If you have a property that you aren’t using, there are many advantages of selling your home in Atlanta and making a profit instead of renting it. According to the Department of Housing and Urban Development, in the United States alone, there are between 10 and 11 million landlords and individual investors. These individuals own an average of two units.
While renting might seem like a good idea, it’s not something that is for everyone. Being a landlord is a major commitment and can be incredibly time-consuming. Beyond that, prior to putting your property on the market as a rental property, you will need to make any necessary repairs and renovations.
If you rent your home, you will need to pay insurance costs and higher taxes later down the line if you choose to sell your house in Atlanta. When renting, you may end up with worst-case-scenario tenants that damage your property or forget to pay their rent on time.
For starters, it is important to consider how long it will take to make your house a proper rental property. Beyond that, you will need to put it on the market, make sure it is well-maintained, and keep it in good condition throughout the rental period.
To put your house on the market, you will need to clean, declutter, and make any necessary repairs. This may require giving your house a fresh coat of paint or putting in new flooring.
In the case that you end up with a bad tenant, you might have to go through the eviction process. Unfortunately, the eviction process can be incredibly time-consuming as well.
Of course, you could always hire a property management company , though payment for those types of services could be quite high. Hiring a company like this could be completely pointless in the case that it exceeds what you are making from your tenants.
Homeowners will often rent their homes because they believe it is lucrative. In fact, the average Airbnb host can earn up to $924 every month. If you can’t produce profit from renting, then it doesn’t make sense. You need to do your own research and weigh the costs against income.
You also need to research properties in your area to get an idea of what you are able to charge. To create the final figure, you must implement management fees, HOA fees, utilities, insurance, and utilities.
So, Should You Sell Or Should You Rent?
By now, you can see that there are many things to consider when deciding whether you should rent or sell your house in Atlanta. A few reasons why you might choose to sell include:
- You need cash fast
- You don’t have the available funds to make repairs and renovations
- You cannot make the time commitment to become a landlord
If you are looking to sell your home in Atlanta and get the cash you need now so that you can take your next steps in life, make sure to get in contact with us here at Tru Buyers. We look forward to hearing from you.