selling versus renting a home
 
To Sell or To Rent; Things to Consider

There are a variety of factors to consider when making the decision to either sell your home or rent it out. In some cases selling makes the most sense, but how do you know if renting is a better option?
 
Things to Consider

•  What is your financial situation? If you need the funds from the sale of your current home in order to purchase another home, the decision to sell or rent is an easy one. If you are able to purchase a second home, consider the expenses that will be your responsibility if you have two homes.

•  What is your personal situation? If you are making a permanent move out of state, selling is probably your best choice, but if you are being temporarily relocated for a job, renting your home will provide for your return.

•  Current market conditions will play a role in whether it makes more sense to sell or rent. Speak with a local real estate agent to learn about the rental market in your area. The agent will also be able to provide you with a CMA (Comparable Market Analysis) that will tell you how your home compares to others for sale or rent in your area.

•  Consider the tax benefits of selling vs. renting, as there are deductions you can claim for either situation.

•  Another question you need to ask yourself is whether or not you’re cut out to be a landlord. Do your research to learn about what is involved, what you are responsible for financially and legally, what insurance is necessary and any other information that can help you decide if being a landlord is for you.

If being a landlord doesn’t sound like your cup of tea, you can hire a property management company to take care of pretty much everything!

If you are in the Orlando, FL area and are deciding whether to sell or rent, give me a call to learn about the current market conditions and determine which route is best for you.