Just over 35% of US households are renter-occupied.
Many adults are weighing their options when it comes to their next big move. They aren’t quite sure if they want to invest in a home of their own or if they should rent their next home. Their decision depends on several factors such as income and career.
On the other side of the coin, homeowners are wondering if they should sell or rent out their homes to happy new tenants. The decision is tough, but we are here to help.
Keep reading below if you’re stuck between renting versus selling your home. You’ll discover which option will make you the most money.
Selling Your Home
The biggest thing to keep in mind when selling your home is how financially prepared you are to buy your next home.
Many people start renting out a home to have a consistent income if they don’t have much money to put towards their next home purchase. Plenty of people also take out loans.
How much you’re able to get when selling your home heavily depends on how you accept the offer. Are you taking a traditional offer, or are you accepting a cash offer? You’ll most likely get more out of a traditional offer, but a cash offer is quicker.
Take time to check out your local housing market. If your current home value isn’t what you wanted to see, you should consider renting out your home.
Renting Your Home
Renting out a home is a great option for anyone wanting an extra source of income. However, there are extra things to consider when renting out your home.
You’ll have to take into account fees for repairs, property taxes, landlord insurance, and paid advertisements during your tenant search. These types of fees are typically outweighed by the benefits of routine rental payments.
Before making your final decision, do some online digging into local rentals. Guarantee there are plenty of people looking because you don’t want to be stuck with an empty rental property.
If you’ve made up your mind on renting out a property but still need to buy one, look into taking out loans. Check out this article for more on loans for rental properties.
Which Earns Me More Money?
We know your burning question is, “should I sell my home or rent it out?”
Overall, it depends on the current market. Renting your home is best if you don’t think you’d be able to get the money you think your house is worth.
Renting out your home can bring you loads of money over a few years if you have consistent, responsible tenants. If you’re in a lousy area or have irresponsible tenants, it can leave you in a hole.
Renting vs. Selling Your Home
The big debate of renting versus selling your home can leave you feeling stuck. It’s important to lead yourself to your decision through research.
Look at the current housing market. If you’re able to get what you want for your house, you might consider selling it. Rent out your home if you’re in an area with high rental demand because you’ll be able to earn plenty off of it.
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