Renting Vs. Selling Your Home When You Relocate
A big part of the American Dream is finding the perfect home. Luckily, many of us do get to reach that goal within our lifetime. However, sometimes life throws us a bit of a curve ball and we find that we have to move to another city and leave that dream house behind. Unfortunately, with all of the things that we can fit into the back of our moving truck, our house is not one of them.
And so, if you’re in this kind of predicament, what that means is that you have to make a major decision: Should you rent out your home or sell it altogether? Because we know that it’s not the easiest choice to make, we wanted to provide you with a few pros and cons on both sides so that hopefully, you can make a decision that’s best for you.
The Pros and Cons of Renting Out Your Home
If you own your home and you plan to rent it out, the very first benefit that comes with that decision is that you’ll be getting money on a monthly basis. This can prove to be a real advantage as you’re getting settled into your new place or job because at least you’ll know that there’s some steady income coming your way. Also, if you only plan to be gone a couple of years, by renting the home, you can extend yearly leases and then move back into your house once you are ready to return. As far as a disadvantage that comes with renting out your house, remember that you are still the landlord and you’ll be responsible for another repairs the house might need. Of course you could hire a property manager to offer some assistance and make things more convenient for you; however, using one means that you do have to provide them with a salary for handling the day-to-day demands of renting out your home. So, some of what you earn from renting will immediate go to them to pay for their services.
The Pros and Cons of Selling Your House
Although renting out your house can get you several hundred or a couple of thousand dollars per month, selling it can get you a whole lot more than that. As a matter of fact, if you’re needing a large amount of money to “cushion” your move, then whether you take the counsel of your real estate agent or even a website like www.ratesupermarket.ca , you’re probably going to be advised to sell your home. Therefore, obviously the main advantage that comes with that choice is that you can get a nice sum of money by selling it. That said, there are a few potential “cons” to think about. If you’re going to get top-dollar for your house, you’ll need to have your home in great condition. However, coming up with the money that you need to put it on the market as you’re trying to move might be a bit (financially) stressful. Also, if you are relocating only for a few years or you have a child who is going to be graduating from high school soon and wants to return to your former city, you might want to actually want to hold on to your house (after all, you own it). It would be a shame to need to return and have to go back into the house hunting market all over again. But, if you don’t foresee these kinds of things being an issue, then selling your house really could be the best thing for you. It could a nice (and financially beneficial) way to get a fresh start.
Photo credit: quizzle.com