Today’s topic is one I’m excited about because it gives me the opportunity to talk about whether you should sell or rent your home. I have been in the real estate business for over 10 years and I’ve completed over 350 transactions. I’ve also managed a lot of properties, and today’s economy in Utah is very strong. Both property values and rents are up, so it can be a tough decision. Someone who provides property management in Salt Lake City can help you decide. We don’t have enough time in a blog to talk about the full analysis you should be doing. But if you contact us, we can discuss different models for you to determine the best move.
Determine What Your Goals Are
It really comes down to your short term, mid-term, and long term goals. You need to determine whether you have what it takes to be a successful property owner and investor. Decide if you can manage your property, and whether you’re willing to put up with the things that can happen. You’ll need to accept phone calls for leaky pipes and flooded basements at 2am, or maybe your rent check won’t come in every month on time. Are you ready to handle those challenges? If you are, then holding onto your property and renting it out can be a great long term investment. It lets someone else pay your mortgage for you and builds your equity. One day when you decide you want to sell or you pay the house off, you can put some savings towards retirement. There are also tax advantages to renting out your property.
Review Your Financial Position
If you just want to be done with owning the property and you’re relocating out of the area, you might not want to deal with the hassle of renting it out. Then, I think you should run a market analysis and look at the option of taking the equity you have and running. You can put it towards a next home.
This is a 30,000-foot view of whether to rent or sell. It really comes down to whether you have cash and equity now for what you owe. If you can, put the equity somewhere else or put renters in the home. Maybe you’d rather have a property management company take care of these things for you. We cover everything from A to Z. This includes advising you about how much rent you can get, and discussing how we would manage the home. you what you can get, how we would manage.
Please don’t hesitate to reach out to us. If you have any questions about Salt Lake City property management, please contact us at Property Solutions of Utah.