Today we’re talking about whether you should rent your home out or try to sell it. This is an age-old question that often comes up when someone is moving out of town or not having any success with the sales market.
One thing I always tell people who want to build wealth is that it’s never a good idea to sell your property. To increase the value of your assets, it’s a better strategy to buy and keep your property. Selling is only the best option when you need to generate cash flow. If you need money quickly, selling the property is a good way to access that cash. However, if your priority is to create long term wealth, hold onto that property and rent it out. You’ll be able to pay your mortgage while you earn rental income and the home will continue to gain value over time.
A lot of homeowners don’t want to deal with renters, and if that’s the only reason you don’t want to rent out your property, you have other options. Talk to a professional property manager who can take care of the property on your behalf.
Property managers work with a lot of people who move out of town but want to keep their homes. Renting is a good idea in this case, and a property manager can be the local point of contact while you’re out of the city, the state or even the country. It’s never a good idea to try to manage your own property when you aren’t in the area. There will be maintenance issues that come up, and if the rent doesn’t come in, you’re going to have to take action immediately. That’s hard to do when you’re not local. Your expenses will grow if your house becomes inhabitable or your tenants stop paying rent. Hiring a property manager is a lot cheaper.
If you’re still not sure about whether it’s a good idea to sell or rent your home, contact us at Advanced Solutions Property Management, and we’d be happy to help you make your decision.