Trying to Decide Between Selling and Renting Out Your Home? Find Out the Advantages of Both

Posted by Matthew Lahti on Sunday, December 15th, 2013 at 11:41pm

A chapter in your life is done, and you are ready to move out of your current house. Whether you're just ready to upgrade locally, or moving out of town, this next step can be stressful.  On the one hand, selling your home might be the simplest option, but maybe renting it out has its advantages too.

Selling Your Home

If you're not upside down in your mortgage, many people decide that selling is a final step that works best for them. A realtor can come in and evaluate your property to let you know what a fair price is in today's market. You can sign the papers, move on to whatever is next, and never look back. Unfortunately, sometimes a house takes awhile to sell, or it might not sell for what you would like. If you're feeling uncertain about selling, consider the possibility of renting.

Renting a House

Renting is a positive option for many people. The rental market is strong with so many people having their houses foreclosed on in the recession, and this option not only provides you with monthly income to pay the bills, but you will build equity, making this a long term investment. If you're unsure about the details of renting out your home, a realtor can come in and let you know how much you can ask for it each month. If you're moving out of town, many realtors have a property management division that can take care of details such as placing tenants, signing leases, and sometimes even collecting rent and coordinating maintenance needs.

If you're considering your options, both renting and selling have their advantages and disadvantages. Often input and information on the current market from a real estate professional can help you make that decision. If you'd like to discuss your situation, contact us.

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