Are you relocating to a new area and unsure of what to do with your current home?
More than 35.5 million Americans move to a new place each year! While relocating for work or to be closer to your family can be a lot to undertake, another important consideration is what to do with your current home.
As you plan your next move, you may be asking yourself, "Should I sell or rent my house?"
Read on to learn about the things to consider before you make this important decision!
The Distance You Are Moving
A great place to start when you are deciding whether to sell or rent your home is how far you are moving from your current location.
Are you moving to another area in the same city, or relocating to another state entirely?
If you are going to remain close to your current home, it may be worth renting it out instead of selling. The closer you are to any properties you manage, the easier it is to monitor the condition of the property and handle issues with a tenant when/if they arise.
Will You Return?
When weighing selling vs renting your home, a good question to ask is "Will I return to this home to live sometime in the future?"
For example, if you are taking a temporary job in a different city, you may want to live in your home again when that term ends. If this is the case, you can rent it out with a short term lease until you get back.
After all, you are familiar with the condition of your home. This knowledge would allow you to return to a place you know, instead of buying a new home later with many hidden defects.
If you don't intend to return to your area in the future, you may opt to sell your house now to relieve yourself of the extra financial obligation.
Deciding to Become a Landlord
If you would like to rent your home to someone else, you must prepare yourself for being a landlord.
There are more than 48.5 million rental units in the United States. This means there are lots of tenants across the country. But while the idea of having a tenant make monthly payments to you may seem tempting, there's a lot that goes into being a landlord.
For example, you must remember that if you have a mortgage on the property, those payments are still due whether or not your tenant is paying their rent on time.
You must also be attentive to issues that your tenant experiences. These can be unforeseen problems like a leaking roof or a pipe clog.
But one of the ways to make your life easier as a landlord is to hire an experienced property management company to take care of your property on your behalf.
Should I Sell Or Rent My House? Making the Right Decision
The question, 'Should I sell or rent my house?', is one worth taking your time to consider before deciding on an answer.
While it may be tempting to sell your home and move on from ownership, renting your home can be a rewarding experience, too.
At Clockwork Property Management, we are a dedicated team of real estate professionals and property managers in Southern California. We work together with homeowners like you to find a qualified renter and establish a smooth relationship between you and your tenant.
Contact us to learn more about our services and how we can help you rent your home today!