Is Renting Out Your Home The Best Option?
Renting your home instead of listing it for sale is a really great option when you may want to move back in eventually, or you are looking for a way to build equity and overall wealth. Although at the INDRA Real Estate Group, we focus on residential sales, a lot of our clients who are selling end up learning more about renting their property instead, and decide that it is the best option for them. Here are a few deciding factors for them:
Many clients have an ultimate goal of owning many properties and each one producing income and helping build their personal wealth. However, that is not usually exactly how it goes. Having an agent who can represent you in your rental transactions can be a life saver when it comes to choosing the right tenants and handling paperwork. At the INDRA Real Estate Group, we work with sellers all the time who choose to rent their home instead, whether it is for 6 months or 5 years, and we know the paperwork process intimately. We are experienced, and always bring you qualified potential renters.
While renting out your home may seem exciting, keep in mind the current market, and future possibilities of the home’s location. How will it change over time? Will there be many houses built nearby? Will there be flood or natural disaster risk that increases over time? Are buyers moving TO that area, or AWAY from that area? As licensed agents with Berkshire Hathaway HomeServices, the INDRA Real Estate Group constantly researches stats, facts and figures of areas all over San Diego, and we can give you a great idea of the trends to expect, to ultimately help you with your rent vs. sell choice.
Renting your home and moving to another home can be profitable in some cases, and a bad decision in other cases. You need to look beyond your mortgage payment, and make sure that the rent you’d like to charge will cover your mortgage, utilities, repairs, HOA fees, and more or else you will be stuck paying for a home that you wanted to profit from. Many times, homeowners don’t take all aspects into consideration before financially deciding that renting is a better choice. Another big reason clients appreciate the INDRA Real Estate Group’s assistance is that we study the current rental market and future trends to see if other comparable homes are renting for prices that will help grow wealth. It’s important to understand your return on investment when looking to rent out your home, and know how things will look in 4-5 years. There may be better solutions for the profit you’ll make over those years, and selling may be the best choice in the end.
Overall, renting is a risky process that brings up a lot of questions from sellers and potential renters. It is important to hire a team like the INDRA Real Estate Group to help you sort through the options, manage the process, study your home’s location, and go through your finances with you. If you’re thinking about renting your home, we would be happy to have a conversation with you to begin thinking of possibilities. We also have a of clients who would love to buy a home eventually, but are currently renting, and may be looking to change location of homes they are renting, so we may have a potential, already qualified tenant for you already! Let’s talk!
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