Should I Sell My House or Rent It? Top Factors to Consider

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The Covid-19 pandemic forced many more people to work from home than ever before. Many employers let the trend continue and have no requirements for onsite work. This policy or lack thereof frees Americans to move wherever their hearts desire.

The results are a 20% jump in people moving over the previous year.

Are you thinking about relocating?

If so, you have many things to consider…will this be a permanent move? Will your company require you to come back to the office at a future date? Could you make some money if you have a house to rent?

Are you wondering, “Should I sell my house or rent it?” Keep reading to learn the top factors to consider before you decide.

Selling a Home

American house hunters are experiencing sticker shock as they try to buy new homes. Prices are through the roof and interest rates are historically low so buyers are having bidding wars over homes. With a market like this, there’s a lot of incentive to sell a house.

You can walk away with the equity that your home has accumulated and be done with it. You can take that cash and roll it over into your new home.

You also have to consider the prospect of being a landlord and managing a rental property. If you’re not up on applicable laws and don’t want to deal with tenants and property maintenance, it’s time to put up the for-sale sign.

Of course, you can hire a management company, but then that takes away from your potential profits.

Renting a Home

On the flip side, the rental market is just as hot as the sales market, so you may be tempted to hold on to your home and make some money or at the very least, cover all expenses associated with the home.

When you rent a house out, there’s potential to earn extra income and gain monthly cash flow. You can turn your home into a profitable asset.

If your house is in good condition, located in a desirable area, and has the potential to attract and keep good tenants, it could be a great idea to rent it.

If you have a rental property that has become a burden, click here to learn how to sell a rental property for a fair cash price.

Are You Asking Yourself: Should I Sell My House or Rent It?

So what’s the verdict regarding your question, “Should I sell my house or rent it?” If you still can’t decide, reach out to a local realtor and get their opinion and look at the local market factors. The realtor can give you some insight into the rental market in the area and whether or not your home would make a good rental.

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