Renting Vs. Selling

There are many great homes for sale in Greater Phoenix Metropolitan. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (480) 596-2900 for a FREE home buying or selling consultation to answer any of your real estate questions.

Today I want to talk to you about a dilemma that many homeowners face when deciding whether or not to put their home on the market. There are pros and cons to both sides of the rent vs. sell debate.

If you want to become a landlord, there are some things you need to consider first before you take the leap. The first thing you need to think about relates to if the property has a pool or not.  If so, your tenants will most likely not service the pool, so you will need to hire a pool maintenance service. You will also need to make sure the pool area is secured and/or fenced.

In addition to these measures, you will also need to update your insurance. An umbrella policy will cover you for any liability you may have. It also might be a good idea to consult with an attorney about making your property an LLC.

Another step you will have to take in the landlord process is hiring a property manager. This person will ensure you are in compliance with the Arizona landlord-tenant act and will have duties such as collecting rent, making payments, and taking care of maintenance around the property.

If you are hesitant about selling your property and decide to wade it out and rent for a while, know that you are taking a gamble. While the market may improve in the future, there is also the possibility that it could get even worse. It's difficult to predict the market in advance and your decision to rent could result in you being stuck with the property as a rental for life. Also, if you don't get the right tenant living in the property, you could be putting the money you profit from the property right back into the house for repairs.

Before you make the decision to rent or sell, call me and lets talk about the value of your property and what you may be able to sell it for right now. I have been a landlord for the last 10 years and in my experience, most of the time it makes more financial sense to sell. But all cases are different, so give me a call or e-mail today and we can go over your individual situation!