To Rent or To Sell? Here’s What You Need To Know

Don’t be too quick to rent out your unsold home. See this first.

If you've recently tried to sell your home with no success, you may be wondering whether you should rent it out. To help you decide, here are some key factors to consider if renting is right for you:

1. Emotional attachment. If the thought of your home being damaged, needing repairs, or being altered in any way is upsetting, renting may not be the best option for you. You won't only worry about the home you're living in now, but your rental house as well. The goal is to reduce stress, not add it.

2. Affordability. All your finances need to be considered. There are financial burdens to being a landlord. Is there enough rent coming in to cover your expenses and create some passive income? At a minimum, will you be able to meet all the bills and cover the bases in case something goes wrong?

3. Long-term benefits. Are you keeping it in the hopes of future appreciation that you can capitalize on? Does it make more financial sense to sell it now or wait a few years? We can't provide a definitive answer since this is on a case-by-case basis. However, you want to take a hard look at what your house would sell for today, whether it's worth the emotional stress and financial gains, or if it's best to sell.

"Consider the monthly mortgage payments and the overall financial burden of being a landlord."

If you're still unsure whether renting is the best choice, call or email me. I’m happy to help you make an informed decision.