Deciding whether to rent or sell your property in Tampa
Whether you are moving out of the Tampa Bay area, looking for a new home or shuffling your investments, deciding whether to rent or sell your property in Tampa is a big decision. Many people do not have the luxury of selling their homes because the amount that they owe on their mortgages is far higher than what the current market says the home’s value is. If you find yourself in a strong financial position that includes equity in your home, you do have the option of selling.
There are advantages and disadvantages to selling your home and to renting it out. Consider which option might work best for you.
Selling your Tampa home
Free up equity in your home. You can buy another property in a new location with money you make selling your Tampa house.Afford more. When you sell your Tampa home, you can buy a bigger property in your new location because you do not have another mortgage to worry about.
Less maintenance. You will only have to worry about taking care of your new home when you decide to sell your Tampa property.
Investment advice says otherwise. When you invest, the golden rule is “buy low, sell high.” You will be doing the exact opposite if you sell now. You will be selling your home at a lower value – probably lower than when you bought it and certainly lower than what it will be worth in the future. In the long term, this is most likely an investment loss.Property market is appreciating. If you sell now, you will miss out on the upswing that has slowly begun in the Tampa real estate market. Prices are slowly rising again and holding on to your home might mean a larger profit down the road.
You might need that house. What if you return to Tampa or your new living situation doesn’t work out? If you sell your house, it will be nearly impossible to get it back.
Renting out your Tampa home
You get to keep your property. This will be helpful if you need or want to move back in one day.Avoid selling at the bottom of the market. There is no need to cut your losses and take what you can get. When you rent out your home, you are protecting your investment.
You will earn more money on your house. By keeping your home and renting it out, you can allow the property to continue appreciating in value while someone else pays your mortgage.
Landlord responsibilities. This might be a new area for you, especially if you never planned to rent out a home and you do not know what is involved.Finding a good tenant. You might worry about letting the wrong people into your home. Bad renters can be hard to recover from.
Property damage. You might have concerns that when you return to your property, you will find it damaged.
Concerns about renting out your property are legitimate. Remember that you can get out in front of those problems by working with a qualified and experienced property management company. Contact us or give us a call if we can answer any questions at (813) 875-7474.