No one will ever be able to forget 2020, a year with so many unprecedented events that you may have mental whiplash. For many, there’s been at least one positive: more time. Time to spend with family, time to pursue neglected interests and goals, and time to think about the big picture.
If this extra time has led you to consider a move, you’re not alone. A Pew Research survey estimates that one-fifth of all U.S. adults changed residences due to the pandemic or know someone who did, and that data was collected before July. But should you sell your house or rent it out? You probably have plenty of time to consider your options.
Reasons To Sell Your House
- If you’re going to make a change, you may not want to be tied down to a property that will only cause complications in the future. Taking advantage of a retirement community, downsizing your lifestyle, or moving closer to family might all be motivation to simplify your living situation.
- You may not be suited for a new life as a landlord. Renting to tenants means being on call at all hours, mostly for complaints. You could use a property management company to take care of most of your duties, but it might just take one eviction horror story to rule this option out entirely.
- One word—money. Since 2012, the average price of a house in Georgia has more than doubled, so the odds are good that you’ll be happily surprised by what you’re offered.
Reasons To Rent It Out
- You may want to hold onto your property, with no way to predict what the future holds. If your circumstances change again, you can return to your house and all its equity.
- You may have family members or loved ones who end up needing a hand at some point in the future. If so, you’ll still be able to offer your house to them as a short or long-term solution. In the same spirit, your house could be a treasure to pass down to the next generation.
- One word—money. More people are likely to be gun-shy about committing to a mortgage, and your house could be in high demand. Your house’s location, school district, and amenities might make it very desirable to renters. Rental prices have already increased by 29 percent in the last six years.
If these pros and cons still don’t clarify whether you should sell your house or rent it out, don’t feel rushed. Choices are a luxury, and so is having the time to make a well-reasoned decision.