Is Landlording Your Property Right for You?

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Is Landlording Your Property Right for You?

So, you've finally finished up your remodel and you're ready to sell. Or maybe you bought the house as a fixer-upper with plans to rent it out? Well, in this guide, Charlotte County Realty will help you decide which is best for you. We'll discuss how to decide which is right for you, the responsibilities involved (and what can be outsourced), costs and revenue opportunities, and more.

Considerations—Renting vs. Selling

You're probably wondering if being a landlord is the right choice for you. And it might be! But there are many things to take into consideration, such as time and money. Landlords will always need to make repairs—regularly or suddenly—and this could put your budget in jeopardy if these costs come up unexpectedly. Luckily, property management companies exist that offer their services at fair rates, so landlords are responsible for little upkeep, while still making sure tenants get what they deserve.

Each option has its own pros and cons. Read on to learn more about each method:

Pros and Cons—Selling Your Property

Pros:

Cons:

Pros and Cons—Becoming a Landlord

Pros:

Cons:

Things to Consider as a Landlord

There are some obvious pros and cons to consider when deciding whether it’s best to rent out or sell your property. Either way, you’re likely to make use of social media like Instagram to promote your efforts. However, when you do so, you want to be sure you’re posting images correctly. This means that you can make use of a tool that can resize images online. By doing this, you can alter the size of your image to meet the social media site’s upload requirements. With just a couple of steps with the tool to resize images, you can successfully upload your images on your preferred social media platforms, including your website. This will make your marketing efforts much more streamlined and efficient.

In addition, being a landlord comes with additional responsibilities that you should think about before jumping into either decision. Here are some important tasks you'll need to keep up on as a landlord:

How to Make Your Home More Appealing to Renters

There are some immediate tasks a seller needs to address before putting their property on the market. For instance, you'll want to make sure your home is clean and free from clutter. Plan to spend a few hours preparing so you can move forward with showing off your beautiful space.

Overall, keep in mind that potential renters will be more interested in a clean, newly finished, and safe space. If you have time, consider doing some additional decorating or even building a few custom pieces to make the home stand out from others on the market. If you plan on selling your home, you may prioritize different preparations or repairs, especially if the home is historic.

Here are some other important things renters may look for:

Both are Great Options!

The decision between renting out and selling your newly remodeled home can seem like an overwhelming one. Once you’ve spent all that money on new paint or flooring—or both—you might be inclined to sell it for a profit.

But if there are other things wrong with your house that need fixing up before it will be in tip-top shape, then renting may be worth considering instead of flipping. The choice has some advantages and disadvantages but ultimately only you know what will work best for your situation!

Charlotte County Realty is dedicated to making your real estate decisions the greatest experience of your life by giving personalized service with integrity, diligence, and expertise. Let’s team up today! Call Charlotte County Realty at 941-883-4181 or contact Kathy Weithman, Broker/Owner, at 810-444-3044.

Written By:   Teresa Greenhill   teresa@mentalhealthforseniors.com