When it comes time to move into a new home, you may be trying to decide whether or not you want to sell it. You may really be considering renting it out so you can make a little extra income. You may have also inherited a house and, instead of selling it, you are thinking about renting it out.
However, being a landlord is not for everyone. It is not an easy job. It takes a lot of work, as well as time and patience to be a good landlord. In fact, there are times when it is much better to sell your home and walk away.
Here are some reasons why you shouldn’t rent your home (or an inherited one) and just sell it instead.
Many people love the freedom of walking away after their home is sold.
Owning a home is a significant debt. Owning two homes can feel crushing. Because of this, many people gladly sell their home to get away from all of the stress and debt that comes with home ownership.
They also love the feeling of money in their pocket (instead of another home to have to take care of).
Inheriting a home can be a lot of work, especially if it wasn’t something that you were expecting. It can actually feel like a burden instead of a blessing.
Because of this, many people prefer to sell the home and take their cash and walk away. If they use the money wisely, they can pay off some of their debt (maybe even their own home) and have some money in the bank for emergencies.
A large amount of money can go a long way to improving someone’s life.
Most people can’t afford to buy another home until their first one is sold.
The truth is that you are going to need a down payment (and a significant one) in order to buy your next home. Most people don’t have the option of owning two homes because they need the money. They have no choice but to sell their first home in order to have money to buy their next one!
Many people want out now because they are losing money.
The real estate market is constantly fluctuating. Though many people thought that buying a home is a good investment, there are times when holding onto it could be costing you money. If the market is high, you might want to get out before it drops any lower and you lose money on your investment.
You can’t make any money renting your home.
If you are in over your head in your mortgage, you might not be able to get enough with rent to actually cover the cost of your monthly mortgage payment. Your mortgage may be a lot more than typical rent in your area.
Add in other fees, like insurance, taxes, repairs, and other expenses, and you might end up paying your tenants to live in your home, without any of the benefits of owning a home. You have to make sure that it is worth the hassle of becoming a landlord.
Being a landlord can be a lot of work.
Not only are you going to have to make sure that your tenant is paying the bills and the rent, but you are also going to be in charge of maintaining your home. If something breaks, it is up to you to fix it (or find someone who can do the repairs). This can be quite stressful, and the job is not for everyone.
You might be moving away (or not close to the home that you inherited).
It can be hard to rent a home when you live elsewhere. With people who relocate, especially in the military, it can be hard to be a landlord when you are not there. If your inherited home is several hours away, the distance can make it hard to be a landlord.
If something breaks in the middle of the night (or actually any time), you are not going to be able just to drive over and take a look. Instead, you are going to have to rely on your tenants and the people you hire to fix these things.
Renting out your home is not for everyone. In fact, many people can’t afford to even think about this option. They need the money from the sale of their first home so that they can buy their new home. Even if they did try to rent it out, they might not be able to make enough money to even cover the monthly mortgage payment.
If you inherit a home, you might not be prepared to take care of two homes at once. It can feel like such a burden instead of the gift that it was. A cash offer might seem more appealing at this time. It can go a long way to improve your life.
One of the best reasons to sell your home is so that you don’t have to be a landlord. It can be stressful to have to maintain a home that you don’t live in. Things are going to break and tenants are going to mess your home up. In fact, the truth is that many people can’t handle it.
It is even harder when you don’t live nearby. If you are several states away, you can’t just drop everything to see what is going on when something breaks. You are going to have to trust your tenant and your repair people since you can’t see it for yourself.
Most people are much better off selling their home instead of trying to rent it out! Don’t have the time to clean the house up and put it on the market, only to wait weeks or months for it to sell? Don’t hesitate to contact us today. We can get the process started and our company will buy your home out of your hands in less time than you ever imagined. The possibilities could be endless with a cash offer!