Considering rent vs. sale in Odenton, MD requires you to contemplate your financial situation and your attachment to the property. Deciding what to do will depend on the market, the costs associated with each option, and what your long term goals are. Talking to a professional property manager can help you establish what might be your best course of action.
Sharing Your Story
Talk to a property manager about why you are leaving the property; whether you’re relocating permanently or temporarily, or if you’re planning to buy a different home. Discuss why you think renting might be a good alternative to selling. You’ll need to reflect on whether you really want to hold onto the property and rent it out, or if you’re considering the option just because you’re afraid your house won’t sell at the price you’d like. Being a landlord requires the right temperament and attitude, even when you are working with a professional property manager.
Consider the Property’s Location
Your property’s address and location will say a lot about whether it’s going to make an appropriate house for a rental. Successful rental properties are located in areas that are desirable for tenants. You’ll need to understand rental values in the area and you’ll have to compare those to sales numbers. It’s always a good idea to be conservative when you’re measuring how much you’ll be able to get in rent every month. That way, if you collect even more it’s extra.
Look at Your Finances
When you’re seeking professional help in deciding whether to sell or rent out your home, be prepared to share financial details. The amount of money you owe on the property will be important in determining what you should do, and you’ll have to talk about whether you’re behind on mortgage payments or if you have any HOA or condo association dues or fees. Once you are able to put forth your financial strengths and weaknesses, you’ll be better prepared to decide whether to sell or rent your property.
When you’re deciding whether to sell or rent your property, you’re not actually asking what you should do. You’re asking what you are capable of doing, and which option will ultimately be better for you. Get some advice from a professional who understands both the sales and the rental market. For more information, contact Chesapeake Property Management.