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Should You Sell or Rent Your House?

by Olufisayo
when to sell a home

Are you getting ready to move into a new home? If so, you’re probably thinking about what you should do with your old home right now.

Most people choose to sell their existing home before making the move to a new one. But you also have the option of keeping your current home and renting it out rather than selling it.

The rent vs sell debate is a debate that all homeowners should have prior to putting a home up on the market. It might make a lot of sense for you to hang onto a home as opposed to selling it in some cases.

Learn more about whether you should rent or sell your home below.

Rent Your Home

Is the home that you’re getting ready to move out of located in what’s going to be a very desirable area in the coming years? That might be reason enough to hang onto it and rent it out instead of selling it.

By maintaining possession of a home that’s situated in a great location, you might be able to reap the rewards later. You can either get top dollar for the home in the form of rent in the near future. Or you can sell the home for way more than you would get for it at the moment.

You should, of course, make sure that you’ll be able to bring in enough rent right now to continue to own the home. You don’t want to put yourself in a position where you’re losing money every month in the hopes that your home will be worth a fortune at some point.

But as long as you’re able to generate at least a little bit of income by renting your home out, it might be worth hanging onto it to see if its value goes up substantially sometime soon.

Sell Your Home

Are you going to have a tough time getting approved for a mortgage for your new home if you keep your current one rather than sell it?

For some people, the answer to this question is “yes.” They don’t even get a chance to have the rent vs sell debate with themselves since renting isn’t an option.

But that isn’t the only reason to consider selling your home instead of renting it. You should also sell your home if:

  • You know it’s not going to bring in enough rental income every month
  • You hate the idea of being someone’s landlord
  • You think the value of your home could very well go down in the coming years

By knowing when to sell a home instead of renting it, you could save yourself a lot of time and money down the line.

Rent vs Sell: Which Is the Better Option for You?

Deciding whether to rent or sell a home when you’re preparing to move out of it is one of the most important decisions you’ll ever make. It’s why you should think long and hard about the rent vs sell debate.

Crunch the numbers to see which option makes the most sense for you. It’ll allow you to make the smartest decision in the end.

Read the other real estate articles on our blog to find out about some of the other things you should consider before renting or selling a home.

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