If you are wondering whether to sell or rent your Memphis home, you are probably trying to decide whether you want to keep it as a long term investment or sell it when you’re preparing to leave the area or move into a new home. The best way to start making this decision is by evaluating your goals and your future plans. That will motivate you to decide whether to sell or rent your Memphis property.
When you think you might want to move back into the house at some point in the future, it’s a good idea to hold onto it and rent it out to tenants. If you’re not sure whether you’ll need the property again, get some comparables to help you determine the value of the property. If you have equity in the home, you might be able to make some money by selling the property, or you’ll at least break even. If you’re underwater, you have to do some financial planning and figure out if you’ll be able to bring some cash to closing. If you don’t have that cash to make up for what you owe and you still want to sell, you may need to consider a short sale.
Many people know they do not want to be in the long term rental business and they don’t want to have any part of being a landlord. In those cases, you should try to sell the property. But when your goal is to keep the property as a long term investment, or you have the potential to move back into it, renting it out might be a good alternative to selling. When you keep it as a rental, you’ll have another decision to make: whether it’s going to be a short term rental, just to provide a temporary solution, or if you want to rent it out for a long time. Making that decision will help you determine what kinds of repairs and upgrades you’ll want to make before putting it on the rental market.
Should I Sell or Rent My Memphis HomeWhen you find yourself in the position of trying to decide between selling or renting out your home, or you have any questions at all about the Memphis real estate market, contact us at Reed & Associates, and we will be happy to discuss your options with you.