It’s an age-old question for homeowners. When you purchased your first home you might have thought you’d live there forever. Unfortunately, circumstances change and the need may arise for you to sell.
But should you?
The two options you generally have are to sell your home or simply rent it out. Each option presents a different set of pros and cons and so it’s important to learn the value in each route to help you make the most prudent decision.
Where to Start: Determining Your Home’s Value
It all begins with understanding the true value of your home. Look at comparable prices in the area, especially in your neighborhood. See if these homes are similar to yours in terms of square footage, the number of rooms, and overall property condition.
There should be ample information for this online, otherwise, you can speak to a qualified realtor or property management company in your area. Check out historical property trends for greater insights.
Review and list your home at a price point that falls towards the middle of the range.
If you’ve determined that the market conditions or your own situation may prohibit you from obtaining the best possible offer, it could be time to rent it out.
Another factor to consider is whether you have the time to wait for a sale. Selling a home can take many months, and some homeowners simply can’t wait that long.
If this is the case, you should consider either renting it out or approaching an experienced local real estate company that can provide a reasonable offer and helps you move your house more quickly.
When Renting Isn’t Ideal
Renting comes with responsibilities. You are essentially a landlord, forced to oversee every potential mishap that can happen at your property.
Are you prepared to be awakened at midnight with a panicky phone call from your tenant regarding a burst pipe? More than likely not.
On top of that, you have mortgage payments that need to be covered, property taxes, interest, and more. Just remember that renting your home is like operating a business. At the end of the day, you have to be earning a profit to make it worthwhile.
Costly Repairs and Upgrades
Even if you’re just planning to rent the property, there’s still the need to get it “sell ready” for your new tenants. Everything ranging from leaky faucets to mold issues needs to be resolved before you start accepting tenant applications.
This process can certainly add up and start eating into your rental profits.
There is another solution that enables you to bypass these costly repairs while also being able to sell your house. The best part is… it’s market neutral.
Selling Your Home Without The Hassle
If you want to be able to sell your home as-is, and hassle-free, then seek a consultation from Trusted House Buyers. They will help you sell your home quickly by providing a fair, all-cash offer and letting you choose the closing date.
They are trustworthy and have a proven body of work helping clients secure the right price while relieving them the burden of a prolonged sales process.