What are signs I should rent out my property rather than sell?

There are many reasons why you may need or want to move from your current property. However, this does not necessarily mean that you wish to sell the property when you leave.

According to Homelight, you may be a good candidate to rent out your house if it is something you have always wanted to do and you are confident that you can turn a profit.

Wanting to take it on

Many people believe that being a landlord is a set-it-and-forget-it profession, but this is far from the truth. There are many hassles associated with renting, including managing renters and ensuring that the property stays in good condition. The first question you should ask yourself is, “Is being a landlord appealing to me?”

You may also wish to consider your personal attachment to the property and the area. Particularly for individuals who must move due to work or other obligations, holding on to the family property or a property in an appealing area might be the best choice for you.

Making a profit

Of course, there are no guarantees regarding profit. However, keep in mind that even in an ideal rental situation, it is likely going to take you a lot longer to turn a profit as compared to selling the property and walking away with cash in hand.

There are many benefits to being a landlord. One is that if you maintain your rental properties for long enough you will obtain a large amount in equity. You also will have the help of your tenants to pay down any mortgages. However, you must be realistic about your ability to make an actual profit in the long term.



FindLaw Network