Our blog topic today is whether you should sell or rent your home. For some people, it’s not obvious whether selling or renting is the best idea. Maybe you are thinking about moving or you are transferring jobs and you’re not sure what the best course of action is with your property.
Depending on your personal situation, renting your house out to tenants might be a better option than trying to sell it. If you get a job offer that requires you to relocate, you might want to take the job but you’re worried about your house because it’s not an ideal time to sell. Many times people who have just purchased the home recently don’t want to sell it or if they have refinanced recently they won’t have a lot of equity in it yet. These factors can make selling difficult.
We recommend that if it’s not a good time for you to sell, you consider renting instead. When you rent out your property, you get to buy some time so that after two or three or even four years, the property will have the chance to appreciate a little more. At that point, you will have a bit more equity invested and it will be easier to sell. You’ll also get a higher return on your investment when you keep the house for a few more years.
Typically, your decision will depend on your own personal needs. What we usually recommend is that you hire a professional property management company to take care of the rental process for you. That will keep it easy and efficient. Most property management companies don’t charge a lot of money and you get a long list of services in exchange for your property management fee.
If you need help finding a good property manager, or you have any questions about the process of renting versus selling, please contact us at Real Property Management Southwest Michigan, and we would be more than happy to talk to you.