Renting vs. Selling: Pros and Cons
You may be weighing out the pros and cons of renting out your Killeen property rather than selling. Every home is different, and so is every homeowner. Both selling and renting come with advantages and disadvantages, so the answer to this question lies in your own personal priorities and what you hope to gain from selling your Killeen house cash.
In this article, we will explain the pros and cons of renting and selling, along with the situations in which renting may or may not be the right choice for you.
What to Ask Yourself
Is it profitable to rent out my house?
The first step is to make sure that renting out your home will generate a positive cash flow. Calculate all the expenses of renting out the house and subtract them from the income you would receive. The most common expenses when renting out your home include mortgage, repairs, insurance, HOA fees, management fees, and taxes.
Does it work for you to be a landlord?
Being a landlord can be very stressful because you have little control over your tenants. You may have great tenants who always pay their rent on time and respect your home, or you may have those who are always late with payments and wreck your property. Even if your tenants are decent, you will still have to deal with a lot, including maintenance, regular phone calls, and early move outs. You could hire a Killeen area property manager, which would make your life less stressful and more comfortable, but this can be expensive (about 10% of the rental income).
Are you planning to come back?
Renting provides security because you can always come back to your Killeen house if you need to. For many, this is a great reason to rent out your home, especially if it holds sentiment to you, but no longer fits your needs.
Selling Your Killeen House Cash: Pros and Cons
You will have a down-payment for your next home
Selling your home can also be very beneficial. One of the most significant benefits is the cash injection — an amount that is big enough to cover the down-payment on their next home. If you have a significant down-payment, it will put you in a better financial position and allow you to purchase a home you really want.
You will not have tenants
Some aren’t comfortable with letting strangers occupy their home. Tenants may not care for the home the way you would yourself, and you can expect to return to Moreover, you also have to think about other factors, such as maintenance and repairs. If you sell your house, you do not have to worry about all these things.
You will be able to escape a dropping market
If you have a feeling that the Killeen real estate market is getting worse and that the situation will not improve in the coming years, it makes sense to get out now and sell your Killeen house fast. Selling your Killeen house cash will let you generate more income than you would if the real estate market drops out in the next couple of years. Of course, it is difficult to predict what will happen, and you may be wrong about the future. However, if you have a feeling that you are right, then selling your house makes sense.
If you made a decision and want to sell your Killeen house fast, We Buy Killeen Houses is ready to help you. We understand how stressful and time-consuming the process of selling a house can be, and we do our best to make it simple for you. By selling your home to us, you do not have to make any repairs or pay a real estate agent’s commission. Plus, you can stay in your home after closing. If you have any questions, please do not hesitate to visit our website or give us a call at 254-268-2988 today!