A client of mine was debating on whether they wanted to sell their home or not. Here’s what I suggested they do.
A client of mine was getting ready to move out of town and asked me if they should sell their home or simply rent it out after they move to generate some passive income.
This particular client was moving to Florida and had owned their home for about seven years. Each situation is different and could require a different answer, but I usually like to ask a few questions first to determine which option is best. These are questions like:
Do you ever intend to come back to this area?
How long do you want to hold onto the property for?
Have you ever been a landlord before?
If they have been a landlord before, they are more prepared for the possible outcomes. It usually goes one of two ways when renting out a property. Either you have perfect tenants and no problems or problem tenants that drive you crazy. I believe owning real estate is a great way to build wealth, and I am a landlord myself. However, I’ve either had a great experience or a terrible one.
When it comes down to it though, I haven’t seen a market like this in the last 10 years for sellers. It might be a better idea to consider selling now, but we won’t know until we sit down and determine what your goals are.
In making your decision to sell or rent out your home, all of these factors and more must be considered. If you have any questions about your personal situation or anything else about real estate, give me a call or send me an email. I look forward to hearing from you.