job, you need to find out if it is for the long haul or if you will be back within a few years. If your new assignment is not permanent and you are going to be coming back to the area, you might want to consider renting your home out until you return. If you will not be coming back, you might be better off selling your home.
4. If you are thinking about downsizing to a smaller home, take a look at the current housing market. You want to research how well homes are currently selling in your area, as well as how much you can expect to you receive for the home. If the market is good and the prices are right, you should look into selling your home rather than renting it.