It's a question many homeowners and landlords face at some point: should I sell or rent my house out? There's no easy answer, as there are a number of key factors to consider before making a decision.
Here are some things to think about when trying to decide whether to sell or rent your property.
1. What's the housing market like in your area?
This is probably the most important factor to consider when making a decision about whether to sell or rent your house. If the housing market is hot and properties are selling quickly, it may be a good idea to sell.
On the other hand, if the market is slow or properties are sitting on the market for a long time, you may be better off renting.
2. What are your long-term goals?
Are you planning to sell the property in the near future? Or do you plan to keep it as a rental property for the long term?
The answer to this question will likely play a big role in your decision making. For example, if you have plans to sell the property in the near future, you might as well sell it now when the market is hot.
3. How much work are you willing to put into the property?
Owning and managing a rental property can be a lot of hassle and work. If you're not willing to put in the time and effort to be a good landlord, then it may not be the right decision for you.
But if you're up for the challenge and are willing to put in the work, then renting out your property could be a great way to generate some extra income.
4. What are the financial implications?
There are a number of financial considerations to take into account when deciding whether to sell or rent your property. For example, in most countries, if you sell your property, you'll have to pay capital gains tax on any profit you make.
On the other hand, if you rent your property, you'll be able to deduct certain expenses from your taxable income. Also, if you rent, you can create a new source of income, but if you choose to sell, you'll have more equity to buy your next home.
5. What are the risks?
There are always risks involved when you're a landlord. For example, you could end up with problem tenants who don't pay their rent or damage your property. You'll also be responsible for making sure the property is up to code and meets all the necessary safety standards.
These are just a few of the key factors to consider when trying to decide whether to sell or rent your house. It's important to weigh all of your options carefully before making a decision.
And, if you're still not sure what to do, it's always a good idea to speak with a professional who can help you make the best decision for your specific situation.
If you decide to rent out your property, we recommend you take a look at this article, where you'll learn what it takes to run a successful rental busieness and how Flatio can help. You can learn more about how Flatio works in our Help Center.
