Are you thinking about selling your home but are also wondering about if it would be better to rent it out instead? You’re not alone! There are tons of other homeowners out there who are struggling with this same thought. That’s why we decided to put together this list of renting vs selling pros and cons to help you and other homeowners decide what they think may be the best option for their situation.
Before we get into renting vs selling pros and cons, the first thing you need to do is determine the value of your home. Some great ways to do this are to look at comparable properties in your neighborhood and general area that have sold recently. You can also contact a realtor like Seller’s Choice Real Estate for a market analysis to determine the price range for your home. This is calculated based on factors like square footage, lot size, the number of bedrooms & bathrooms, and much more.
In addition to your estimated home price, you will also want to gather information about your estimated net proceeds. This information will highlight factors such as closing costs, fees, taxes, and more. Knowing this will help you determine if you think it may be worth selling your home or if you think you would be better off financially renting the house instead.
Renting Your Home
Renting a home is a great option for some, but not for others. There are many renting vs selling pros and cons to keep in mind when deciding which route is best for you. When it comes to renting, you’ll want to determine whether or not the give and take will provide you with positive cash flow. This can be figured out by considering the expenses involved with renting instead of selling. These expenses include: your mortgage payment; property insurance; taxes; property management fees; homeowners association fees; possible real estate agent commission; and more. You also want to keep in mind that, as a landlord, you’re responsible for repairs, which can be quite pricey. Also, keep in mind that your property may not be occupied at all times, which means you’re not making any rent money to help you pay your mortgage and other expenses.
Selling Your Home
While there are definitely many great reasons to rent your home, there is a lot of responsibility that comes along with it. For those who don’t have the time or energy to deal with managing another property separate from their main place of residence, then selling your home is probably the best route. For one, when you sell your home, you don’t have to worry about keeping up with tenants, setting aside extra money for repairs, and more. Plus, if you’re thinking about moving to another state, dealing with a rental property that’s hundreds - or thousands - of miles away can be quite a headache. Also, if you’re planning on buying a new home, then selling your home will more likely than not give you a profit that you can use towards a down payment and other expenses for the home you’re planning on buying. For some, this is a better option than having to collect rent from tenants each month.
Of course, renting vs selling pros and cons will vary from person to person, so it’s important to weigh all of the benefits and setbacks that are associated with both the renting and selling options. For some people, renting will be a better and more lucrative option. For others, selling will be the best way to go.
If you’re a homeowner who is ready to sell their home, be sure to contact the pros here at Seller’s Choice Real Estate. We’re your number one discount realtor serving the Grand Strand area, including Conway, Myrtle Beach, Carolina Forest, Murrells Inlet, and North Myrtle Beach.
When you’re ready to take your next step to sell your home in North Myrtle Beach, South Carolina, be sure to contact Sellers Choice for your best choice in real estate needs. The agents at Sellers Choice Real Estate will aid you in completing all of the steps mentioned above, as well as help you take any additional steps to help you sell your home quickly and without any added stress.