What do you do when you want to move somewhere new, but you have to decide what you are going to do with your current home. Which is better, rent or sell your Seattle area home? We break down the benefits and drawbacks of each, so you can make the best decision for your situation.
With more people renting their homes now than any time in the last 50 years, choosing to rent out your property isn’t a bad idea. This could also mean that there are a lot of people who are looking for a good house at a fair price. If you’re deciding whether to rent or sell, you’re in for a tough decision.
If you don’t have many assets aside from this extra property, it might be good to hold onto it so that you have something that appreciates. However, if you’re thinking about investing in a big project, you could use the cash infusion from the sale to fund your new project.
If you’re interested in whether to rent or sell your property, look at these 4 points.
Pro: Renting Brings Passive Income
When you decide to rent out your property, you’re able to help add to your local economy and industry in a concrete way. When you rent your property out, you can make money without having to do much.
The passive income that you get from renting allows you to be able to count on a check every month. That check can be the beginning of a brand new investment opportunity.
Con: Renting Income Is Slow
When you rent out your property, you’ll have to be patient. Selling your home means you get all of the money the property is worth on day one. You can take a vacation, buy an RV, or buy a new property on the day of the sale.
While rental income is steady, if you’re an older person or have no interest in being a landlord, rental income might not be enough for you. Rental income might not be worth the hassle of having to manage a property beyond the one you sleep in at night.
Pro: Renting Means You Can Revisit
When you bought your property, you probably bought it because you liked the area. You could have bought it when you were younger and involved in the hustle and bustle of the region. When you rent your property out, you get an excuse to go back and visit or even change your mind about moving away.
It’s a good way to stay connected to a region that you felt strongly about and a smart way to stay invested in the regional economy. If it’s an area that’s seeing lots of growth, you might be crazy to sell it now.
Con: Renting Means Maintenance
When you rent out your property, you’ll have to be on call at all hours of the night. When you’re renting out your property, you’re taking on a responsibility of other peoples’ wellbeing.
If you don’t want the hassle or the headaches of worrying about someone else’s lawn, you might want to sell.
Deciding To Rent or Sell is a Big Deal
When you’re deciding whether to rent or sell, you’re making one of the toughest decisions you can be about your finances. This is a moment where either your assets grow or you say that you’ve finally achieved your goal. It all depends on what your financial aims are in the end.
If you’ve decided to rent and are in the market for a property manager, check out our guide on what to look for in one.