You’ve invested your time, money and energy into turning your fixer-upper into a home you can be proud of, and now it’s time to decide whether to sell it or rent it out. There are pros and cons to both options and which is best for you will depend on your specific circumstances. Use this guide to help you navigate your decision.
Renting
There are plenty of reasons to consider renting out your freshly flipped property. Renting is a reasonably consistent way to bring in income with properties generally increasing in value over time. and investing in real estate means you have tangible assets you can use to your benefit. You may also want to rent out the property for a time if it isn’t a good time for sellers in the market.
The responsibilities don’t have to be yours alone, either. According to Rocket Mortgage, property managers can be very helpful for owners, particularly those who would prefer to have a hands-off approach, live in a different area than the home or frequently travel. Property managers are individuals tasked with taking care of all the things a landlord might be tasked with doing: collecting rent, seeing to maintenance requests and even helping you get your properties rented.
Part of having a successful experience while renting is attracting renters who will pay and care for your property, and this requires successful marketing of your rental. Social media is a great place to reach potential renters. If you don’t have experience with photography, consider hiring a professional to photograph your rental as high-quality pictures are what will draw people in best. Then, using these photos and an easy to use image resizer online that allows you to adjust your images’ sizes instantly, you can create appealing posts to help attract quality renters.
Renting might not be the right move for some individuals regardless of the state of the market. If you are uninterested in maintaining a property yourself and unable to hire a property manager to care for it on your behalf, selling might be a better fit.
Selling
Selling offers its own set of advantages. If you choose to cash out and move on from your fixer-upper instead of renting, you won’t have to worry about managing the property, paying property taxes and potentially keeping its mortgage on your credit report if the home hasn’t been paid off.
If you don’t have experience selling homes, you may not know how to set an attainable purchase price, effectively market the home and navigate the selling process. The longer a home sits on the market, the less desirable it seems to potential home buyers.
If you do choose to sell, then, working with experienced and knowledgeable real estate agent Jeff Scislow will help get you the best results and take the burden of the selling process off of your hands. A skilled agent will want to get you the best possible price and to have the process completed quickly and efficiently. This translates into less time spent with you paying property taxes and house payments.
Don’t let the extraordinary effort you put into making your fixer-upper into something end with a roll of the dice. Carefully consider your options to decide which route is the best path for your circumstances. Whichever path you choose, the right help will make all the difference, so don’t hesitate to reach out to The Scislow Group. Call (612) 747-9900 or complete this form!
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