When it’s time to pack up and move, one question looms large: Should I sell or rent my house when I relocate? This decision has far-reaching implications, affecting everything from your financial health to your peace of mind. As professionals who have helped homeowners navigate this conundrum, we want to offer you some expert advice.
When Homeowners Get in Touch
At KC Property Guys, we often find ourselves talking with homeowners who are uncertain about their next steps. These conversations typically start when someone either calls us or fills out a web form on our website. They ask, “What’s your story? What are you trying to do?” It’s these initial interactions that kickstart our journey towards helping them make informed decisions.
Many homeowners we talk to have never been in this situation before. They have always used a traditional realtor in the past or considered renting their house, but now they’re exploring other options like a cash buy.
However, renting or selling isn’t an easy decision to make, especially if you are unfamiliar with the market and its dynamics. The decision becomes even more complex if you’re moving to another city or state.
Selling Versus Renting: The Contractor’s Advice
As a company, we’ve rehabbed and sold hundreds of houses around Kansas City. We own a diverse portfolio of properties, from long-term rentals to a small number of Airbnbs. This wide range of experience has equipped us to advise on all types of property decisions.
Renting is indeed a unique proposition. It may sound appealing, especially if you’re considering it for your only home. But, there are harsh realities to grapple with. The major risk when you rent out your house is the chance of having a tenant who doesn’t take care of your property.
The discrepancy between your expectations and the tenant’s treatment of the property can lead to conflict. This clash is especially problematic if you’re relocating, as the logistics of managing a property from afar can quickly turn a dream into a nightmare. When things break down – and they will – you’ll be scrambling to find contractors to handle everything from HVAC repairs to plumbing issues.
The Realities of Renting Out Your House When Relocating
The renting process becomes more challenging when you face late or missed rent payments. If you’re relocating and only have one rental property, handling legal disputes and managing the house remotely can be overwhelming.
Understanding the Financial Implications
When you decide to rent your house, it’s critical to understand the financial responsibilities. You need to calculate how much you can rent the house for, how much you’ll need to invest in its upkeep, and the percentage of your income you’ll spend on maintenance.
The Risks of a One-Off Rental Property
Remember, a house that was an asset can quickly become a burden if not managed effectively. We’ve seen it time and again – a homeowner tries renting out their property, only to call us months later, worn out and ready to sell.
The KC Property Guys Approach: Your Trusted Advisors
When homeowners ask us, “Should I sell or rent my house when I relocate?” We take a consultative approach. We walk you through the numbers, offer insights into being a landlord, and discuss the risks associated with renting. However, the decision is ultimately yours.
We firmly believe that it’s easier, less stressful, and often more financially viable to sell the property before relocating. However, if you decide to try your hand at being a landlord, we’ll be here to help you navigate the challenges that come your way.
Learning From Experience: The Tale of the Tired Landlord
Renting out a property may seem attractive, but it only takes one bad experience with a tenant to realize that it’s not for you. We’ve seen this narrative play out often, with homeowners who initially decided to rent their property eventually opting to sell it.
Conclusion: To Sell or Rent My House When I Relocate
If you’re relocating and uncertain about whether to sell or rent your house, our advice is to consider your financial situation, your willingness to manage a property remotely, and your tolerance for risk.
Remember, it’s not just about short-term gains; you need to consider the long-term implications of your decision too. If you’re still unsure, contact us at KC Property Guys. We’re here to help you navigate this crucial decision, providing you with the insights you need to make the best choice for your future.