Why You Should Rent your Home

When you decide that the time has come to buy a new house, most people think about putting their house on the market to sell. That seems like the logical first step. In fact, I recently wrote an article about that. If you haven't had a chance to check it out, you can read it right here.

However, as more and more people don't want the hassle of owning a home, they are looking for single-family homes to rent, sometimes for long periods of time. Because of this, you may want to consider renting your home out instead of putting it up for sale. 

Here are some reasons why you may want to rent your home. 

You know that you can make money by renting your home out. If you already own your home outright or owe very little on it, you might be able to make some money with a rental. Rent money could quickly pay for all of the expenses for that home, and you can focus on your next home.

If you still do pay a mortgage, you simply can't just decide to charge more than that monthly fee. You have to take other costs into consideration, such as insurance, taxes, repairs, and other expenses. That being said, there are times when renting homes can bring in a nice little extra income!

You are hoping that the real estate market is going to continue to rise. Most people see a home as an investment. The longer that you hold onto it, the more money you should make as the market continues to grow. There is a good chance that the value of your house will rise over the next few years, making more sense to hold onto it until you can make more money on it.

Many people like to rent their home if they know that they will eventually want to live in it again. Many people who end up relocating hold on to their homes so that they can move back home when the timing is right. This is common with military families who know that they want to retire back home after they are done serving their country. It can also be true for people who travel for work if they know that they want to end up back home eventually.

There are also times when you just don't know where life is going to take you, and you don't want to be forced to sell your home if you are not ready. By renting it out, you can hold onto it until you are ready to sell your home. This may also be an option when the house has sentimental value to you. It can be hard to let go of the home where you raised your children or the home that you spent most of your life in.

If your home is outdated, but you don't have the money to fix it up, you may have an easier time finding someone to rent it instead of buying it. In this market, where buyers can be picky, they are holding out until they find the perfect house. Your fixer-upper is probably not going to be it. Renters may not care as much and they would gladly overlook some of the problems because they are just going to live there for a while. Also, when things break, it is not their responsibility to fix them. It is yours.

Choosing whether to sell your home or rent it out can be difficult. However, there are times when you can easily make some money on it every month. You can also make money when you do decide to sell it, as long as the market continues to improve. There are also times when you just want to hang onto your home. You may want to eventually retire there or you just might not be ready to let go of your family home. You may also have an easier time finding a tenant than a buyer, so rent it out when you can!

Previously published on Medium and/or Newsbreak.