Should I Rent or Sell My House?

Should you become a landlord?

There are many advantages to keeping your property and renting it out. But there are also advantages to selling your house, especially with a cash home buyer. Let’s look at some of the upsides and downsides of both.

Renting Your Property

Becoming a landlord is essentially opening a business. You must be available for midnight service calls, brave enough to force an eviction, and knowledgeable enough to select the right tenants. Your property isn’t likely profitable unless it’s mostly paid off. While you’re building equity, there are many repair and renovation costs. And, of course, a single eviction could cost you six months to a year of income. That’s risky when you have only one property.

To rent a property, you should:

• Have enough money to pay the mortgage for a year without income. In the worst-case scenario, this is what could happen.
• You may have a reason to avoid selling the property, such as sentimental value or a desire to move into it again later.
• Alternatively, be interested in eventually having more rental properties and making it into a business.
• Understand the basics of being a handyman and be on call in the area to fix things.
• Have enough money to renovate or repair the property before tenants move in. Most tenants want an updated property.
• Understand the local rental market and how much money you stand to make.

Of course, there are always property owners who will also make excellent landlords. If you’re looking to start your own business, want to create wealth and equity, and are in the area and able to react to problems with your tenants, keeping the property might be right for you. You will also want to keep the property if you are interested in someday returning to it — as long as you know you can afford the associated costs. Being a landlord isn’t for everyone, but many people hesitate because they don’t want to have to repair and renovate their houses. Since mortgage loans won’t let people borrow for homes needing significant repair, many people feel like they have no choice but to try to rent their property out.

Selling Your Property

Consider this. You might be scared of losing equity. But if you sell your house fast and roll that equity into a new house, you haven’t lost anything at all. If you’re moving, most people will find it better to sell. That way you won’t need to manage your property from afar. You’ll lose much of your profit if you hire a property management company (and it can be hard to find one that will take a single listing).

To sell a property, you should:

• Not want the responsibilities of becoming a landlord.
• Want a fast cash infusion, whether it’s to buy a new property or just spend on something else, like a business.
• Desire to sell your house without having to make repairs or renovations (we buy houses as-is).
• Be interested in cashing in on your equity and a current hot market.
• Have a real estate market locally that’s fast-paced or positive, rather than potentially depressed.
• Not be interested in retaining the property at all.

Selling their house is better for most people. If you do want to sell your property, there’s good news. With a cash house buyer, you can sell your house fast in Oklahoma City and the surrounding area. At We Buy Houses Oklahoma City, we buy houses as-is, in any condition. Contact us today for an offer on your house.