Renting versus Selling your home

renting vs selling a home


There comes a time when your perfect dream home may no longer suit your family needs. How do you decide whether you should sell or rent your home? In some cases renting will make more sense and in others maybe selling will be in your best interest.Here are some simple ways to figure out what will be the best option for you.

  • What are the market conditions for rental homes in your area? Right now in Pinellas County rentals per month have increased. Can you make more money selling this home versus renting it right now in today’s market.
  • Can you afford to rent the home if you need to buy another home for your family. Do you need money from the sale of your existing home to buy your new home? Would the rent from your home cover the mortgage payments of your new home.
  • Are you cut out to be a landlord? Dealing with tenants may not be something that you have the time and energy to deal with.
  • What are some of the taxes on selling vs renting this home?
  • Consider additional costs of renting this home, such as insurance, upkeep of the home such as repairs, hassle of dealing with deadbeat renters. Are you willing to evict tenants that do not pay the rent.
  • Do you think if you waited a couple of years to sell the home that you can sell it for more than if you sold it today.
  • Do you think that your needs may change in the future and you may want to move back to this home.

Once you make a list of pros and cons your will eventually come up with the right decision for you and your family.For more information on Pinellas County Market, in Florida, call Arona McGinley Realtor® at 727-422-9340.