You’re moving, but there’s one catch. What do you do with your existing house? You can rent it or you can sell it. It’s a hard question to answer, and can be complicated by several factors. Let’s talk about the pros and cons of each.
Renting Isn’t for Everyone
Renting is expensive and time consuming. Many people think it’s free money, but a single bad tenant can take months (or even over a year) to evict, during which time you may be making no money at all. A disgruntled (or careless) tenant can cost tens of thousands of dollars in property damage. And having tenants means you need to take midnight calls because the plumbing is stopped up, and you need to invest in things like new HVAC systems, water heaters, and more.
There are companies that will manage rentals for you, but they take part of the profit. With a single rental, you’re not likely to be making much money, and if anything happens to that rental, the cash flow stops. That’s bad if you’re relying on the income, and it’s even worse if you have a mortgage to pay.
Why Would Anyone Rent?
Some people are afraid of selling their house; they know that they need repairs and renovations, and they don’t have the money to spend. Other people hold on to their home for sentimental reasons, and they hope to keep it within the family. Still others already have tenants in their house, and they don’t want to disrupt them.
Long term, all of these factors may seem to be more significant than they really are. Homeowners can sell their homes without repairs and renovations if they work with professional home buying service like Purple Mountain Holdings. Most of the sentimentality about a property will not only fade with time, but can become a liability with a few bad tenants. Finally, tenants can choose to move at any time, and it is possible to sell a property even if there are tenants already there.
That’s not to say there aren’t situations where renting is ideal.
Renting out your property could be for the best if you plan to hand your property down to your children or grandchildren, or if you plan to move back to the area after a brief absence.
Selling Your House
In most situations, selling your house is absolutely the right call. It’s a clean break. You’re no longer responsible for the property. You’ll get funds right away, and you’ll be able to do with those funds what you wish, including purchasing another home. You can invest the money you get for more reliable, less risky income than rental income.
But what holds many people back is that they aren’t sure they’re going to get fair market value for their house. They may worry about not being able to sell their house if it’s dated, ugly, or old. And they may worry about all the renovations, repairs, and other maintenance they have to do to make the property look sellable and desirable.
All these issues can be solved by working with Purple Mountain Holdings.
At Purple Mountain Holdings, we do our renovations and repairs in-house, and we love rehabilitating old homes with a lot of personality. That means that we’re able to provide fair offers fto properties that otherwise aren’t attractive or that need a lot of work. We can even work with you if there are tenants in place. And since we offer cash for houses, that means that you’ll be able to sell your property fast and move on. There’s no waiting for a mortgage loan to be processed and clear.
Contact us at Purple Mountain Holdings today to find out what we can offer you.