Should I Sell My Old Home Or Rent It?

If you own two homes, you might consider renting one as you stay on the other. This can be a decent financial move considering that you will be building wealth through cash flow and equity. There is also the option of selling one and keeping the other. Making the right move can be challenging at times. Should I sell the house? Should I keep it? The primary challenge facing homeowners is identifying the opportune time to make the right move. That said, here are some questions to ask before deciding whether to rent or sell your home.

What is the expected impact on my cash flow?

Some math should guide the decision to sell or rent your home. As such, aSdcAszdxSdyou need to have a clear idea of the impact of the decision on your cash flow. For instance, before renting it out, you need to look at all associated expenses against the income generated. If the calculations suggest that you would have to get back to your pocket, you should consider selling it.

What is the return on investment?

How much money would you gain if you sold the property today? This is one of the most important considerations for an investor. As such, if selling now would mean getting close to nothing, the best thing to do is to hold onto it expecting its value to appreciate. For instance, if you can make a profit of $50,000 by selling or a positive cash flow of about $2,000 per year from renting, it is better to take the 100, 000 and invest in something else that could provide you with better results.

How does the future look like?

sdSaDxcaADcIt is important to understand the market you are in. Based on the location of your home, you should be in a position telling the prospects for your neighborhood. If the next couple of years look promising, you should consider renting or keeping it. Of course, you cannot have a definite answer, but you can always make an informed prediction based on what is happening now. Look at things like business trends, types of houses being built, amenities, and other things that attract human populations.

The real estate market can allow you to keep both the old and the new. However, the decision to keep them or sell is entirely yours. If you are thinking of the best possible move, the considerations outlined above can help you make the right decision.


Valuable tips on how to manage your property efficiently

A lot of people have become very successful in the real estate industry. Some of them are agents, property managers, and property owners. What are the secrets? Well, if you are looking into investing your time, money, and skills in this particular industry, it is important that you know the do’s and dont’s.

Real estate is a good investment since there are a lot of opportunities. But at the same time, there is a tough competition in this industry too. Therefore, you have to make sure that you are equipped with all the needed skills and knowledge so you can survive and stand out.

Property management

lkglkg896When it comes to property management, you can either manage your property all by yourself, or you can also employ the services of property managers. You can hire virtual assistants from¬†too, especially if you don’t have that much time to do all the tasks needed in property management.

Here are some valuable tips on how you can manage your property efficiently:

Seek professional services

Like what was mentioned above, you can always seek the help of property managers or virtual assistants to ensure that your asset is well-managed. This is quite beneficial if you have other businesses that you have to run, and you can’t do everything all by yourself.

With professional services, you will have the assurance that your asset will be taken care of. There are several tasks that property managers and virtual assistants can do for you such as emails, maintenance, listings, lease renewals, etc.

Know how to advertise your property effectively

jkfkjff895One of the most important tasks that you have to do as the owner is to market your property whether it be a building that is meant for offices or an apartment complex. You need to list your rentals online and even on newspapers. You should know how to reach your target group of people.

Moreover, when you are advertising your property, make sure that you set the right rent. Do not set it to an extremely high price because it would be hard for you to look for a tenant if you do that. The bottom line is, the rental fee should be reasonable.

Know how to get good tenants

Before you lease your property, it is necessary that you screen the tenants. It would be great if you can contact the last rental property that they have been so you can do a background check on your prospect tenants. Choose those groups of people who are responsible especially when it comes to paying the rent and taking care of the property itself.