Sell or rent. Sell or rent. Sell or rent. Feel like you’re going round and round and can’t decide? Good news! I’m here to help with a handy, dandy pro-con list. (Your momma would be so proud!)
First up?
RENTING PROS :
You’ll pretty quickly adore that monthly cash flow that more than covers your property’s mortgage payment.
In just a few short years, you’ll build up some nice equity (on average 3-5%), especially if property values in your area increase.
Investing in real estate can be one piece of a plan for building wealth. Purchase one property and pretty soon you can use that equity to purchase your next. Warning - it can be addicting!
RENTING CONS:
Being a landlord is a lot of work and quite frankly, a pain at times. (Hiring an experienced property manager can help.)
Remember that monthly cash flow? It can be incredibly unpredictable if you have vacancies, difficult tenants, or extensive repairs.
Depending on your financial situation, renting your home might limit your ability to secure a mortgage elsewhere.
Next?
SELLING PROS
In our current seller’s market, you can expect to receive offers at or above your asking price. Then, you can turn and use those funds to make a hefty down payment on your next home.
Selling means you get to leave the landlord hat sitting on the table. And if life already feels full, that’s exactly where it should stay.
SELLING CONS
If your future plans are unsure or you might return to the area, selling now may be premature.
Selling may also require extensive updates you may not be ready to fork over the cash for. Then again, those same repairs might be necessary to attract top renters.
The best way to know for sure what’s right for you is to sit down with an agent who can run the numbers for both scenarios. More times than not, the numbers speak! Let me know if you’re ready to take that step. I’d love to help!
Cindy Grenier, 204-330-2567
