A dream job or a once-in-a-lifetime opportunity away from your current location can leave you with a nice little problem—sell or rent your home?
Choose to rent and risk being stuck with a time-consuming or expensive house to manage. You could even miss out on a seller’s market entirely. But, on the other hand, time your sale wrongly and forfeit equity and rental income.
Considering the average home price is north of 428,000 in 2022, one wrong move can severely dent your pockets. So keep reading for rock-solid reasons to rent, not sell, your home.
Why You Should Rent Out Your Home
Statistics show there’s been a steady decline in rental vacancies. Vacancy rates are down 25% in 2019 from 40% in 2009, reflecting the high demand for rental units.
Moreover, just because your home is in a prime area doesn’t automatically make it a high-value property. Here are a few signs that it’s a good idea to go through the hassle of renting your home:
1. High demand for rentals in your area
Rent is higher in luxury areas, urban areas, in upcoming neighborhoods, and around colleges. A rental spike is also evident with new mega-developments.
For instance, after Amazon moved its headquarters to Seattle in 2010, the median rental rate shot up by over 41% over seven years. So if the home is in such an area, you’re better off leasing than selling.
2. You enjoy the hassle of renting your home
Being a landlord is not for everyone. However, if managing a property always appeals to you, that can increase your chances of success. One of the biggest draws of being a landlord is the promise of steady income, making the hassle of renting your home worth it.
Additionally, you can keep earning money after retirement, or you could move in, saving you the hassle of buying a retirement home. You may also find it rewarding to provide stable and secure housing for tenants.
3. Your house has sentimental value
Life’s situations may force you to relocate. However, you may not be ready to give up the property because of its pivotal role in your life.
It makes financial sense to go through the hassle of renting your home and return to all those beautiful memories when you’re ready.
4. Your house has amenities appealing to renters
Even though your house may no longer be your ideal residence, it can be someone else’s dream home. Rent the house if it has unique features that set it apart from others in the area and appeal to renters.
5. You would make more renting than selling
If the market favors buyers rather than sellers, it does not make sense to pass on all that equity. Instead, the smart money would be on holding on to the house a little longer until the market is just right. Then, keep renting that home until the time is right to sell at a favorable price.
6. You don’t need vast sums of cash
You might be in a good place where your finances are well taken care of, so you don’t need a massive cash infusion to move. Considering the average US home value rises by about 3.5-3.8% yearly, there’s no point in selling it if you don’t need the cash. You would miss out on all that equity, so renting would be the best move.
Contact Next Level Home Buyers
If you do not want to experience the hassle of renting your home, reach out to us. Next Level Home Buyers (NLHB) eliminates the hassle of finding a buyer. You will get all your cash within a week of accepting our offer. Fill in the contact form or call us for information on how to sell your home instead of renting it out.
WE BUY HOUSES IN ANY SITUATION:
Behind on Payments
- Death of a loved one
- Liquidating assets
- Inherited property
- Job loss
- Bad mortgage
- Medical Bills
- Extensive repairs