“Is it better to sell or rent out right now?” ← I’ve been getting this question a lot lately, so let’s talk about it!
Right now, we’re obviously in a seller’s market. That means that there’s high demand from buyers and low supply. AKA you can make a HUGE profit if you sell right now. But renting can also be a good choice, especially as a lot of would-be buyers are deciding to rent and wait out the market. But which is better? Ask yourself these questions to find out.
Where are you moving?
If you’re planning to get out of town permanently, you might want to sell. But if the move is temporary, or you’re planning to stay in the area, renting could be a good choice.
What’s your equity like?
If you have a lot of equity tied up in the house, you might want to sell so you can access those funds for a down payment. But if you don’t have very much equity in the house, you might want to rent it out so you can build more equity and then sell later on.
Do you have the funds/time to manage a rental?
If you can afford a property management company or you have the time and energy to manage the property yourself, renting could be great. If you don’t have the time or money to manage a rental, take advantage of the market and sell now.
Once you answer those questions, you should have a better idea of which option is best for you.
