Should We Rent Our Home or Sell?
Q: Gerald, my company is relocating. We’re moving, so should we rent our home or just sell it? Brenda, Livingston, NJ
A: That’s a great question, Brenda. I want you to consider 3 factors in making your decision on whether to try to rent or to sell your home:
1. What’s the rental demand for your home? You need to make sure there’s adequate demand to rent your place. If there isn’t, then renting isn’t a viable option.
2. Will rental income realistically cover and ideally exceed all the expenses on your current home (property taxes, mortgage payments, insurance cost, repairs etc.)? If you’re losing money every month, then it probably doesn’t make sense to rent and deal with all the responsibility and hassles.
3. Do you have someone locally that can manage your property, tenants etc? If you’re moving out of the area, it’s best to have someone locally that you trust and can count on to manage your property and tenants.
Thanks for your question, Brenda, good luck. For more real estate tips and information, visit my blog at geraldlucas.com.