Should You Rent Your House or Sell It?
As a homeowner, you might be considering renting out your current home as a short-term rental instead of selling it. This can be an attractive investment option, with 28% of homeowners surveyed by Harris Poll saying they've considered it. However, being a short-term rental owner comes with its own set of challenges. Before making the decision, it's important to consider the responsibilities you'll take on and how they may impact your life.
A Short-Term Rental Comes with Responsibilities
If you're thinking of turning your house into a short-term rental, be prepared for a big commitment. Renting out your property takes effort and there may be requirements to meet by the platform you use to advertise your rental. From making repairs to screening tenants, it's important to consider if you're ready to take on the role of a landlord. Remember, there are also risks involved like guests causing damage, complaints from neighbors, or even potential regulatory violations in your area. Before jumping into this venture, think carefully about whether you're prepared to handle the workload and responsibility that comes with it. If not, it may be better to sell your property instead.
Your House May Not Be Ideal for Your Rental Goals
When considering a short-term rental property, location is a crucial factor in determining its profitability. A prime vacation destination with plenty of attractions will usually result in more rental requests compared to a property located in a less popular area. It's essential to research the average rental prices in your area and understand how much business they receive throughout the year, to see if it aligns with your financial goals. To ensure a profitable short-term rental, consider factors such as location, amenities, and overall appeal of the property.
Bottom Line
Converting your home into a short-term rental isn’t a decision you should make without doing your research. To decide if selling your house is a better alternative, let’s connect today.
