For Homeowners: Sell vs Rent

Recently I had a client ask if he would be better off letting his home sit vacant while waiting for a buyer or listing the home for rent once he moves out. Of course my initial answer is if the home is priced right, it won't sit vacant for long at all. Now, if your home is listed for sale and there's no offer in sight, you may find yourself asking this same question.

I find the top two things driving most real estate transactions are personal/emotional feelings and financial goals. Selling your home, which could take 30 days plus versus renting out your home, which could take 2 weeks plus will bring about different results. I find weighing the pros and cons is the best way to find what works best for you.

Where would these fall in your Pro vs Con list?

When Selling and sitting vacant: You're likely paying a mortgage and definitely paying taxes for the home. You'll want to consider the security of your home sitting vacant as well. However, once it is sold, you're hopefully walking away with a profit and being able to finally wash your hands of the home.

When Renting your home: You become a landlord. If something breaks, you'll still have to fix it, you'll still have to pay the mortgage, taxes, insurance, etc and hope the rent you're collecting covers it all. However, you could possibly bring in a profit and be able to move on to your next home.

Obviously, there are many other factors to consider so if you are thinking about listing your home for sale and/or rent you can always give me a call. As your Realtor I'll help you find the best plan of action to help make your home dreams a reality.

Kristy O'Connor
Realtor®
Weichert, Realtors - Media
606 E. Baltimore Pike, Media, PA 19063
c: 267.243.6434 | o: 610.565.1300
KristyLOConnor@gmail.com
www.DelCoRealEstateAgent.com