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Should I sell my house or rent it out?

Housing prices around me seem to be going down, but we'd like to move. Should we just rent our house and wait for the future to sell it? Is there anything we should watch out for?
Asked By Maggie W | Charleston, SC | 453 views | Renting | 1 year ago
Answer(12)
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Pro
91 Answers
Lisa and Greg Harris

eXp Realty, LLC

(42)

A few things to keep in mind...... Are you looking at turning it into an investment and all that goes along with that process? Can you buy another home without selling the current home? In most of the counties in SC the taxes for a 2nd home QUADRUPLE because you do not get the primary tax rate break. That is something you need to look at for your county and factor into the rental process. I also recommend, having a minimum of 6 months of reserves to pay the expenses on the home in the event that you run into issues with a rental eviction process. Do you have the money if a rental goes sideways to do renovations? I have seen the expenses of that process be way more than what a short-term immediate loss may be for selling for a little less. If you do not want to get into the landlord investment business seel it now as this market currently is still in good condition in SC area. AND TALK TO A LOCAL EXPERT REALTOR! This is key to making this decision based on your net on the home and the current market values.
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Semi-Pro
60 Answers
Steven Hunt

Real Broker NY LLC

(31)

If you are planing to get into investing more I recommend renting it. I personally think you should try renting it out and see if you like it. Its great to get more income .

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Rising Star
16 Answers
Keith McKeever

Fathom Realty Central IL

(9)

Housing prices are going down in many markets but it really is a market by market thing. Rental prices do seem to keep going up which makes that an attractive option. First I would check with a mortgage lender about what you are qualified to purchase and how renting out your current home factors into that. Secondly you need to do some soul searching and determine if you want to be the landlord and deal with everything that comes with that or hire a property manager to do most of that for you. Once you have these answers you will be much more prepared to make an educated decision.
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Rising Star
13 Answers
Stephanie Biello

Biello & Black Group

It is ultimately up to you to decide whether you want to sell your house or rent it out. When making this decision, it is important to consider all of the potential pros and cons associated with each option. Generally speaking, renting out a property can be an effective way to generate additional income, but there are also some risks that come with being a landlord. You should carefully weigh the potential rewards against the costs and responsibilities associated with renting out your property, such as finding reliable tenants, collecting rent payments, and dealing with any necessary repairs or maintenance. Additionally, it’s important to research current market conditions in your area to determine if now is a good time to sell or wait for prices to go up in the future.
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Rising Star
11 Answers
Scott Carlson

BRIX Real Estate

(1)

Maggie, The first question you need to look into is if you can swing two mortgages if your current home still has a mortgage. The second question is, Do you want to be a landlord? It can be tough being a landlord at times, but is a great way to build wealth. Home prices go down for a short period of time but overall home values are continuing to increase in value if you look at the market overall.
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Rising Star
10 Answers
Santiago Valdez

Compass - Chicago - River North (Kinzie)

(59)

Renting our your house means looking at your home as an investment vehicle and seeing if it makes sense; something your agent can help you determine. Things to consider, how long you plan on renting the property? When you go back on the market, what will you have to do to be ready for the market (painting or repainting, rehabbing, etc)? Will the property need to be vacant when selling it or will it be ok to sell with the tenants there? If you have equity in the home, if you rent it, do you risk losing your tax free benefit in the equity you have now? If you were to buy this house as an investment property, would you? Why or why not?
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Rising Star
10 Answers
Jake & Yuliana Bond

RSVP Real Estate

(13)

Renting your home is always a great option to consider before selling. You will definitely want to consider many factors like your current financial health and if renting it would prevent you from buying in the first place. I would look out for issues regarding management, are you going to be close enough to fix something or do you have someone to be on site in the event of an issues? What would be your CAP rate on renting vs selling the home and moving those funds into another investment? There are many financial questions to answer but they all revolve around what your long term goals are going to be. DO NOT RENT if you are tight on money. There are many expenses with being a landlord and your home would no longer be as liquid as it is now.
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Novice
8 Answers
Christine A. Hunter

Hunter Real Estate, LLC.

(172)

Rents are at an all time high and I dont see them ever coming back down. Prices fluctuate but are also high but stable. Its a winning situation whichever you decide.; One thing to consider is "do you really want to be a landlord"? Watch some Jude Judy on TV and you will likely want to sell as opposed to rent.
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Novice
7 Answers
Brian Sullivan

Highgarden Real Estate

(7)

Nobody knows what the future will hold. If you can afford to rent your house and buy a new one that is always a good way to build wealth. It is not without difficulties and should be treated as a business.
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Novice
6 Answers
Edward Davis

Fathom Realty, LLC

Several factors may play in to that. One of the main factor is, if you chose to rent it out, will you be able to cover the mortgage for that house as well if for instance, you go a few months without a renter in the house? Quite a few saw the horror during the pandemic in renting out and tenants not being able to pay the monthly rent and it takes a minute to try to get them out of the house. Make sure you make a list of pros and cons of renting verse selling and then make an informed decision based upon that. Not everyone wants to be a Landlord or even wants to deal with those problems that will occur with rental properties. Definitely not all glamorous.
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Novice
4 Answers
Holly Koester

Keller Williams Lonestar DFW

(28)

Maggie: I would advise that you work with a trusted lender and find out if you have the option of keeping the home. It may be that you would not qualify for another home loan until you sell your current home. If you can qualify, rental properties are a good way to build wealth, however, not everyone is cut out to be a landlord. I would speak with a friend who has rental homes, or a friend of a friend etc., to do some research on what it means to be a landlord. Do the research to make sure you know what you would be getting into. Take care.
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Novice
2 Answers
Tamika Graham

eXp Realty, LLC

(2)

It depends how long are you expecting to live in your home. Do you expect your rent will not change over the next 5 years? How long have you been renting?

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