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Should You Rent or Sell Your House?

Writer's picture: Tara PowellTara Powell

Updated: Nov 21, 2024



Deciding whether to sell or rent out your house? It’s not always a straightforward choice. There are many factors to consider here are the three most important questions to help you make the right decision for your situation.


First, ask yourself: is your house a good fit for renting? Even if you’re interested in becoming a landlord, your current home might not be ideal property for it. Think about the location. Is the neighborhood in high demand for rentals? Will you be able to get the rental income for the market value of the home? Or maybe it’s too far from where you’re moving, making it hard to manage the property without a property manager.


If the house needs significant repairs, or the neighborhood isn’t suitable for rentals, selling might be your best option. It’s essential to evaluate these factors before making a move.


Next, are you ready for the realities of being a landlord? Managing a rental property isn’t just about collecting rent checks. It involves handling tenant complaints, managing maintenance requests at all hours, and sometimes dealing with late payments or even damage to your property.


Being a landlord can be time-consuming and stressful. Before deciding to rent, talk to other landlords and do a detailed cost analysis. You might find that selling your home is a better financial decision — and far less stressful.

If you’re thinking about renting out your home to generate extra income, remember that there are many additional costs. You’ll still need to pay the mortgage, property taxes, and landlord insurance, which costs about 25% more than regular home insurance. Plus, there are maintenance and repair costs, vacancies where you’ll lose rental income, and possibly management fees if you hire someone to handle the property for you. Add all these up, and the profits from renting can quickly shrink. Make sure you know the full picture of costs before you decide. So, should you rent out or sell your house? It’s a personal decision that depends on your unique circumstances. Whatever you decide, taking the time to evaluate your options is the key to making the best choice for your future.


Still unsure which path is right for you? Contact the RE/MAX NC Coastal Team today for a personalized consultation. We’re here to guide you every step of the way! Real Estate with a Purpose. Where we put our clients and community first!

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