Should You Sell Your House or Rent It Out?

You have found a new job, a new love, or a new desire to move somewhere else. These are all great reasons to buy that one-way ticket and start packing your bags! But, what about your house? You can’t just leave it be – you have to either sell it or rent it out. Both selling and renting have a lot of pros and cons; however, it will be up to you to decide which option will take the lead. This is going to be complicated and stressful, we know. And, we also know that you are going to need help to decide. That is why we are here—to help you determine whether you should sell your house or rent it out. So, if this is the kind of help you were looking for, keep on reading. 

Signs You Should Sell Your House 

1. Your House is in Seller’s Market 

There is a huge demand for homes in a seller’s market, but there are not enough homes. This means that if your house is in the seller’s market and you decide to sell it, you will do it without any delays and for the highest price possible. Your local real estate agents can help you with this—that is, they will tell you your home’s value and give you advice on how to sell it properly. 

2. You Need Money 

Should you sell your house or rent it out also depends on whether you have enough cash—for your new home and to maintain this old home? Everything costs money. So, evaluate your budget and assess all of your finances. If you have some money to spare, great! But, if you don’t, that is your sign to sell your home. 

3. Your House is Old and Requires Serious Renovation 

Maybe you want to move out of your house because it requires a lot of maintenance. It needs to be renovated and upgraded so that it can fit all of your needs and preferences. If that is the case, you should look for movers on bestcrosscountrymovers.com, relocate, and sell your house. If you can’t live in it, renters won’t be able to either. All renters look for comfortable and modern homes – if your home isn’t that, you will not be able to rent it out. 

An old, damaged wall.
With old and destroyed houses, there is no doubt whether you should sell your house or rent it out

4. You Don’t Want to Be a Landlord 

Renting out your property to strangers means that you will still be responsible for everything that is going on in your house. You will have to take care of all the household issues, finances, and many other problems. And, you will always have to be nearby. This will be just like any other job. Of course, it will provide you with a steady cash flow (almost) every month, but it will also require you to “work” on that property too. If this is not something you are ready to do, better list your house now. 

5. The House Is Just Not Good Rental Material 

As previously said, all renters want to live in modern and comfortable homes. But not only that, they want to live in safe homes that have all the needed amenities both inside and out. They want to live in homes that are close to the city center or, at least, close to some means of transportation. Just think about it–would you rent out a home in the middle of nowhere, and that will make your life extremely difficult? Probably not. So, if your house has similar features, don’t even think about whether you should sell your house or rent it out. The answer is rather obvious. 

A house-shaped keychain representing the uncertainty of whether you should sell your house or rent it out
If you wouldn’t want to rent your home, other people won’t either.

Signs You Should Rent Your House 

1. Demand for Rentals is High in Your Area 

If, for example, you have to move from Virginia to some other state, don’t let all of the reasons mentioned already force you to sell your house and decide to leave for good. There are some great reasons (signs) for you to keep your home and rent it out before you leave. And one of those signs is that you live in an area where there is a high demand for rentals. Those are typically urban areas, areas around schools and colleges, areas close to business districts, etc. Renting your home can be quick, easy, and financially good in these areas. So, before you decide to leave for good, think about this – renting your house can be a wise decision. 

2. Wondering if You Should Sell Your House or Rent It Out When You Are Still Attached to the House 

Maybe a job or some new life event forced you to move out and buy a new house. And, maybe you still love your house—it has everything you need, and it reminds you of your family. It is okay to feel emotionally attached to a property! And, it is okay to rent it out until you figure out what to do. By renting the house out, you will have enough money to take care of it even from the far. So, don’t push yourself to do something you are not ready for. Rent the house until you are ready for the next move—whatever that move may be.

One person giving home keys to another.
If you are still attached to your house, be sure to find some good and reliable tenants.

3. The House is Good Rental Material

If you still don’t know whether you should sell your house or rent it out, just check whether it is a good rental material or not. Besides being in a desired, safe rental market, the house should also have all the wanted amenities. For instance, most renters look for amenities such as big kitchens, new bathrooms, substantial square footage, outdoor area, etc. If your house has all of this, then rent it out. You will certainly be able to find good renters who will be suitable for your house and who will be able to pay a good amount of money for it. 

As you have seen, many signs can help you decide whether to sell your house or rent it out. However, it all depends on you at the end of the day. Look at these signs and evaluate your situation and your house’s condition, but don’t forget to ask yourself what is good for you. 

Meta Description: Wondering whether to sell your house or rent it out? Wonder no more—keep on reading for some expert advice. 

Photos Used: 

https://www.pexels.com/photo/person-holding-silver-key-8293778/

https://www.pexels.com/photo/unfinished-wall-804392/

https://pixabay.com/photos/build-a-house-house-for-sale-4503738/

https://www.pexels.com/photo/person-giving-keys-from-new-home-to-family-7489107/

Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.

To see available Lake of the Woods properties, please visit our site.