Why You Should Consider Renting Your House if You Cannot Sell It

3 November 2017
 Categories: Real Estate, Blog

Are you trying to sell your house but can't seem to find anyone that is willing to buy it for a fair price? If you are and if you need to move, you have two main options. The first is to sell the house to a cash buyer and the second is to rent your house out. Here are several reasons renting it out might be a better option than selling it to a cash buyer.

1. You could lose money if you sell to a cash buyer.

Selling a house to a cash buyer is often the last resort people use when they need to sell immediately. Cash buyers are out there in every city and state, and these buyers tend to look for deals that allow them to buy homes for dirt-cheap prices. They will buy your house, no matter what condition it is in, but they will not pay you what it is worth. They will factor in the amount of money they need to remodel it and make a profit on selling your house, and that is how they determine how much to offer you for it.

2. Your tenant will pay your mortgage payment.

If you do not want to lose money on your house, renting it out is a good option because your tenant will keep the house afloat. When you rent it out, you can determine the monthly rental amount, and you can make sure it is high enough to pay your mortgage, taxes, and insurance. If you can keep a tenant in there at all times, he or she will be paying your mortgage. Little by little, the balance of the loan will decrease, and this will help you have more equity in the house.

3. You can always try selling it at a later point.

The good news about renting out your house is that you can still choose to sell it at some point in the future. If you have a good tenant and can pay down your mortgage balance by $10,000 or $20,000 in the next few years, you could then try to sell the house. You would not have to worry as much about losing money on the deal if you wait for a few years and have a lower mortgage balance, and that is one of the top benefits of choosing to rent out a house.

If you want to sell or rent your house and need assistance, talk to a real estate agent through resources like http://gerberapartmentproperties.com. Real estate agents offer expert advice and help for people who want to sell or rent their houses.