Although the real estate market has seen a comeback over the last year or so, there can still be situations where a property that’s for sale may be sitting for some time. If you have already purchased and moved into a new home – but your previous home is still empty (and draining you of the monthly mortgage payment, insurance, and utilities), is it smart to consider renting the property out?
The answer is, maybe.
While renting your property out can make sense in terms of helping you to cut your costs, there are both some pros and cons to consider before your dive into being a landlord – particularly if you have never done so in the past.
For example, while leaving the property empty – especially during the holiday season – can certainly be a huge drain on your budget, you may also end up incurring additional expenses, such as advertising, cleaning, and other costs just to prepare for a potential tenant.
Then, there is the issue of the tenants themselves. Here, it is absolutely essential to have a good, solid screening process in place. This can help to at least reduce the possibility that you will end up with a resident in your property who will try to live rent-free, and / or who may cause a considerable amount of damage, in turn, costing you even more.
If you don’t hire a property manager to deal with collecting the monthly rent, as well as the other day to day maintenance and tenant issues, you could also find that managing your rental property eats up a fair amount of your time.
So, although from a short-term cost standpoint, opening up your property to renters may seem like a good idea, if your goal is truly to rid yourself of the home so that you can move on, it will oftentimes make sense for you to keep with your initial plan for selling it.
An experienced realtor can help you with strategies that will market your home’s availability not just to consumers, but also to other real estate professionals who may have a client that is looking for exactly what you have to offer. For more details on getting your home sold quickly – as well as a no-cost analysis of your property’s value – Contact Us.