Are you a property owner considering renting your home out to residents or selling it instead?
This isn’t always an easy choice. Maybe you’re moving out of the area or you’re moving out of your property into another home that better meets your lifestyle needs. What can you do to ensure you’re making the right decision about your home?
We’re expert property managers, and we work with property owners who face this decision all the time. We know it can be tough. However, by weighing the factors that are important to you, you can make the best decision for your property and your investment goals.
Let’s take a look at some of the considerations around deciding to rent or sell your home.
Financial Considerations
When it comes to deciding whether to rent or sell, one of the most important factors to consider is your financial situation. If you’re looking for a steady, reliable source of income, renting may be the best option for you. You can expect consistent and recurring income. You’ll also build some nice equity over time.
However, if you’re looking for a lot of liquid cash that’s quickly accessible, selling your property may be a better choice. Depending on the market and the condition of your home, you may be able to sell your property for a profit, allowing you to move on to your next investment opportunity or to use that money for a new home or to help you realize other goals and plans.
Evaluate Market Conditions
The market drives just about everything that’s related to real estate, even your rental value.
When trying to decide whether to rent or sell your property, you need to take a close look at the current market conditions. Are rental rates in your area of Arizona high or low? Are there a lot of properties for sale and few residents looking for homes, or vice versa? Depending on the current market, one option may be more advantageous than the other. For example, if rental rates are low and you can’t find good residents, it may be better to sell your property instead.
Long-term Goals as an Investor
Have you harbored dreams of investing in real estate? This might be an opportunity to begin building a portfolio. Consider your long-term goals when deciding whether to rent or sell your property.
Do you want to use the property for income in retirement? Or, would you prefer to make a quick profit and move on?
Depending on your goals, you may lean towards selling or renting. You might enjoy a steady income stream, or you might not want to think about the property ever again.
Deciding whether to rent or sell your property is a big decision. By weighing the financial considerations, time and effort required, market conditions, long-term goals, and whether you’re interested in being a rental property owner, you can make the best decision for your individual circumstances.
We can help you decide what to do. And remember, we’re here to professionally manage your home if you decide to hold onto the asset and rent it out.
Please contact us at PURE Property Management of Arizona. We’re your property management resource in Arizona.
