Owning a home comes with benefits, but it also comes with added expenses and responsibilities that renters don’t have. Life circumstances — such as a desire to travel, a need to downsize, or a transfer to a new city for work or family — may mean it’s time to move on from your current home. Along with the extra responsibilities of owning a home, it can also be an investment, and when it comes time to move away from your Seattle home, selling isn’t the only option. Whether to sell or rent comes down to many factors, and weighing each carefully, along with the guidance of a real estate agent, can help you make the best choice.
While every homeowner will have to weigh the best options, it might be time to rent if:
Rentals are in high demand in your area
Some Seattle neighborhoods and areas where rentals are in high demand, including nearby colleges and universities and tourist hot spots. If your home is in a popular location with short- or long-term renters, it may be a wise choice to rent instead of sell. If you aren’t sure, consult a real estate agent about the demand for rentals in your neighborhood.
You prefer not to sell
Depending on your history with your home, you may have developed a strong attachment to it. Maybe the house goes back several family generations, or you’ve put in a lot of time and effort to update and remodel it. If you’d like to keep the home in your family, renting may be the way to go.
It supports your financial goals
You can create a guaranteed monthly income when you rent your home — especially with long-term renters. Knowing that a set amount of money is coming in every month can be beneficial to some homeowners for that recurring income and be a fallback instead of financial support such as a program for rent relief.
A rental property can bring in extra income, but it also comes with additional responsibilities and expenses. You may want to sell if:
The market is favorable for sellers
Real estate agents talk about a sellers’ market when there are more buyers than homes for sale. In this situation, sellers may get more for their homes as buyers compete to land their dream homes. In January 2023, agents pointed to a seller’s market in Seattle, and that trend could continue, making the market ideal for homeowners who are ready to sell.
It would help if you had cash for a down payment or other expenses
When the real estate market is hot, and if the value of your home has gone up since you purchased it, you could be in a situation to make a profit on your home by selling it. If you need cash to buy your next home, travel, or other expenses, then it might be the right time to sell.
A home requires extra maintenance
To get a home ready to rent, repairs and maintenance are necessary, and this cost must be considered when deciding to sell or rent. A decision to sell also comes with the option of selling a home as-is, eliminating the costs and time required to make repairs. Selling a home as-is is also one of the best ways to sell a house quickly.
Deciding whether to rent or sell a home is a significant financial decision, and considering the options can help you determine the best solution.