Deciding to Sell Your Home or Rent It



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We have all heard the prevailing question “Should I buy a new home or should I rent?” but what about changing tables toward existing homeowners and asking the question “Should I sell my home or rent it out?”

It turns out that with our shifting market and the ever-changing trends from what we have seen over the past several years – we need to ask ourselves these very same questions again and this time from a different perspective. Let’s look at the four things that have a significant impact on the decision of whether to sell or rent the home out – and evaluate how each plays a role in deciding.

Location
When we are in a market as we are in today, many buyers look at much more than just the four walls around the home they may be considering. Location is definitely a factor. And aside from the current location offerings, buyers also look at the potential of a property. So if your home is in an area where there are up and coming new schools, shopping, or something else that makes it stand out – it may be time to consider selling.

Price
Each price range usually has a different set of market statistics, particularly in terms of how quickly and effectively the homes in that price range sell. When you are looking at selling or renting a home out, it is a good idea to also look at the current market trends of that price range. A professional real estate agent has access to market statistics directly pulled from the MLS and can provide ample insight so you can get a feel for if your home would sell or not under the current market conditions.

Condition of property
This is a big factor that will help tip the scales in one direction or the other. If the home you are looking to sell or rent out is outdated, needs some work and is generally outside the realm of what most buyers are looking for today – then there’s a good chance you will have a hard time selling. Renting the home to tenants might be a good option. On the other hand, highly desirable properties located in great areas and have all the bells and whistles that are attractive to buyers today have a much greater chance of selling.

Financial situation
A very important aspect to consider is your own financial situation. Many homeowners are in a very strong financial position and have the choice to do whatever they like with their properties. Others, however, are bound by financial stresses that may make it difficult to do what they really want. If you are struggling to keep up with your mortgage payments but do not want to lose the home at the same time, it may make sense to rent the property out and earn enough to pay the mortgage each month or more. Conversely, with real estate being among the strongest financial investments one can make at this time, be sure to meet with your agent to explore your options and see whether there is a workable solution.
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Our market today presents the unique situation where both buyers and sellers have lots of options. Either way, rest assured that there is a way to achieve your real estate goals and we are here to help you do it! Contact us today for a customized consultation.

2 comments:

  1. I really do appreciate the author for this post, its really a great post a much informative one on regards to the buying and selling of apartments.

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