Facing the decision of whether to sell or rent your vacant home? Explore the factors to consider, from neighborhood value to the challenges of being a landlord. Discover the pros and cons of renting and selling, and make an informed choice that aligns with your goals. Act promptly to secure your financial future and maximize the potential of your vacant property.
When is it most beneficial to sell a vacant home?
The most urgent reason to sell a vacant home is when the value of the neighborhood
has gone down. If your vacant home is in a neighborhood where the value is sinking, it’s best to
sell this house and move on as fast as possible. Unfortunately, once the value of the
neighborhood has gone down, no one can predict when it will come back up if at all. You may
find yourself with consistently depreciating asset that you won’t be able to sell at all.
If you never planned or unsure of whether or not you want to deal with tenant, maybe
selling is for you. Being a landlord is not for the faint of heart. If you are lucky you get good
tenants, who pay their bills and maintain the home. If your unlucky its incredibly hard to evict a
tenant who does not pay or someone who destroyed your home.
Renting the Vacant Home
The main reason many rent out their vacant homes is because of a secondary source of income.
As previously stated, if you are still looking to rent your vacant home out to tenants,
then the following pros and cons will aid you in your decision. This extra money each month will
help you pay for the property taxes, mortgage, and utilities. In the meantime your home grows
in value and the mortgage is being paid down.
Also, by renting out your vacant home, you will successfully avoid squatters. For
example, if you own a vacant home and you are barely there, squatters and vandals are going
to take notice. Don’t be surprised if one day you show up to the house, especially if you are not
there for weeks or months at a time, and find a squatter. Therefore, it’s best to rent it out, so
there is someone living there if you are not planning on selling it.
Based on above, the decision to either rent your house out to tenants or sell it should be
an easy one. By selling, you won’t have to worry about risky tenants, keeping up with constant
maintenance, squatters invading, vandals destroying the place, and you will not have to pay
utilities or a second mortgage anymore.
However, if you do decide to rent out your vacant home to tenants, just be sure that
you know what you’re doing, you are careful with who you choose to rent the home out to, and
always stay on top of maintenance and repairs.
Once you make a final decision, it’s best to get on it immediately. Whether that decision
is renting your home, or contacting a real estate agent to help sell the house as quickly as
possible.