252-777-3141
Rentals
252-777-3099
Sales
132 N Englewood Drive, Ste A
Rocky Mount, NC 27804
Call/Text Anytime
Office by Appointment Only
Should You Rent Sell ?
Deciding whether to rent or sell your home is a significant choice that impacts your financial future, lifestyle, and long-term goals. Both options have their pros and cons, and the right decision often depends on your unique circumstances. At Keystone Realty, we understand the complexities involved in this decision and are here to help you navigate the process.
1. Steady Income Stream – Monthly rent can be a reliable source of cashflow for you as the property owner. This income can cover your mortgage payment, property taxes, maintenance costs, and also put cash in your pocket.
2. Long-term Investment – Owning real estate is one of the best paths to wealth. By holding on to your property long term, you can benefit from appreciation, especially in a growing market like Rocky Mount or Nash county.
3. Flexibility – Life can change in an instant. Whether you are temporarily relocating for work, traveling, or testing a new living arrangement, keeping your home leaves the door open for you to return in the future.
4. Tax Benefits – Rental properties can offer great tax advantages to the property owner, including deductions for mortgage interest, repairs, property taxes, depreciation, and professional management fees. As always, be sure to consult with your CPA!
5. Professional Property Management – Here at Keystone Realty, we offer hands-on property management services to ensure that your property is always well maintained and tenants are satisfied. Our communication plan includes weekly updates during vacancy, quarterly inspection reports with photos, and monthly financial statements. With our team of experts, you can rest easy knowing that you will enjoy all the benefits of owning a rental home while we take care of the details for you.
1. Tenant Risks – Renting properties means managing people, namely tenants. People can be unpredictable, which can lead to late payments, property damage, and difficult relations
2. Market fluctuations – Rental income can be influenced by changing market conditions. An economic downturn or an increase in supply can harm your ability to find and keep a quality tenant at your desired rental rate.
3. Maintenance and Repairs – Owning a home requires ongoing maintenance and upkeep. This can get costly, but is essential to preserve the property and also keep tenants satisfied.
4. Cashflow Issues – Many owners depend on this month’s rent payment in order to make this month’s mortgage payment. Tenant late payments and vacancy can cause cash flow issues when payments come due.
1. Immediate Financial Gain – Selling your property can provide an immediate influx of cash, which can be used however you see fit. You can pay off the existing mortgage, apply the funds to your next home, or invest the money for the future.
2. Tax Benefits – No one likes to pay taxes. By selling your primary residence, you may qualify to receive an exclusion on the capital gains income from the sale. As always, check with your CPA!
3. Simplification – In today’s busy world, streamlining and simplifying your life can be a major consideration. By selling your home, you will no longer have to worry about any of the complexities that go along with owning a property other than the one you reside in.
4. Professional Real Estate Brokerage – There are a lot of moving parts when it comes to selling your home. From valuing the property, to negotiations, to knowledge of state law and regulations, it can be invaluable having an expert on your side to rely on through the process.
1. Loss of Future Appreciation – By selling, you lock in your gains at the time you close on your home. Real estate historically appreciates around 2-5% per year, meaning you will miss out on that appreciation.
2. Timing the Market – Getting the timing right of when to sell can be very challenging. The real estate is constantly changing, making it difficult to know the best time to sell in order to maximize your return from the sale.
3. Emotional Attachment – Letting go of your home can be an emotional decision to make for many owners. Sentimental value may outweigh the financial value of your home.
4. Stability – Owning a home can mean that you always will have somewhere to return to. If life brings you back to where you started, still owning your previous home can make the transition and move much easier.
Deciding whether to rent or sell your home is a significant decision that requires careful consideration of your financial goals, market conditions, property condition, and personal circumstances. Both options have their benefits and challenges, and the right choice depends on your unique situation.
At Keystone Realty, we are committed to helping you make an informed decision and providing the support you need, whether you choose to rent or sell.
If you have any questions or need further guidance on renting versus selling your home, please contact us. Our experienced brokers are here to assist you every step of the way.
Contact us today:
Contact
- Rentals: 252-777-3141
- Sales: 252-777-3099
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132 N Englewood Dr, Ste A
Rocky Mount, NC 27804