Moving Out of Salt Lake City – Should You Rent or Sell? | Advanced Solutions Property Management

When you’re moving out of town or having trouble selling your home you face a common conundrum: should you rent it out, or sell it? Let’s look at this question and the pros and cons of each.

Building Long Term Wealth

If you want to build wealth over time holding onto your property is usually the better strategy. Here’s why:

Holding onto your property allows you to add value to your assets.
Renting out your home can help pay your mortgage and earn rental income.
Your property will likely increase in value over time.

Selling should only be considered when you need immediate cash flow. If you need quick access to funds selling your property can be a good solution. But for long term wealth creation holding onto your property and renting it out is usually the better option.

The Problem of DIY Property Management

Many homeowners are hesitant to be landlords because of the perceived headaches of dealing with tenants. If that’s your main concern there’s a solution: professional property management.

A property manager can:

Handle everything to do with renting out your home
Be your local point of contact if you move out of the area
Fix maintenance issues quickly
Collect rent on time

Why Local Management Matters

Managing your property from afar can be tough and costly. Here’s why local management is key:

Maintenance issues need to be addressed immediately
Rent collection problems need to be solved quickly
An uninhabitable property or non-paying tenants can escalate your expenses fast

Hiring a property manager is usually more cost effective than trying to manage a property from afar. They can provide the local presence and expertise to keep your investment profitable.

Make Your Decision

Still unsure whether to sell or rent your home? Contact a professional for advice. At Advanced Solutions Property Management we’d be happy to help you weigh your options and make the best decision for your situation.

Every homeowner’s situation is different. What’s best for one person may not be best for another. By considering your long term financial goals and personal situation you can make an informed decision whether to rent or sell your Salt Lake City home.