If you’re a property owner looking to move out of their home, it is nice to know you have options. One of the biggest decisions to make is whether you’re going to sell your home when you move or keep it and rent it out. A big part of this is down to personal preference and looking at your own personal circumstances. However beyond this you need to look at the bigger picture in order to decide what is best.
What Is The Market Saying?
There is little point deciding to rent out your home if the local rental market is swamped with options. Take a little time out to do some research on property in the local area. You’ll want to see whether homes are selling well or whether rental homes are more popular. If you speak to a local firm of estate agents they should be able to give you help and advice on how the local property market is performing.
Once you know how the local property market is doing you are in a much better position to decide what to do with your home.
Are You Prepared To Be a Landlord?
When you sell a home it is gone quite quickly and no longer your responsibility. If you decide to rent it out then you need to make sure you’re ready to be a landlord. There are times that you’ll need to be firm with tenants and possibly deal with problems caused by people who live in your property. You’ll have a contract to protect you from many problems but it is still something that you need to make sure you can deal with.
When you are a landlord you are also in charge of paying for property maintenance and repairing appliances. Repairs need to be carried out quickly so you need to make sure that you have plenty of funds to deal with this. If tenants do damage to your home (rare) then this is your responsibility too!
Of course, you have the fact that rental brings you in a monthly income, so it isn’t all negatives.
Getting Help and Advice
If you’re unsure which route to go down you should contact some local property experts for their help and advice. Estate agents should be able to give you information on local property prices and rental trends.
It is also worth looking up a local property management company (by searching Google for Salt Lake Property Management for example). This should give you information on what is available for landlord locally and how much of your rental property you can get help with. A property management can often deal with much of your renting needs for you, which helps to take away some of the stress of being a landlord.
There is no right or wrong answer when it comes to renting or selling. It is very much about what is right for you and what is right at the time for your local area. Do your research.