When you find yourself moving out of the area for a job change, relationship change, or a relocation, you’ll be left wondering if you should rent or sell in Marietta, GA. People who are downsizing for retirement or looking for more space as families grow are also faced with the decision to sell the property they currently own or rent it out to tenants. There are benefits and challenges to both options.
Why You Should Sell
Selling your property means that you’ll make money, assuming you have equity in the property. You won’t have to worry about the home, and you can move on to your next property without any entanglements. This can be an attractive option if you want the cash that’s invested in your home.
Why You Should Rent
Renting out your home provides you with an attractive investment opportunity. Property values are always going to climb higher, especially over a longer period of time. Your home can increase its value while your tenant pays you rent. The rent you earn will usually cover your mortgage while your asset appreciates. Your rate of growth will depend on the property value, not just your equity. The return you earn on your investment, or ROI, is based on what the property is worth, not the amount of money you have put down or paid into the home. It’s hard to find another investment that performs so well.
Tax Considerations with Renting
Renting out your property will also provide you with tax advantages and deductions. Talk to your accountant or your CPA so you know what you stand to gain when you own a rental property.
A major benefit to renting instead of selling is the fact that you hold onto your home. You maintain the asset, which gives you a lot of options for the future. If you decide to return to the area, you’ll have a place to live. Or, you can sell it for more money a few years down the road. There are also additional things you can do, such as a 1031 exchange if you decide to buy a similar property.
If you have any questions about whether you’re in a better position to rent or sell your property, contact Avalon Property Management.