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Do you have two properties you want to rent? Well, you should think about that twice. Renting might feel like the best decision at first, and it’s the most common. But what many people ignore is that the reality is, selling your properties has several benefits that exceed the few benefits of renting your properties. In this article, we tell about five different reasons why selling is better than renting your properties.
Depending on the area you live in, it can be a seller’s market. This term refers to a housing market where there is a lot of demand for houses because there’s a high demand from buyers. This will let you price your home higher because few homes can be available, but there’s a high desire for homes.
Renters, in most cases, are picky. They will look at your properties from the bottom to the top, from left to right, and they will consider any tiny issue with your home. Most of the time, renters will ask you to fix several things in your house to close the deal. That only means spending money on your properties. The worst part is that you can’t ensure that renters will choose to rent your property after spending money on improvements.
If you sell your property, especially if you sell it to a cash home buyer, you can sell your house as-is. This means that you will not have to make any improvements, meaning no wasting time, money, and effort. This makes your selling process fast, and you can get your money quickly.
Time is something you can never get back; that’s why it’s so crucial to spend it smartly and efficiently. If you want to rent your house, do you have time to be a landlord? Are you able to comply with all the responsibilities of being a landlord?
Think about it; you have to comply with state and local health and building codes, make repairs when needed, invest in safety methods to keep your renters safe, maintain your property, etc. Being a landlord comes with many tasks, and you need time and effort to do them.
When you sell your house to home buying companies, you get rid of all those time-consuming tasks. Selling your house is the best choice if you want to avoid the stress of becoming a landlord. Besides, selling to home buyers is fast; it can be done in less than a week! You don’t have to take care of your property and spend any money on improvements since home buyers purchase your property as-is.
Did you know, or have you considered, all the expenses of renting your home? Some things break and have to be repaired or replaced, and you will need to put aside some money for these occasions. Additionally, you must ensure that your property has everything in place, from paint to broken appliances or damaged carpets.
Getting constant maintenance in these things to make them look as good as new can take a lot of money from your rent profit. Some people decide to hire people to look out for their property to manage it, but that’s another added expense. In conclusion, you’ll need to set apart a maintenance fund to take care of these expenses. So, in the end, are you making a profit?
When renting your house, there’s always the possibility of tenants not paying their rent on time or spending several months without paying rent. This only means that you’ll be spending money without making any profit. On top of that, your property will only depreciate as tenants still use your house.
Tenants not paying their rent can bring you many problems and end with entering a legal problem, which is best to avoid. That’s why selling your house is the best choice, since you will receive your money at the moment of the sale and you can enjoy it right away!
If you want to sell your house, we have your back! We’re Travis Buys Homes, a company that buys your fast and for cash! We’ve been buying houses in Charlotte since 1999, making us experts with 22 years of experience. We buy your house as-is, and you don’t have to pay any fee or closing costs. You can rely on us!