If you’re moving out of your single-family home, it’s likely due to a new experience or a major life event. Maybe your family is growing and you need more space. Or, all the kids have moved out and moved on, and you’re hoping to downsize. Perhaps you’re relocating to another city or state or maybe you just want to live in a new home that you’ve had your eye on for a while.
Whatever your reasons for packing up and moving on, you need to decide what to do with the house that has been your home.
Selling it is one option. But before you do that, consider another option. You could rent it out.
Today, we’re discussing how you should decide whether selling or renting out your Mobile single-family homes makes more sense.
Establish Your Now and Future Plans
If you’re moving out of the area, think about whether you plan to return and if so, when that will be. If you’re relocating for work or school or because your remote work situation is making it possible to live anywhere you want, you may have the expectation that you’ll live in Mobile again. This is a good reason to hold onto your home and rent it out. You know that when you return, your home will be waiting. Even if you want to buy a different home when you come back, the one you currently own will likely be worth more in a few years, so selling it then instead of now might be a better deal.
On the other side of this consideration, you may be planning to move out of the area permanently. If you have no real desire to keep this house for yourself or a family member in the future, you can walk away from the asset and the area free and clear by selling it.
Sell Your Mobile Property if You Need Cash Now
Most owners are eager to sell their home, especially in a strong sales market. Selling a home provides a profitable short-term bump in your financial security, especially if you have a lot of equity in the home and you can get the right price. Single-family homes are likely to sell for a better price than a duplex or a condo unit in a community.
Take a look at the sales market and see if selling right now will give you the profit you’d like to earn. Maybe you want to walk away with some cash so you can do other things with that money. If you’re ready to start your retirement or send a kid to college, having a larger nest egg is helpful.
Just make sure the market will support your asking price and your timeline.
Rent Your Mobile Property for Long Term ROI and Consistent Rental Income
Savvy property investors who are interested in long-term investment income know that it’s better to hold the property. The longer you own this asset, the more it will be worth to you. While you’re renting it out, your tenants are contributing to your mortgage and covering all the expenses associated with owning a home. They’re paying the utilities and they’re keeping an eye on things and helping you maintain it. When you rent the property out, you can also access several tax benefits that aren’t available to you when you sell.
Maybe you’re worried about what will be required of you as a landlord.
We have a fix for that: professional Mobile property management. There’s no need to worry about how you’ll find tenants, maintain the home, and stay up to date with all the laws and requirements associated with renting out a property. Professional property managers in Mobile can help you. Experienced investors know that property managers are not only good at caring for your property; they can also help you earn more and spend less on your investment.
If you are trying to decide whether it’s better to rent or sell your home, we can help by looking at your unique circumstances and discussing your specific goals. Contact us at IRBY Property Management, and we’ll provide you with all the market data we have to help you make a good decision.