“I’ve got to move but I don’t know whether to SELL my home or try to RENT it out. What should I do?”
You might be an owner who asks this question and struggles to find answers that make sense. The market prices just aren’t what they used to be so it doesn’t feel like the right time to sell… but you’ve heard horror stories about renters trashing beautiful homes and doing thousands of dollars of damage so you are afraid of renting it out. You want to make as much as you can when you sell your property but WHEN is the right time and WHAT SHOULD YOU do if now seems to be the WRONG TIME?
TIMING IS EVERYTHING – Consider the time of the year. The BEST time for selling is what we call “PRIME TIME” … May, June and July … so if you can, plan to put your home up for sale in these months. Then, if it hasn’t sold by July 30th (M/L) take it off the market and put it up for rent.
DO NOT KEEP TRYING TO SELL IT IN THE FALL or you will encounter the aptly named “Dead Zone” from November thru January … the WORST time to sell. You will have to pay to heat an empty home thru the winter (costly) and worry about vandalism and break-ins during the months with fewer daylight hours. This is when it might be best for you to have a responsible renter living in the property, guarding it against theft and vandalism and paying you rent every month.
MARKET CONDITIONS – If the timing is right and the market for home sales is “up” then give the old homestead a good cleaning and list it for sale. But if home sales are down and the economy is uncertain, then rent your home UNTIL the market revives itself. If you wait, the market will recover, even from severe downturns, so why not rent out your property until recovery is at hand. You will have rental income to use to cover your mortgage payment until the home values return to their previous levels … and THAT is the time to put your property on the market for sale!
Hire Red Roof Rentals, LLC, an affordably priced professional manager with lots of experience, to oversee the property (and the renter) for you and eliminate your fears and concerns.
When “happy days” are back again, THAT is the time to sell your property!