Should I Rent or Sell My House in 2021?
The COVID-19 pandemic and the chaos of 2020 in general has had an enormous impact on the American housing market. Public confidence in the market recently reached an all-time low, with only 52% of people thinking that now is a good time to buy or sell a home.
However, if you have to move, you have to move—sometimes you can’t wait. For some people, renting their homes may be the smartest choice.
But how do you know which type of situation is best for you?
If you’re tired of searching ‘should I rent or sell my house?’, keep reading for a guide that will help you finally answer that question.
Take the Housing Market Into Consideration
Despite a slump in the housing market last spring, sales have, for the most part, jumped back up. Many people are now eager to move, but given the lack of homes on the market, housing prices are higher than they otherwise would be.
This means that, provided you know how to sell your home, now might be a good time to sell.
However, for many people, moving out of their home isn’t as easy as just putting it on the market. Let’s look at some other factors to consider.
Consider the Duration of Your Move
As 2020 has shown us, life-changing events are difficult to predict. Because of that, if you’re looking at a short-term move and plan on returning to your city soon, renting your home might be a smart idea.
You don’t want to be caught off-guard without a stable place to live if something happens.
On the other hand, if you don’t have plans to return to the area you live in, then selling your home might be a good idea. Doing so will also let you access your home’s equity, helping finance future moves.
Understand the Maintenance That Goes Into Renting
While selling a home can always be a stressful process, don’t think that renting a home is a walk in the park, either.
From screening tenants and ensuring that they have everything they need to handling repairs (or contracting them out), there’s a lot of work that goes into renting out a home.
For many people, renting out houses is their primary source of income. If you don’t have the time needed to maintain the property and deal with the tenants, then renting might not be a good option for you.
Should I Rent or Sell My House? That Depends
Given the extent that COVID-19 has affected the economy, many people are hesitant about putting their homes up on the market. If you fall into that category of people, make sure to consider the different renting vs selling factors mentioned in this guide.
Ultimately, you need to weigh the pros and cons of each choice to make the right decision.
Do you now have an answer to the question: should I rent or sell my house? We hope that you do. If you enjoyed reading this article, make sure to check out some of our other posts for more helpful guides and tips.