If you own a home but are either wanting or needing to move, you’re likely dreading the whole process of having to pack up your home, do home improvement projects to increase its resale value, put it on the market, be available for showings or open houses, deal with all the legalities of selling a home and more. But luckily, selling your home isn’t your only option. If the situation is right, you can turn your home into a rental rather than selling it. To see if this might be the right decision for you, here are three reasons you may want to rent out your home as opposed to selling it.
You’ll Have A Positive Cash Flow
Before you settle on selling your house, it’s worth looking into what your finances might look like if you decide to rent it out instead. According to Brandon Turner, a contributor to Forbes.com, you can do this by adding up all the expenses for continuing to own your property and then deducting that from how much you’d ask for in rent. If you’d have a positive cash flow, it could be worth it to you to simply rent out your home instead of selling it off completely. Just make sure you account for all expenses, like taxes, insurance, HOAs, repairs and more.
You Have A Property Manager You Trust
Depending on how involved you’d want to be as a landlord and how close you’ll be living to this other property, Patricia Poladian, a contributor to Money Crashers, shares that you may want to get a property manager to help you with the day-to-day business of owning a rental property. And since finding a reliable and reputable property management company can be hard, it can make this whole process so much easier if you already have a property manager that you know and trust. By having a company that you can depend on before you even start renting out your home, you’ll be able to ensure that things are taken care of correctly both for you and for your property.
You May Move Back Eventually
According to Zillow.com, if there’s a chance that you may move back into this area in the future, you may want to just rent out your property rather than going through the hassle of selling it. Moving back into the same house after you’ve been away for a while will be much easier on you than having to sell the home and then buy a new home if you do end up returning. And even if you don’t come back, you can always sell your home at a later time.
If you’ll be moving soon, consider using the advice mentioned above to determine if you want to sell your house or use it as a rental property.