If you’re thinking about leaving your current home and moving to a different one, you are probably asking yourself, “Should I rent or sell my house?” It is not the easiest decision, so to help you make the right call, We Buy Houses Colorado Springs has prepared a list of factors you should consider.
The Rental Prices In Your Area
Does it even make sense to rent out your residence? If the rental prices are high enough, they should cover your mortgage payments and other costs for the home. That, of course, depends on how much the mortgage payments are. If what you pay in mortgage plus property taxes for the year is above or close to the rental price, it’s probably not worth the trouble of renting. Don’t forget – you’ll be responsible for the upkeep and repairs on the home too. However, if you have an older home and no mortgage to pay, renting the house may be an excellent opportunity to make additional income.
If you don’t know the rental prices in your area, you can always contact a realtor. Realtors can give you an idea of what other properties are being rented for and are also able to tell you whether your location is desirable for tenants. For example, suppose your property is located near a university or college. In that case, you should not have any problems with finding a tenant, and a rental price will be higher than in other locations.
The Current Real Estate Market
The housing market is constantly changing. The current housing market condition is one of the most important factors to consider when deciding whether to sell or rent your home. If the market is slow, it may make more sense to rent your house for a while. However, if the market is on the rise, you may get the maximum price for your property, which means selling is a better option. It is also important to keep in mind that houses previously used as rental properties are more difficult to sell.
If you do not know the real estate market’s current condition, a professional realtor can provide you this information. Real estate agents working in the area long enough are familiar with the housing market and its cycles. They can advise on when the best time to sell would be.
Your Financial Situation
If you are new to the rental industry, you may think it is easy to be a landlord and enjoy this additional income. However, if you step into this role unprepared, you may realize that it is challenging. Landlords are responsible for major repairs to their houses, including structural damage, broken pipes, and HVAC systems. To handle these issues, you will need at least a few thousand dollars.
The Potential Profit
If selling your home seems to be a better option for you, consider how much money you would get if you sold your home today, assuming that you would lose about 10% in closing costs, realtor’s fee, and other expenses related to the home-selling process. If you realize that you would make almost nothing, it is probably better to hold on to your home and wait for a better time.
Sell Your Home Fast to We Buy Houses Colorado Springs
There is another option that lets you out of the home – and quickly. We Buy Houses Colorado Springs will buy your house for cash, as-is, with no realtor fees. By selling your home to our company, you do not have to worry about any improvements or repairs, cleaning or staging, spending money on a home inspection, or hiring a realtor. We are ready to buy your property immediately, as-is, for cash. We do not care about your house’s condition because we purchase homes in different conditions and all locations. If you are interested, all you need to do is complete the short online form. We will contact you within 24 hours.