If you're considering moving out of your current home, you may be faced with the decision of whether to sell or rent it out.
Both options have their advantages and disadvantages, so it's important to carefully consider your priorities and financial situation before making a decision.
Selling your home can provide a lump sum of cash that you can use to purchase a new home or invest in other opportunities. On the other hand, if your home has appreciated in value since you purchased it (especially if you have a low interest rate), renting it out can provide a steady stream of passive income.
However, becoming a landlord comes with its own set of responsibilities and potential headaches. You'll need to find reliable tenants, maintain the property, and handle any repairs or issues that arise. But if you hire a property manager, they can take care of all this for you!
Ultimately, the decision of whether to sell or rent out your home will depend on your personal goals and financial situation. If you're looking for a quick influx of cash and aren't interested in the responsibilities of being a landlord, selling your home may be the best option. However, if you're willing to put in the work and want to earn a steady stream of income from your property, renting it out could be the way to go.
As with all of real estate investing, there’s never a one size fits all answer.
Before you decide between selling your home versus renting out your home as an investment, ask yourself a few questions:
• How much do you still owe on your mortgage?
• How much equity has your property generated?
• Are you prepared to be a landlord? Or hire a property manager?
• What’s the property value of your current home?
• How much could you likely rent your home out for?
• What type of move-up home are you in the market for?
For an even more in depth analysis, contact me today so we can evaluate both of your options!
And the best part. I can help you sell or lease your home. I even offer property management!
