Are you thinking about selling your home? With big changes anticipated for the housing market, you may want to reconsider and think about renting your space out instead! More and more potential buyers are unable to purchase a house with rising prices and increasingly strict mortgage regulations. As a result, they are looking for space to rent. Due to the spike of tenants looking for a rental home, the demand for space has risen, allowing monthly rental prices to rise with the housing market.
What You Need to Consider When Renting Your Home
If you are interested in renting your space, you should start by consulting with a property management professional. They’ll do a comprehensive comparative analysis on where your property stands in the rental market. With this information, you’ll have realistic expectations of what price you can ask for.
A property management professional will also help you to better understand the restrictions and responsibilities that come with being a landlord. Your property management professional and accountant can help educate you on the tax payments associated with renting out a property in your area.
You’ll also need to consider the location of your property, and whether the location will see a high demand of tenants in the foreseeable future.
To maximize the value of your property, your goal is to receive the most rental price from your property and amplify the time your property is rented for.
Finding the Time for Property Management
It is important to recognize that while renting out your property is a great source of income, it also requires some work. You will be responsible for ensuring your tenants are treated properly within legal frameworks, and will be the first one they call when something goes wrong.
In other words, you need to have enough time to dedicate to your tenants and to the property, to make renting a good alternative to selling. If you have the time and skills to dedicate to being a good landlord, renting your space gives you the option to hold onto your property to maybe live in it again, or sell it at a more opportune time in your life.
If you don’t have enough time, a property management professional can help you take advantage of the financial benefits of renting your home by working on your behalf to take care of the management and responsibilities that come with being a landlord.
Ultimately, when making the decision to rent or sell, you need to consider your lifestyle, financials and the demographics of the location. In today’s housing market, renting is a great alternative to selling your home, given the influx of young professionals who are being forced into renting homes for the first several years of their career.
Are you interested in learning more about renting your property? Are you interested in partnering with professionals in the property management business to help you get started? Contact the team at Central Erin Property Management for expert advice.