Some home owners have the choice to sell or rent their homes after moving elsewhere, which can be a difficult decision to make. Here are some details on the pros and cons of either option, along with factors that should be considered when making the decision to sell or rent...
If you choose to rent the home, you may be able to generate additional income, and will retain the option to eventually move back. Chances are you bought the home for more than one reason in the first place, so you may have good reasons to hold onto the home. However, there are many costs associated with renting a home (appliances, hot water, property taxes, etc.), and the owner remains responsible for its maintenance. There is also the potential for problems with non-paying or careless tenants. Being mindful of the tenants you let come into your home is an important factor. Be sure to check out as much history and background on the potential tenant as you can, to try to save you from future troubles.
On the other hand, if you successfully sell the home you won't have to worry about making mortgage and property tax payments, finding trustworthy tenants, or maintaining the building. Generally, it will be necessary to pay a realtor's sales commission and a portion of the closing costs, as well as spending time preparing the house for showings to potential buyers. Putting your home on the market is a big decision. You must be ready to move if you get an immediate offer. With todays economy homes are taking longer to sell, and preparing your home before you put it on the market is the key. Making sure your home is in the best condition possible. Having things fixed, and freshened before potential buyers see it, will help it sell. The first impression may determine whether the buyer will make an offer on your house, or go on to another house they like.
One last option is to rent the home while trying to sell it. This option usually decreases both its rental and sale values. Trying to sell it while renting can be hard, and risky. You cannot guarantee that the renter will maintain the property in the same manner you, the owner would. Basically, the best decision depends upon the real estate market in your area, your personal financial situation, the home's attractiveness to renters or buyers, and your home maintenance abilities.
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