The real estate market pays no attention to when you need to relocate. Whether you're upgrading your lifestyle, downsizing for retirement, or relocating for a new job, the state of the Tracy, CA real estate market isn't always ideal for the sale of your current home.
If you're leaving your home behind, you have a decision to make: Should you sell your former home or turn it into a rental? There are pros and cons to both options! However, if you've never considered the long-term benefits of owning a rental property, your upcoming move could be the ideal time to think about becoming a property investor. Did we just spook you with the term "investor?" Don't be afraid! Being a real estate investor often means you own one or more rental properties. If you choose to turn your home into a rental property, you "become" an investor—and it's easier (and often more profitable) than you might think.
Is it time to sell—or is a rental home a better option for your property? Here's some expert insight on the topic from property management, Tracy, CA homeowners!
When Selling Is the Best Option
There are certainly times when selling your home makes the most sense for your finances and your lifestyle preferences. It's worth considering if:
- You're ready to walk away from the property: You need to make a quick move, you don't want to deal with owning more than one home, and the idea of hanging on to it seems like a hassle. Selling can be the best way to move on and get settled in your new home and life!
- Market conditions are exceptional: If it's a no-brainer that a sale on your home will net a significant amount of profit for you, sell it! Sometimes the market conditions align so well that not selling is a bad financial decision.
- Long-term real estate income isn't your "thing:" Being a property investor isn't for everyone! There's no need to force it to be part of your long-term financial plan if it's not the way you want to build your retirement.
Selling a home is not a bad decision if most signs point to "sell." Research the market, review your potential profit or loss on a sale, and talk to a Realtor and professional property management, Tracy, CA homeowners, to help inform your decision.
When Renting Is a Better Option
Many homeowners never consider the possibility of making the home they leave behind into a rental property. It's not the most "traditional" way to go when it's time to move, but it's worth considering the idea of long-term, passive income from a property you already own!
Renting out your Tracy, CA home could be the better option if:
- The real estate market is down: If you won't generate a profit from the sale of your home, you don't need to settle for the loss. As a rental property, your home becomes a long-term moneymaker!
- You don't have enough equity in the home: If you haven't owned the house long enough to build equity to benefit from a sale, it might be worth keeping it as a rental until you build more equity.
- You need extra income for short or long-term goals: The monthly income from a rental property can help you pay for your new home or build your long-term wealth.
Starting a real estate investment portfolio is as easy as turning your current home into a rental property. If you've ever wondered what it's like to generate passive income or how real estate investors make money, you already have a property to start your portfolio!
You Don't Have to Do the Work
Even if the potential financial benefits are appealing, the idea of managing a rental property could discourage a homeowner from the benefit of investment property income. However, owning a rental property doesn't mean you have to manage it!
With professional property management, Tracy, CA homeowners, you don't have to do anything but move out of your home to start enjoying rental property income. We handle everything, including:
- Paperwork to turn your private residence into a rental property
- Property upgrades and ongoing maintenance
- Finding and screening quality renters
- Rent collection and processing
Many property investors choose property management to enjoy hands-free consistent passive income! No matter where you move after leaving your current home, your property manager handles your Tracy, CA investment property and makes sure you get paid.
Rent Your Home With Property Management!
If the market timing isn't ideal for a sale—or you've invested in home renovations that will leave you at a loss—put your house to work for you! With property management, Tracy, CA homeowners, you can enjoy your home as a profit center instead of dealing with a financial loss during your upcoming relocation.
Whether you keep your home as a rental property as a short-term solution until a sale makes good financial sense, or you decide that long-term investment property income should be part of your financial future, HBR Rentals is here to help! Contact us for a free consultation!
