Investors in Sacramento are sometimes unsure about whether they should sell their property or hold onto it and rent it out. When you’re making this decision, you have to consider where you are in your life and what kind of financial implications come with each option.
Renting or Selling with Retirement in Mind
Your age has an impact on whether it’s best to sell or rent out your property. You also need to consider what you want to do with your life. If you want to retire and have fun, you’ll need to think about who will maintain your property if you’re gone for a long period of time. You’ll need to have someone you can trust taking care of it.
Maintaining a Property
You need to determine whether you have the financial ability to maintain your property. When you need a new roof, will you be able to afford it? You have to be able to do the things that are necessary to keep the condition habitable. When you have a renter, things will go wrong and repairs will be needed. An appliance will need to be fixed, or the plumbing might leak. If you are continually worried about how you will maintain your property, then you should hire a good real estate agent and sell.
If you are going to sell, keep in mind that the entire picture needs attention. If you owned the home a long time, there might be tax consequences. When my clients come to me and they want to sell, we discuss all these details. Sometimes they will decide to hold the home and rent it out. We can do some other things in those situations like raising the rent or requiring that the tenants pay more of the utilities so the rental investment pays a little more for the owner. All of these things help you determine if you want to rent or sell.