Ah the age old question: to lease or to sell?
While most homebuyers believe a residential sale is the best procedure when moving, residential leasing is an option that is becoming more and more popular. Whether residential selling or leasing is right for you will be dependent on a number of factors. Carefully consider not only your current lifestyle, but your future needs as well. Here are some reasons why residential leasing may be for you.
Short Length of Move
If you are only going to be leaving the area for a few years, it may make sense to rent out your home. Your job or contract may take you away for a certain time period, but that doesn’t mean you want to completely uproot yourself. If you plan on returning to the same area, you will be able to keep your home and pay the mortgage with residential leasing.
Residential Leasing can be Easier than Selling
Potential homebuyers are very particular in this market, and there is a good chance you may need to perform some major repairs in order for your home to sell. With residential leasing, however, renters are generally not as picky. They will overlook certain aspects that need repairs since renters do not own the home.
Residential Leasing & Profit
Not only may you be able to cover the mortgage, but also you can bring in a little extra income from renting your property. The extra income can help with mortgage interest and repair costs, and if you pay the mortgage off, you will start to develop a nice little nest egg. Of course, there is a downside to residential leasing.
Picky Renters & Repairs
No matter what you do, sometimes you can’t make people happy. You may find yourself with a renter who is constantly complaining and is very demanding, and that can add additional stress to your life. Also, repairs can pop up at anytime, and you have to have money put aside to immediately address the issue. Unfortunately, you may also have to deal with past due rent collection, and may be placed in a situation where you have to evict a tenant. If this sounds too stressful, than leasing is not for you.
Residential Sales & New Homes
In order to supply a down payment for a new home, a homeowner will generally need to look into selling their home rather than leasing it. Sometimes it just works out perfectly that you will have enough money for your new home if you sell your old home outright, so leasing just may not be an option.
Residential Leasing & the Market
If the market is hot, it may be a good time to sell your home. If you lease your home and plan to sell it a few years later, things could have cooled down. This is very hard to judge, but when working with a professional real estate service, you will have a better insight of your options.
With extensive experience serving the greater Frederick area and Western Maryland, Clagett Enterprises has delivered superb service since 1987. The Clagett team is a full service real estate company that’s ready to help you with your property management needs today!
Speak with a Clagett professional at 301-665-6009, and you can also request a proposal for community management here. Make sure to connect with Clagett on Facebook, Twitter, Google+, Pinterest and YouTube.