What Sign Should Be in Your Yard?–Should You Sell or Rent Your Home in Palestine Tx?
If you’re fortunate enough to not have to sell your current home in order to buy a new one, you’ve got two choices for yard signage—will it say For Sale or For Rent? Which one is right for you? Both choices definitely have pros and cons. Consider all the options before you commit to that yard sign!
The main argument for selling is obvious—you get your money out of the property and you’re done. It’s the more popular of the options for good reason—it is a short-term commitment with no long-term responsibilities. However, there are some downsides too. Once you sell, any equity building in property stops. If you’ve already moved out by the time it hits the market, you’ll have to pay for the holding costs while the property is on the market (taxes, insurance, utilities, etc.) Best-case scenario, it sells fast for fair market value and worst-case, it idles on the market awhile before selling. Selling your house may be the best option for you—and if so, get a sign in that yard pronto!
The main benefits to converting to rental property are the monthly income and the potential for increase in property value over time (aka equity). These are two big reasons because it involves money…and money! Of course, nothing in this world is free (much to my disappointment) and along with rentals come tenants. Let’s be real here—the main reason that everyone isn’t a landlord is because sometimes RENT truly becomes a four letter word. Being a landlord isn’t for everyone and not all rental agreements end well, its just part of it. Unfortunately, most stories you have heard are probably horror stories (and believe me, I’ve got some doozies!), but sometimes only bad news makes the headlines. Yes, a “bad” experience is possible, as rental property has inherent risks. However, there are many things you can do to mitigate the risks and make profit on a rental.
Renting it out can also be a great option for an owner who is moving for a short period of time (i.e.: a short-term relocation) or in some instances, for someone who is upside down on the house. Research on the ups and downs of landlording is paramount. Consult a professional property manager who is well versed in the local rental market to get a feel for how much rent it will bring and how fast it will rent before you cross off this option entirely. Don’t cross it off your list just because it seems like too much hassle. The hassle may be worth it for a monthly check and to buy you some time—you can always sell it later! If your decision is to rent that puppy out…get a sign in that yard pronto!
It doesn’t matter what Uncle Bob Says!
You can listen to everyone else’s opinions on which course of action you should take; but in the end, you must make the decision. The only thing that matters is what is best for your situation. Just because your Uncle Bob did something doesn’t necessarily mean that is what you should do. Weigh all the pros and cons and decide which is right for you. It is worth it to do a little research and call in a professional opinion to make the right choice. Thankfully, you have options…but either way, get a sign in that yard pronto!
Lisa E. Priest can make a good argument either way and is a local Palestine, Texas Real Estate Broker and Property Manager with Picket Fence Realty, Inc. You can reach her via phone or text at 903-948-3343 or read more at BuyPalestine.com.