Should You Rent Your Current House or List It?

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Should you sell your home or should you consider renting it out for extra income? This is a question we get all the time, and an important one to know the answer to if you're thinking about selling.

Often, homeowners will decide not to sell their home because they are not happy with the current market value. There are a few assumptions to make if you're looking to sell your home for more money in the future than it's worth now: that the market is going to continue to go up, that you'll have the right tenant in the property, that you're going to manage the property yourself, that you stay in the state, and that you're not the kind of person who worries about whether a tenant is taking care of your home.

Owning rental properties myself and being a landlord, I can tell you there are some big risks to renting your home. You need to do a lot of screening to make sure you get the right tenant. Additionally, you're taking a gamble that the market is going to improve in the coming years so you can sell it for more than you can now. I typically advise my clients not to rent out a property for a short period of time. If there is equity there, it's typically best to sell the home, take the equity out, and not convert the property to a rental.

If you're looking to put the money back into real estate, when the real estate market recovers, if you buy another piece of real estate, you'll make more money on that real estate as well in most cases. The question is, would you rather convert your home into a rental and deal with the stresses that come with it or simply invest in another property to live in that will go up in value anyway? I'm not against owning rental properties, I just think there is simply more risk involved in rentals; if you do want to rent, I recommend buying a rental property up front rather than converting a property into a rental.

Of course, there are always exceptions to the rule. If you have any questions about this topic, or if you need real estate assistance, please don't hesitate to reach out to me. I look forward to helping you soon!

See what our raving fans are saying about The Penrose Team!

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testimonials from happy clients

Dave - "Jason’s entire team was very professional in how they treated their clients and they responded very well."

Bonnie - "Jason has a lot of tools he uses and he has good people that work hard for him."

Mike - "Jason furnishes a lot of statistics which real help, I’ve never gotten those kinds of numbers from anyone else and I really appreciated that."

Sue - "The Penrose Team did a good job for me. I got a lot of money for the first house they sold for me. It was much more than all the other Realtors had said I could get for it, which we were very happy about. They just advertise better and have a wide advertising area. They are good team and would do a good job for you, hire them!"

Tracy - "Jason really follows through with his work. He brought me the results I needed and he was definitely a go-getter. He gets the job done faster because of his sales ability and marketing strategy. I would highly recommend working with him!"

Douglas - "Real estate is Jason’s career. He is driven and very professional. He is honest, has integrity, and won’t steer you wrong. When you hire Jason, you’re using a great resource to get the job done."

Brad - "Jason’s method of doing business is incredibly efficient. He follows through on what he says he’s going to do and he always kept in touch. Jason is good at what he does and you’ll be happy working with him."

Brenda - "The Penrose Team was just always there for us and kept us up to date with the whole process. We weren’t actually the ones that purchased the home, my in-laws did but they included us in everything which was awesome. They were just absolutely wonderful and if we ever needed anything, they were there to answer."

Amanda - "We had very positive results when we worked with the Penrose team especially when it came to the negotiations for the contract. We had some things to go over about the roof and Christin really took that at hand and worked with the sellers to make sure that we were getting the best possible outcome. They really took care of us!"

Bill - "They were able to sell our home in pretty difficult circumstances. We had some terrible construction in front of our house, there were a lot of pigeons and their droppings, and the HOA wasn’t keeping up the property as well as they should have. When people were complaining about the droppings, they dispatched someone out to the house to tidy it up and they just kept going until they found a buyer for us. The whole experience was just great all the way around."

John - "They are absolutely phenomenal. I have nothing but positive things to say about the service I received. Nicole, Christin, and Jason were just really exceptional to work with and they all went above and beyond to help us."

Keith - "They always kept me abreast of everything that was transpiring with the transaction, especially once the contract came about. They did a very nice job of representing my position to the seller’s agent."

Brittany - "I was not kept in the loop with my previous real estate transaction so I really appreciated Jason touching base with me when anything changed and making weekly calls to ensure I was kept up to date. My house sold quickly and it was just a really good experience."

Linda -"We had a previous real estate person who had the house for five months. There were no offers or anything. Jason and his team came in, took pictures, put it up on the MLS, and sold the house within a week for the full asking price. The girls in the office were very helpful. The buyer had neglected to mention that he was married, so they had to overnight a form for his wife to sign. They kept me updated throughout, and they were right on top of it the whole time!"

Cathi -"I want to thank Jason and his team for getting us through this transaction and selling our house! The last several months have been crazy, and we finally got the deal done. It would not have happened without Jason and his entire team, particularly Nicole. She has been my partner every step of the way. She's awesome. She was right on top of things and put up with my constant questions, which we really appreciated. At times it didn't feel like this transaction would be successful, and thanks to them it was!"

Greater Phoenix Real Estate Video Blog with Jason Penrose

Should You Rent Your Current House or List It?

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