If you’re moving out of a home you own, you might be wondering whether to rent your house out or sell it. Both of these options have benefits. It’s important to look at your individual situation and weigh the pros and cons before you decide.
Many elements factor into choosing whether to rent or sell your house. Some of the first questions to ask yourself are what the market is doing in your area and what the long-term outlook for your particular neighborhood is. Are property values increasing, or are they on the decline? If they’re increasing, you might benefit from renting out your house and then selling it for more money in another year or two.
However, if property values in your neighborhood are declining and you have concerns about how the market may fare over the next few years, it might be advantageous to sell your home now to potentially avoid taking a loss.
What to consider before you rent out your house
Even if you determine that it could be financially advantageous to rent out your house, it’s not time to put the “For Rent” sign in the yard just yet. Here are some personal factors to think about before assuming landlord duties:
The pros of selling vs. renting
Weighing the pros and cons of each scenario is a good way to determine whether selling or renting is best for you. Here are some pros to consider:
SPI Reflections Blog
Our blog is about educating our customers and the public about important insurance information that we feel is meaningful.