If you own a house in the Atlanta region but you’re getting ready to move, you might be plagued by this question: Is it better to rent or sell your home? In this article we will discuss Rent or sell your home? Tips for deciding whether to sell or play landlord.
If you’re relocating and need to make a quick decision, it’s important to know all the ramifications of selling vs. renting out the house. There are several factors that will influence your final verdict, with pros and cons to each. When considering Rent or sell your home? Tips for deciding whether to sell or play landlord. Some of the primary considerations used to weigh whether to rent or sell your home include the following:
- The market conditions: Is the neighborhood deluged with rentals? This would be a sign to sell. Or are rentals in demand? This could indicate that renting out would be a good financial move. Take a look at what similar houses have sold for over the last year or so. If sale prices are on the rise and you have equity, it could be a good time to sell. You could sell the house with some cash in your pocket, and you won’t have to deal with the hassles of managing a property and renters.
- The status of the neighborhood: Are you in a desirable location? Is the house in a transitional neighborhood? If the house is in an up-and-coming neighborhood, you might want to hold onto it and rent it out as home values rise, with the intent of selling in the future. On the other hand, if the area is on the decline, you might want to sell now before prices plummet. Consider how many rentals are in the area and whether they are in demand or sitting empty.
- The time and effort needed to handle a rental: Do you have the time and patience to be a landlord? If your tenant doesn’t pay their rent, will you be OK financially? Are you prepared to drop everything at a moment’s notice when the toilet overflows or the air conditioning stops working in the middle of July? And don’t forget about general maintenance and upkeep. If you’re moving to another town or state, will you need to hire a property management company?
- Your cash flow. Does the rent cover the mortgage payment? Will a flaky tenant who is late or inconsistent in paying rent disrupt your budget? If you have equity in the house, would the money be better off in another investment?
- Rent or sell your home? Tips for deciding whether to sell or play landlord
When deciding whether to rent or sell your home, a real estate agent from Duffy Realty can help you analyze market conditions. While renting might be the best answer for one person, selling could be a better fit for someone else. It all depends on your individual circumstances.
If you need help with your real estate transaction, please call us at 678.318.1700. We hope that you enjoyed our article on Rent or sell your home? Tips for deciding whether to sell or play landlord.