Homeowners looking to move away from their current home have two options: to rent or sell their current home. Both choices have their own unique advantages and disadvantages. We at Raleigh Cary Realty want to share about both renting and selling to help homeowners figure out which is the best option for their personal needs.
Renting vs selling:
Advantages: One advantage of renting includes a higher return on investment. It allows for a steady stream of passive income over the months the homeowner chooses to rent it out resulting in more money over time than selling the home. Homeowners can also choose when to rent their space and how much to rent the house for depending on the market. Owners are letting someone else pay for the home while the home rises in value in most areas.
Disadvantages: A disadvantage is the added responsibilities of becoming a landlord. This includes property maintenance, repairs, and compliance with safety codes. Some homeowners choose to hire a property manager to handle these duties.
Advantages: An advantage of selling a home is the ability for the homeowner to sell the home and move on if they need the equity to buy. Instead of investing in the house, homeowners can take the equity they have and use it towards something else. Another benefit is that owners can sometimes take an equity loan from the home before selling and use it to buy the next home without selling it.
Disadvantages: A disadvantage of selling a home is that the owner may have to renovate it before putting it on the market. Depending on the market and area, selling it now or waiting may be the best choice. The homeowner may not be taking advantage of future appreciation, therefore, it may take more time and effort than expected. We are happy to consult you on what is best for you here.
So, which is better for you? When evaluating what you should do with your home, consider Raleigh Cary Realty. Our professionals can help guide you through selling a home to ensure a smooth process. Contact us today to get started.