Should Homeowners Rent or Sell in Philadelphia?
Rent my Home vs. Sell in Philadelphia
A debate as old as time: should I rent out my property or sell in Philadelphia? There are many things to consider and many questions to ask yourself if you’re ready to move on from your home. Whether you need to leave due to a job, relocate to a better school district or recently inherited a property, there are many options available for you. GrassRoots Financial, a real estate investment company, highlights 5 signs to help you determine why you should sell in Philadelphia rather than rent.
5 Signs you Should Sell your Philadelphia Home
Demand for Homes is High: In what is known as a “seller’s market” low inventory yields higher demand and buyers are willing to pay top dollar for their dream home. Even if your property needs repairs or a little TLC, you could still earn a hefty profit depending on the neighborhood, school districts, crime rate and future market growth.
You do not want to be Responsible for Rental Property: While renting out your home can boost your cash flow, sometimes it is not always about the money. As a landlord, you’re 100% responsible for finding good tenants, as well as repairs, 12AM phone calls and the basic essentials: hot water, functioning HVAC system, sanitization, building codes and much more. While you can hire a property management company ultimately these responsibilities fall on you at the homeowner.
Maintenance Costs: The #1 thing you must consider when you’re debating if you should rent or sell in Philadelphia is the cost of maintenance. Ask yourself:
- How old is the roof?
- When was the last time the HVAC system was repaired?
- Is the electricity and wiring in good shape?
- What is the age of this property?
- Will anyone want to rent his home as is?
You don’t have enough cash: A landlord is expected to pay for all maintenance, repairs, property taxes and mortgage payments. Experts recommend having at least $10,000 handy for emergency situations. If you do not have enough cash to cover these monthly expenses then renting is not a great option to consider.
Not a Great Rental Property: Not every house is considered to be a good rental when you think about the age, location and cost of basic maintenance. Especially with older homes it is better to cut your losses and move on from a property before you end up draining your savings and adding undue stress into your life.
Sell your Property to Home Cash Buyers
GrassRoots Financial offers cash for homes in Philadelphia to help homeowners get out of their financial hardship or allow them to quickly get out of their mortgage. We buy homes as is, no matter the condition, age or repair needs! If you’re debating whether you should rent or sell your property, call us first at 215-728-9944 to discuss your options.