Should I sell or Rent My House?

Dated: August 5 2022

Views: 31

 

Deciding whether you should sell your house or rent it out can be difficult, but it doesn’t need to be.

Everyone’s situation is different so I’m going to cover the basics and if you have questions about your particular situation I’d be happy to help out.

First thing to evaluate when deciding to rent or sell is how much is your house worth.

You can call an agent like me to get their opinion or you can really quickly use the home Value tool below.

Once you know what your home is worth you need to calculate your equity.

Equity is calculated by subtracting what you owe on the house from what it’s worth.

The amount you come up with is your equity.

Is that enough money for you to pay closing costs and put money in your pocket? Is it a negative number?

If you’re happy with the number and what you would be able to make from the sale of the house then sell it.

If the number is too low at the moment or it’s negative then you should rent it out for a while so that you can build equity.

The next thing to take into consideration when deciding to rent or sell is what the home would rent for compared to your monthly mortgage.

If the rent is higher than the mortgage then that’s great you get to pocket that extra cash.

When you decide to pocket the extra money from rent remember to save some of it for repairs.

A tenant will never take care of your house as well as you do, because of this it is important to make sure the rental will make enough money to cover the cost of repairs as they arise.

As a landlord you can’t wait to put off repairs, because of this a lot of people choose to sell to avoid the hassle.

If you are trying to decide whether or not you should rent or sell give me a call and I’d be happy to go over the numbers with you to see what you could make and then you can decide which plan is best for you.

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