Roseville Cash Home Buyers: The Million Dollar Question – To Rent Or To Sell Your Home?
Are you thinking of upsizing? Or maybe you just went through a divorce or inherited a house and can’t decide if you should keep your current home or rent it out as an investment property?
It’s easy to see why selling your home instead of renting it out may not be the best of ideas for most homeowners. After all, choosing to rent out your house as a rental investment means monthly rent rolling into your wallet, and more importantly, you’ll add an appreciating asset to your name.
Why would any homeowner want to give that up?
Unfortunately, owning a rental or investment property is not all rainbows and unicorns. There’s a lot more to owning and managing investment properties than meets the eye.
In this article, our expert Roseville cash home buyers help you understand the top considerations that can help you make an informed decision for your unique situation.
1. Money! Money! Money! Can You Afford To Keep Your Current Homes As An Investment Property?
Yes, owning investment property means monthly rental income rolling in, but it carries significant financial responsibilities and risks. If you decide to rent your house, you must be ready to pay the usual maintenance and repair costs.
Additionally, there’s always the likelihood that you will have months (depending on your property’s location and other factors) without rental income from tenants. You must consider whether you can afford to keep the property for months without a tenant.
AN excellent way to determine the financial viability of renting versus selling is to use a “rent or sell” calculator. Bottom line, consider your choice’s financial implications (both short and long-term) to help you determine which option is best.
2. The Condition Of Your Home
Does it make sense (financially) for you to upgrade and renovate and keep your house as an investment property?
Property owners often upgrade and renovate before selling to sell quickly and increase the sale price. Ideally, the choice of renovating a property and renting it will allow you to upgrade your investment property and afford the house you want.
While this might work for typical homeowners, if you’re a distressed property owner and your home is in a state of disrepair, then selling your house as-is to reputable Roseville cash home buyers is an excellent option. Besides, by selling your home, you could have an extra $90,000 – $200,000, which could help you upsize and get your dream home. If, however, your house needs minor updates that you can do yourself without breaking the bank, then, by all means, consider renting.
3. What Are Your Future Housing Plans?
Before you rent or sell your home in Roseville, consider your future housing plans? If you want to sell, will your move be permanent?
For example: If you live in Baltimore, MD, and inherited a house in Roseville, CA, but don’t have any intention of moving to California, selling your home fast will likely be the best way to go. However, if you inherited a property in Citrus Heights, CA, or any other location near Roseville, it might make more sense to rent out that property.
4. Your Local Current Housing Market
The state of your local housing market greatly contributes to the value of your home. If your city’s housing market is “cold,” selling your home as-is to a cash house buyer is the best option.
Cold Market: A market is one where there are more properties available for sale than potential buyers. Typically, in a cold market, sellers are willing to accept a price lower than the list price and are might even be willing to pay some/all of your closing costs.
Hot Market (Seller’s Market): A market where there are fewer properties available for sale than potential buyers.
Stay up to date with your city’s housing market to help you through your decision-making.
5. Is Being A Landlord For You?
If you find you can afford to upgrade and keeping your current or inherited house as a rental property, consider whether you have the desire, time, and patience to manage your investment property or if you want to hire a property manager to handle the job on your behalf.
If you have a family and work full-time or lack the desire to own rental property, you may find it daunting to give your investment property the time and commitment it needs.
Sell Your Home Fast To Trusted Roseville Cash Home Buyers
It is helpful to weigh the implications of your choice before making a major decision, especially when that decision has the power to impact your financial position for years to come.
Have you made up your mind to sell your inherited property for cash? Or maybe you don’t want to deal with the responsibilities of a landlord? If that’s the case, Sell My Detroit House is ready to make you an offer.
We Buy Houses Roseville and if your thinking How do I sell my Roseville House Fast and would like to learn more about how cash home buyers work and the benefits of working with one, feel free to call us on (313)-437-1119. We’d be delighted to answer any house-selling questions you may have.
