No matter what the reasons involved may be, when it comes time to move along, you’ve got two great options. You can choose to sell your current home, which is the more common, simpler option. Or, you may choose to take this opportunity to become a rental property owner! Want to know which option suits you best? Today the team at Southwest Mountain Realty is here to help.
When you need experienced, skilled realty agents in the Phoenix, AZ area, you can always trust Southwest Mountain Realty. We would love the opportunity to help you sell or rent your home!
Renting vs. Selling in Phoenix
First off we should state straight away that this is actually a really, really complex topic. There are tons of ins, outs, advantages, and drawbacks to both options. Additionally, everyone’s situation and needs are different, and that makes it exceedingly hard to give a hard and fast answer to the question.
This is why we very highly recommend you work with an experienced realty team. One that is honest, established, and one that puts your needs first. We’d certainly say our team is the right fit, but if you don’t choose us, please choose someone. It will make things a million times easier!
Now renting is the real oddball here, since we all somewhat know what selling a home is like, and what kind of advantages it offers.
The Advantages of Renting
So what does becoming a rental property owner bring to the table? Well to start:
- Income. Monthly rent can go against your mortgage, or if you outright own your home, can be utilized as direct income or savings gains.
- Tax advantages. Money used to maintain or improve rental property is capable of being put against your taxes, offering a unique advantage.
- Moving options. Perhaps your move is a temporary one, or you could see yourself moving back into the Phoenix area again in the future. If so, owning your property as a rental means you avoid the frustration of purchasing a home in the area again.
Considerations for Renting
We say “considerations” since some of these are only partially drawbacks, or they can be mitigated easily. However, you should keep in mind that:
- Renting your home is a commitment. Being a landlord isn’t always the easiest thing. Emergency calls, keeping in touch with tenants, dealing with tenants—it’s not for everyone.
- The home must be kept in good condition. You remain responsible for keeping your property healthy and in good condition. That can be sometimes challenging for a rental property owner, and doubly so if you’re moving out of state.
- You miss out on the lump-sum. Some folks rely on that lump sum you get when selling a home to go toward the initial purchase of the new home. If you are counting on that, then renting isn’t the way to go.
Now, we said much of those considerations could be easily mitigated, and we meant it. If you plan on renting your property, a property management team can help you keep your rental affairs in order in the easiest, least stressful way!
Property Management & Realty Services in Queen Creek, AZ
Want to learn more about renting your home, or selling a home in the Queen Creek, AZ or Phoenix area? Contact Southwest Mountain Realty!