A vacant home is a huge financial drain. Whether you’ve moved out of a property into a new house or you’ve left the area for a while, leaving it unoccupied is a risk and an expense. Selling the home is always one option, but it’s not the only option. You could also rent it out and earn some cash while you retain the asset and allow its value to continue growing.
Whether you should rent or sell your property depends on your financial situation and your long-term goals. We’d be happy to talk to you about your unique circumstances, and in the meantime, we’re talking today about what you should consider while making this decision.
Selling a Vacant Home: Instant Profit and No More Worries
Most owners are eager to sell their home, especially in a strong sales market like we have now in Matthews and throughout Charlotte. Selling a home will give you an immediate profit, especially if you have some equity in the home and you’ve paid off a good chunk of your mortgage. It also helps if the sales market is strong and you’ll be able to get the price you want.
If you need cash for other things, selling the property is the best idea for you. You don’t want to wait for a weaker market, and you don’t want the value of your property to unexpectedly drop. If there are other investments you’d like to make or you need some money to make a down payment on the home you want to move into or you’re sending a child to college or traveling around the world on a sailboat, selling your home and moving on is a good idea.
You also won’t have to worry about the asset any longer. You can conduct the transaction and walk away without any emotional entanglements or attachments. If you’re moving out of the Charlotte area and you’re pretty sure you’ll never come back, this freedom can be a good reason to sell.
Renting Out your Charlotte Area Property: Long Term Financial Stability
If you’d like to earn some consistent rent income and long term ROI, you are better off holding onto the property. When you don’t have any real financial need for a large sum of cash, keep the home and rent it out to a good tenant. You’ll find you’re able to bring in some cash flow and build a bit of wealth for the future.
The longer you own your property in Matthews, Charlotte, or any of the surrounding areas, the more it will be worth to you. By renting it out, your tenants are paying your mortgage and contributing to the expenses associated with an investment home, such as taxes and insurance. They’re also covering the utilities and keeping the property from staying vacant and unused. All of this is happening while you keep the asset and benefit from its growing value and your positive equity.
When you rent the property out, you can also access several tax benefits that aren’t available to you when you sell. There’s no need to worry about how you’ll find tenants, maintain the home, and stay up to date with all the laws and requirements associated with renting out a property. Professional property management companies are available to help you. Experienced investors know that property managers are not only good at caring for your property; they can also help you earn more and spend less on your investment.
If you’re still not sure about which direction is right for you, contact us at RE/MAX Gold. We can help you figure it out. If you have any questions about property management in Matthews, Charlotte, or the surrounding areas, please contact us at RE/MAX Gold. We serve owners and investors in Mecklenburg, Union, Cabarrus, and Gastonia Counties.