Discover if your home is rental-ready and avoid costly surprises before deciding to rent or sell.
Are you stuck trying to decide if you should sell your home or rent it out? I get it—it’s a tough call. Moving is already stressful, and now you’re faced with figuring out what to do with your house. Let me help you make the right choice by giving you the three questions you need to ask yourself:
1. Is your home a good fit for renting? Not every house makes a great rental. First, think about this: are you moving far away? If you are, handling repairs and maintenance could become a nightmare. Imagine a busted pipe at 2 a.m. and you’re hours away—it’s not fun.
Next, consider your neighborhood. Some areas aren’t ideal for rentals, and some HOAs even limit the number of rental properties allowed. You also need to ask yourself: does your home need a lot of repairs? If it does, getting it tenant-ready could cost more than it’s worth. In cases like these, selling might be the better option.
2. Are you ready to be a landlord? Being a landlord isn’t just about collecting rent. It’s a real job. You’ll get calls at all hours for things like broken toilets or heating issues. Worse, you could have tenants who miss payments or break their lease. This adds stress—and it’s expensive to fix damages between tenants.
“Deciding to sell or rent is personal and it depends on your situation.”
To top it off, you’ll need a few thousand dollars saved for emergencies. If you don’t, one repair could put you in a bind. If this doesn’t sound like something you’re ready for, selling might be the smarter choice.
3. Know the costs of renting. Let’s talk about money. Even if you rent your home, the bills don’t stop. You still have a mortgage and property taxes to pay. Landlord insurance costs more than regular homeowners insurance—usually 25% more. Then there’s maintenance. Plan to spend about 1% of your home’s value every year, more if your house is older.
Finding tenants costs money too. You’ll need to advertise, run background checks, and cover the mortgage if the property sits empty. If you hire a property manager, that’s another 10% of the rent gone. Plus, don’t forget HOA fees if they apply.
Deciding to sell or rent is personal and it depends on your situation. But you don’t have to make this choice alone. You can call or text me at 1-800-722-2585. I’m here to help you every step of the way and provide you the best path forward for your home.
