{"id":5196,"date":"2024-11-14T11:30:00","date_gmt":"2024-11-14T11:30:00","guid":{"rendered":"https:\/\/sandpointrealtyidaho.com\/blog\/2024\/11\/14\/should-you-sell-your-house-or-rent-it-out\/"},"modified":"2024-11-14T11:30:00","modified_gmt":"2024-11-14T11:30:00","slug":"should-you-sell-your-house-or-rent-it-out","status":"publish","type":"post","link":"https:\/\/sandpointrealtyidaho.com\/blog\/2024\/11\/14\/should-you-sell-your-house-or-rent-it-out\/","title":{"rendered":"Should You Sell Your House or Rent It Out?"},"content":{"rendered":"\n

$\"Should$ \n

When you\u2019re ready to move<\/a>, figuring out what to do with your house is a big decision. And today, more homeowners are considering renting their home instead of selling it<\/a>. <\/p>\n

Recent data from Zillow <\/em>shows about two-thirds (66%) of sellers thought about renting their home before listing, with nearly a third (28%) taking that possibility seriously. Compared to 2021, when fewer than half (47%) of homeowners considered renting before selling, it\u2019s clear this trend is on the rise.<\/p>\n

So, should you sell your house<\/a> and use the money toward your next home or keep it as a rental to build long-term wealth? Let\u2019s walk through some important questions to help you determine the right path for your financial and lifestyle goals<\/a>. \u00a0\u00a0<\/p>\n

Is Your House a Good Fit for Renting?<\/strong><\/h4>\n
Before you decide what to do, it\u2019s important to think about if it would make a good rental in the first place. For instance, if you\u2019re moving far away, managing ongoing maintenance could become a major hassle. Other factors to consider are if your neighborhood is ideal for rentals and if your house needs significant repairs before it\u2019s ready for tenants.<\/p>\n
If any of these situations sound familiar, selling<\/a> might be a more practical choice.<\/p>\n
Are You Ready for the Realities of Being a Landlord?<\/strong><\/h4>\n
Managing a rental property involves more than collecting monthly rent. It\u2019s a commitment that can be time-consuming and challenging.<\/p>\n
For example, you may get maintenance calls at all hours of the day or discover damage that needs to be repaired before a new tenant moves in. There\u2019s also the risk of tenants missing payments or breaking their lease, which can add unexpected stress and financial strain. As Redfin <\/em>notes: <\/p>\n
\u201cLandlords have to fix things like broken pipes, defunct HVAC systems, and structural damage, among other essential repairs. If you don\u2019t have a few thousand dollars on hand to take care of these repairs, you could end up in a bind.\u201d<\/em><\/p><\/blockquote>\n
Do You Understand the Costs?<\/strong><\/h4>\n
If you\u2019re considering renting primarily for passive income, remember, there are additional costs you should anticipate. As an article from Bankrate <\/em>explains:<\/p>\n
Mortgage and Property Taxes:<\/strong> You still need to pay these expenses, even if the rent doesn\u2019t cover all of it.<\/p>\n
Insurance:<\/strong> Landlord insurance typically costs about 25% more than regular home insurance, and it\u2019s necessary to cover damages and injuries.<\/p>\n
Maintenance and Repairs:<\/strong> Plan to spend at least 1% of the home\u2019s value annually, more if the house is older.<\/p>\n
Finding a Tenant: <\/strong>This involves advertising costs and potentially paying for background checks.<\/p>\n
Vacancies:<\/strong> If the property sits empty between tenants, you\u2019ll lose rental income and have to cover the cost of the mortgage until you find a new tenant.<\/p>\n
Management and HOA Fees:<\/strong> A property manager can ease the burden, but typically charges about 10% of the rent. HOA fees are an additional cost too, if applicable.<\/p>\n
Bottom Line<\/h3>\n
To sum it all up, selling or renting out your home is a personal decision. Make sure to weigh the pros and cons carefully and consult with professionals so you feel supported and informed as you make your decision. A real estate agent can be a great person to go to for advice.<\/p>\n<\/div>\n\n<\/body>","protected":false},"excerpt":{"rendered":"
When you\u2019re ready to move, figuring out what to do with your house is a big decision. And today, more homeowners are considering renting their home instead of selling it. Recent data from Zillow shows about two-thirds (66%) of sellers thought about renting their home before listing, with nearly a third (28%) taking that possibility […]<\/p>\n","protected":false},"author":1,"featured_media":5197,"comment_status":"registered_only","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[12],"tags":[29,27,20,18,28],"class_list":["post-5196","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-insight","tag-idaho-real-estate","tag-north-idaho-homes","tag-rain-silverhawk","tag-real-estate","tag-sandpoint-idaho"],"aioseo_notices":[],"acf":[],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/sandpointrealtyidaho.com\/blog\/wp-content\/uploads\/2024\/11\/20241114-Should-You-Sell-Your-House-or-Rent-It-Out-original.png?fit=750%2C410&ssl=1","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pdz2Zu-1lO","_links":{"self":[{"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/posts\/5196","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/comments?post=5196"}],"version-history":[{"count":0,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/posts\/5196\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/media\/5197"}],"wp:attachment":[{"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/media?parent=5196"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/categories?post=5196"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/tags?post=5196"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}