Have you decided to move to a new home, but not yet sure about what to do with your old home? You certainly have the option to sell to your home, but you may have considered renting your home out for additional income instead. While renting seems great, it may be better to sell your home due to the following reasons.
Avoid The Hassle Of Being A Landlord
You likely do not realize how much work it is to be a landlord, even if it is for a single rental property. You will need to accommodate your tenant every time something is wrong with the property, which will be in addition to maintaining your new home. This can lead to some serious problems with figuring out how you fit in being a landlord to your existing schedule.
If you are moving far away from your old home, there are also the logistics of how it will work to manage two properties. You won't exactly be within driving distance, so you'll need to hire a property manager to watch over the home for you.
You Know The Current Property Value
Waiting to sell your home will always be a gamble. You know what the home is worth at the moment if you were to sell the home, but you are not sure of what it will be in the future. Property values can always go up or down, but the price being offered at the moment is certain. If you feel like property values are at a high at the moment, know that there is a chance of losing money on the house if you continue to wait.
No Need To Find Tenants
Part of the struggle of renting a home is that you need to find tenants. Without tenants, your home will essentially sit there and rack up bills for utilities and property taxes with no way to pay them. You never know how easy or difficult it will be to find tenants for your property, which means you could lose money if the renters are few and far between.
Once you find a renter, you need to figure out if they are a good person to rent to. You'll need to perform a background check and even contact old landlords to find out what kind of renter the person is. You do not want to make the mistake of renting to somebody that trashes the house.Share