There are many factors to consider when deciding whether to sell your home or rent it out. Although rental properties are a great financial investment, they require more time and upkeep. However, renting your property allows you more time to gain equity on your home before selling. If you’re unsure about this important decision, consider the following.
Responsibilities of Managing a Rental
Many homeowners decide not to go the rental route because of the upkeep and responsibilities required of property management. Some of the common duties of landlords include:
Vet potential renters. You’ll want to make sure that the tenants will be respectful of your property. You’ll also have to ensure they have a stable income so that you receive rent on time each month.
Keep up with maintenance and repairs. When renting out your property, you’ll be responsible for hiring maintenance workers when needed. Sometimes emergency maintenance occurs, as well. If you don’t live in the area, this can be a big hassle. Additionally, general upkeep and repairs often occur before new tenants move in.
Have open availability. You’ll need to be available for questions or concerns from your renters. Occasionally, you’ll have to field phone calls or discuss rental agreements and contracts.
Luckily, Centennial property management services are available to assist in all rental needs. Hiring a property management company to assist in these responsibilities is crucial. It allows you to keep the freedom of your investment without the hands-on work. Keep in mind that property managers take a percentage from your rental income. However, they provide a seamless experience when it comes to renting out your property.
Keeping Your Options Open
One key reason why renting is better than selling is because it keeps your options open. If there’s a potential you’ll move back to the area, renting can keep that door open for you. With renting, you can cut down on selling and buying costs, as well. This allows you to keep a steady rental income on the side while settling into your new place. Although there are some financial burdens when it comes to rentals, you’ll be investing in your future.
Prospective Market Changes
Analyzing current market trends can also make this decision for you. It’s important to make an informed decision – so be sure to do your research. Investigate market trends in your area. Research school districts, new businesses, and population growth trends. All of these items can help you decide whether it’s best to keep your home or sell it right away. If you notice a steady decline in neighborhood value, it may be time to move on. Trends change all the time, though. If you’re passionate about the area and excited for prospective tenants to move in, renting is the way to go.
For more information on property management options, contact Centennial Property Management. Our services are available for homeowners looking for a stress-free way to rent out their property. Enjoy stellar management services that cover all the responsibilities of handling a rental – from maintenance to rental agreements.