Today we’re going to answer a question that our clients ask us all the time. That question is, “Should I sell my home, or should I keep it as a rental property?”
Now, I speak from two angles here. One is as a person who has owned rental properties for over a decade in the northern Virginia area; the other is as a broker that has sold a lot of properties over the past 14 years.
The first question that you should ask yourself is whether you are ready to be a landlord. There are three things to take into consideration should you decide to make that leap.
1. Landlord issues. Landlord issues aren’t necessarily bad things, but issues will arise that you must deal with. This can include renewing leases, minor things that need to be fixed, rent checks that may be lost in the mail, or lay issues that may be going on with your tenant as far as their job. Things always come up when dealing with someone else’s household, and it’s always on someone else’s schedule.
2. Will you hire a property manager? Issues with rental properties never happen on your schedule, so unless you hire a great property manager (which will take away from your bottom line), none of the issues happen when you’re free. Ask any landlord! Issues tend to happen when you are the busiest. If you are going to be renting out your property, you should be ready and available. Too often, issues arise that must be handled immediately and cannot be placed on the back-burner.
3. Do you have a team in place? You may already have a Realtor (hopefully it’s me), but do you have a plumber, electrician, handyman, and a lawyer? You need a solid team in place when these issues arise because when they do, you won’t have time to shop around for the best rate. You can’t always control when things happen, and it’s important to have a team on standby that has your back.
We hope you’ve found this information helpful! This is just one part of an ongoing series discussing renting versus selling because there are instances where it’s better to rent, just as there are instances in which it’s better to sell.
If you have any questions for us, don’t hesitate to give us a call or send us an email. You have the dream, we have the address. See you soon!
