- Mortgage and Property Taxes: You still need to pay these expenses, even if the rent doesn't cover all of it.
- Insurance: Landlord insurance costs about 25% more than regular home insurance, and it's necessary to cover damages and injuries.
- Maintenance and Repairs: Plan to spend at least 1% of the home's value annually, more if the home is older.
- Finding a Tenant: This involves advertising costs and potentially paying for background checks.
- Vacancies: If the property sits empty between tenants, you'll lose rental income.
- Management and HOA Fees: A property manager can ease the burden, but typically charges about 10% of the rent. HOA fees are an additional cost too, if applicable.
Figuring out what to do with your house when you're ready to move can be a big decision.
[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240729/20240731-Should-You-Sell-Or-Rent-Out-Your-House-original.png [id] => 57941 [kcm_ig_caption] => Figuring out what to do with your house when you're ready to move can be a big decision. Should you sell it and use the money for your next adventure, or keep it as a rental to build long-term wealth? Is Your House a Good Fit for Renting? Even if you're interested in becoming a landlord, your current house might not be ideal for renting. Maybe you're moving far away, so keeping up with the ongoing maintenance would be a hassle, the neighborhood isn't great for rentals, or the house needs significant repairs before you could rent it out. If any of this sounds like it might apply, selling might be your best option. Are You Ready for the Realities of Being a Landlord? Managing a rental property isn't just about collecting rent checks. It's a time-consuming and sometimes challenging job. For example, you may get calls from tenants at all hours of the day with maintenance requests. Or you may find a tenant causes damage you have to repair before the next lease starts. You may even have to deal with people falling behind on payments or breaking their lease early. Do You Have a Good Understanding of What It’ll Cost? If you're thinking about renting out your home primarily to generate extra income, remember that there are additional costs you’ll want to plan for. To sum it all up, selling or renting out your home is a personal decision that depends on your circumstances. Whatever you decide, taking the time to evaluate your options will help you make the best choice for your future. Make sure to weigh the pros and cons carefully and consult with professionals so you feel supported and informed as you make your decision. That’s what we’re here for. [kcm_ig_hashtags] => realestatetips,realestatelife,keepingcurrentmatters [kcm_ig_quote] => Should you sell or rent out your house? [public_bottom_line] =>To sum it all up, selling or renting out your home is a personal decision that depends on your circumstances. Whatever you decide, taking the time to evaluate your options will help you make the best choice for your future.
Make sure to weigh the pros and cons carefully and consult with professionals so you feel supported and informed as you make your decision. A real estate agent can be a great person to go to for advice.
[published_at] => 2024-07-31T10:30:00Z [related] => Array ( ) [slug] => should-you-rent-out-or-sell-your-house [status] => published [tags] => Array ( [0] => content-hub ) [title] => Should You Rent Out or Sell Your House? [updated_at] => 2024-07-31T10:30:30Z [url] => /2024/07/31/should-you-rent-out-or-sell-your-house/ )Should You Rent Out or Sell Your House?
Figuring out what to do with your house when you're ready to move can be a big decision.