Renting or Selling, Which is Better
A Tough Choice: Renting or Selling Your Newly Remodeled House
Photos via Pixels; Article by Ed Carter: firstname.lastname@example.org
You’ve just spent hours, days, weeks, and maybe even months remodeling a fixer-upper in Fort Lauderdale, FL, and you’re pleased with the results. But now you face a tough choice: Should you sell this house or should you rent it out? Here, there are several factors to consider.
The Housing Market
First, do some research on the housing market in your area. Look at several online real estate sites to get a feel for which homes are selling, how much sellers are getting, and how long the process is taking. This will give you a sense of whether or not your newly remodeled house is currently in demand and if you have a chance of selling it for the price you need.
You might also talk to a real estate agent about the current market and get some solid advice. If the market is strong, then this might be a good time to sell. If not, then you should consider renting for a while. Eileen Kedersha can guide you through the process.
When you think about renting out your newly remodeled house, you need to make sure you understand and are able to take on the responsibilities of a landlord. You must, for instance, show your property to prospective renters, develop a lease that clearly lays out your obligations and those of your renters, and then be on call to handle problems promptly.
As a landlord, you’ll also have to market your property in a way that will appeal to potential renters. You might work with online real estate sites, take out an ad in a local newspaper, or advertise on social media. If you focus on online marketing, be sure that any photo you use is the proper size so people can see it well. You could use an online picture resizer to make adjustments for easier uploading and viewing.
Realize, too, the risks of renting out your property. You may have to deal with late rent payments, damage to your house, complaints, conflicts, and even evictions. You can minimize your direct involvement by hiring a property management company, but you’ll still have to take full responsibility for your property. If this doesn’t seem like something you want to do, then it might be better to sell your house.
Financial concerns will also play a role in your decision of whether to sell or rent. If you need money right away, then selling outright may be the best choice if you can get your asking price. Rentals could make money, too, but they will do so only over time and you will have continuing expenses for your rental property – especially if repairs become necessary.
A Third Option
Finally, you can consider a third option for your remodeled house: You might decide to live in it yourself and sell your current home. Again, you’ll have to take your finances into consideration as well as your space needs and family responsibilities, but this is a potential choice.
A Tough Choice
The decision to sell or rent your newly remodeled Fort Lauderdale fixer-upper is a tough choice indeed, but you can make the right decision by carefully considering all your options. If you decide to list or buy a home, connect with Eileen to get started.
Need help with your real estate questions, feel free to call me. I would love enjoy speaking with you , let’s exploreyour questions and options together. Eileen Kedersha, a Broker Associate with ONE Sotheby’s International Realty, 954-462-3600 | https://www.sfloridaluxuryhomes.com/ | EKedersha@OneSothebysRealty.com.