Anyone who is relocating or moving into a new house often wonders: Should I rent or sell my home? Today, we are sharing a few reasons to rent your property instead of selling it.
Strength of the Rental Market
Today’s rental market is doing well for landlords. We have a lot of high quality tenants to choose from, and that means vacancies are low. There are also a lot of opportunities for high rent prices. In many local areas, rents are at record highs. So, there’s a potential for good passive income that doesn’t require a lot of day to day activity on your behalf, especially when you hire a management company to take care of that for you. We can place the tenants and take care of the home for you; you simply collect your rent payment every month without a lot of hands-on work.
Growing Your Investment Portfolio
Holding onto your home and renting it out provides a great opportunity to grow your investment portfolio. Maybe you have a 401K or you own some stocks and mutual funds. Real estate is something tangible that you can drive by and see and move into if necessary in the future. Real estate in general performs well over a long period of time. If you’re looking for a long term investment without a lot of ups and downs, real estate is a great place to invest.
Develop Wealth and Hire a Manager
You already own a house, so you can become an investor right away. Instead of selling it, rent it out and put a tenant in there to help you develop long term wealth. Hire a property management company to take care of the asset, and you’ll be glad you held on to it. You can always sell it later if you decide you want to release it.
If you have any questions about this topic or anything pertaining to Colorado Springs property management, please contact us at Muldoon Associates.
