Should You Sell Your House or Rent It Out?

When it’s time to move, deciding what to do with your current home is a big decision. Many homeowners today are considering renting out their property, but is that the right move for you? Here’s a breakdown to help you decide.

Is Your House a Good Fit for Renting?

Think about whether your home would make a good rental. For example, managing maintenance from a distance can be difficult, especially if your property needs frequent repairs. Some homes and neighborhoods may not be ideal for rentals, and if the house requires significant work, selling could be a more practical choice.

Are You Prepared for the Realities of Being a Landlord?

Being a landlord involves more than collecting rent. It’s a hands-on role that can be challenging and time-consuming. You might have to deal with middle-of-the-night maintenance calls or the need for repairs before a new tenant moves in. There’s also the financial risk if tenants miss payments or break leases.

Quick Tip: If the prospect of repairs, property management, and tenant issues sounds overwhelming, selling could offer a simpler path.

What Are the Costs Involved in Renting?

If you’re considering renting mainly for passive income, don’t forget about additional expenses:

• Mortgage and Property Taxes: You’ll still need to cover these costs, even if rent doesn’t cover them fully.
• Insurance: Landlord insurance typically costs more than standard homeowner’s insurance.
• Maintenance and Repairs: Plan to spend at least 1% of the home’s value annually, and potentially more if it’s an older property.
• Vacancies and Management Fees: Covering the mortgage during vacancies or paying property managers can quickly add up.

Bottom Line

Selling or renting your home is a personal decision with significant financial implications. At Markarian Realty, we specialize in helping you achieve your goals through a streamlined home-selling process. If you’re considering selling, let’s connect so you can feel confident in your decision and move forward with peace of mind.

Ready to talk about selling your home? Reach out today!