06 Mar Deciding to Sell or Rent Your Home
Are you trying to decide between selling or renting your current home? Perhaps you’re anxious because you don’t want to make the wrong financial decision.
People find themselves needing to leave their current home for many reasons. Job transfers, increasing family size, and income changes all are common catalysts that result in a move. Your options in this situation are to sell your home or turn it into a rental property. In deciding which option is best for you, you must consider the following factors:
Your Ability to Handle the Responsibilities of Being a Landlord
Being the landlord of a rental property entails a lot of responsibilities. You have to address the concerns of your tenant, make sure that your renter pays his/her financial obligations to you, and have the resolve to evict a tenant who fails to give you his/her rental payment. If you think you can’t handle these kinds of responsibilities, you may decide that selling it is a better option. If you’re not in a position to sell though, or perhaps you want to hang on to it to capture future appreciation, another option is to utilize the services of a property management company.
Your Future Plans
Do you want to leave your current place for good, or are you planning to come back sometime in the future? If you are planning to come back after a few years, it might be more practical for you to just rent your home and hire the services of a property manager instead of selling it and then buying a new one in that same area when you return. Simply inform the property manager of beforehand that you will be returning so they can properly notify the tenants of the need to vacate when.
Your Financial Condition
If you are short on funds, it might be a better idea to sell your home and use the money to pay for the down payment and other expenses on your next home. If, on the other hand, you do not have an immediate need to gain access to your equity, you can opt to turn your home into rental property and have the landlord responsibilities taken care of by property manager.
If renting your home is what you choose to do, but you don’t want to have to deal with the hassles of being a landlord, you can hire the services of a Denver Property Management. By doing this, all your problems related to managing rental property will be solved by the Denver property manager without your direct involvement.
In addition to landlord responsibilities, you should also realize that once you let other people rent and live in your home, they may not give the same amount of care that you give to your own house. If that is something you’re worried about, a good property management company can ensure that your house will be well-maintained and the tenants are prompt in their payments, which they will make directly to the property management company.
