Three things you need to consider when deciding to sell or rent.
Deciding whether to sell your house or keep it as a rental property is a significant financial decision that should be made after careful consideration of various factors. Here are some key points to consider:
1. Your financial situation. For example, if you need equity from your home for the down payment on your next property, selling would be the best option. However, if you have a steady income, good credit, and enough savings to purchase your next home, keeping your current property as a rental can provide long-term passive income.
“Deciding whether to sell or rent is a significant financial decision.”
2. The real estate market. In a hot market, you can sell your home quickly and at a good price. However, in a slow market, it might be more challenging to sell, making renting a more favorable choice.
3. Landlord responsibilities. Becoming a landlord comes with specific responsibilities, including finding tenants, collecting rent, and maintaining the property. If you’re not prepared to take on these tasks, selling your home may be a better option. On the other hand, if you’re comfortable being a landlord or willing to hire a property manager, renting out your home could be a viable choice.
If you need help, consult a financial advisor or contact us to guide you in making the best decision for your specific circumstances. We are always happy to hear from you, so call or email us anytime.