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Should I Sell My Winter Garden Home Or Rent It Out?
If there is a move in your future, one of the most important questions you’ll have to answer is “Should I sell my Winter Garden home or rent it out?” Traditionally, a move to a new house almost always required the sale of the previous one, but these days more and more homeowners are looking into other options.
If you’re planning a move and aren’t sure whether to sell your current house or rent it out, check out this guide that breaks down the pros and cons of both options so you can make a confident and informed decision.
Selling Your Current House- Pros
Access To Funding
For many homeowners, the sale of their current home is the only way to have the funds to purchase a new home. Selling your home gives you (almost) instant access to the cash you need to finance your next move. If you’re downsizing, selling your house and buying something smaller means more money in your pocket to pay off debts, travel, start a new business, or beef up your savings accounts.
No Landlord Responsibilities
When you sell your home, you’re free of all of the issues and responsibilities that come with owning that home. You can move on to the next chapter of your life with no strings attached. Selling your Winter Garden home means walking away from the maintenance and costs associated with the home, and that you don’t have any ties or connections to the people who live in it.
Freedom To Move Anywhere
This also gives you the freedom to move wherever you want. Since you have no more ties with the house, you can move across the state, country, or even the world if you wanted to! The freedom that comes with selling your house is one of the biggest reasons homeowners choose this option.
Selling Your Current House- Cons
It’s Hard To Say Goodbye
One of the biggest issues homeowners have with selling their homes has less to do with the logistics and more with the emotional ties. Many people have a deep, emotional connection with their home, especially if it’s been part of their lives for a long time. Saying goodbye to a house with so many good memories can be hard to do.
Losing The Potential For Long Term Investment
Along with the emotional impacts, selling your home means giving up the potential for a long-term investment. Some people have the luxury of waiting for the market to improve and sell when the value of the home is high. Not everyone has this luxury, and selling a home when demand is low means not getting as much as you hoped from the sale of the home. When you sell, you give up the opportunity to continue building equity.
Costs/Fees Associated With Selling
While the end goal of selling your Winter Garden home is to make some money, it costs money to sell your home too. There are closing costs, home repairs, and real estate commissions to pay.
Renting Out Your House-Pros
Generate A Steady Income
If selling your Winter Garden home isn’t the only option, you might be thinking about renting out your home instead. One of the benefits of renting out your home is that it is a way to generate a steady income. You can use these monthly payments to pay off the mortgage, travel, increase your retirement account or invest in more properties.
Take Advantage Of Appreciation
When you hold onto your home instead of selling it, you can take advantage of the appreciation and increase your chances for financial gain. As you rent out the home, the property can increase in value, which allows you to build equity. Consider renting out the home while the market is slow and then selling when the demand is higher.
Landlords can take advantage of different tax benefits when renting out investment properties. You can write off many of the maintenance repairs required to keep the property safe and functional and can take advantage of tax deductions such as mortgage interest and property taxes.
It’s also important to keep in mind that the population of Winter Garden is expected to grow rapidly over the next few years. The growing demand for property in this popular area makes it a great time for homeowners to rent out their homes.
Renting Out Your House- Cons
While renting out your Winter Garden home comes with a lot of benefits, it also comes with its own unique set of challenges. Renting out your house means you’re now a landlord, and have responsibilities as such.
Being A Landlord Can Be A Lot Of Work
Managing a property can be time-consuming and expensive. Sometimes it can feel like a full-time job trying to juggle it all, especially if you work full-time, are raising a family, and have other social responsibilities.
Dealing With Tenants
Not only will you be responsible for maintaining the property, but you’ll also be the point of contact when your tenants have issues. renting out your house means being prepared to deal with middle-of-the-night emergencies, late rent payments, property damage, and worst case scenario, handling eviction notices.
Tip: If you like the idea of renting out your home but don’t like the idea of managing all the details that come with it, hire a property management company!
Other Things To Consider
One of the biggest factors to consider when deciding whether to sell or rent out your house is the current condition of the real estate market. Right now, most homes for sale in Winter Garden stay on the market for 30-40 days and see between 5-7 offers. This is good news for those who want to sell their house quickly.
Other Fun Facts:
- Across the nation, 2% of homebuyers searched to move into Winter Garden from outside metros.
- New York homebuyers searched to move into Winter Garden more than any other metro followed by Washington and Boston.
- In February 2023, Winter Garden home prices were up 14.7% compared to last year, selling for a median price of $545K.
- Winter Garden is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
- Homes in Winter Garden have sold for 17.3% more than they did a year ago.
- Rent prices in Winter Garden average around $2800-$3500/per month
Let’s Do This!
Now that you’re armed with all of the information that you need, it’s time to take action. Whether you’re selling your current house or renting it out, you’ll need to work with a team that knows the area, knows the market, and will listen carefully to your needs. Working with a Realtor will help simplify the process and ensure you make the right decision for your financial goals.
If you’re still not sure whether selling or renting your current home is the best option for you, connect with the Erica Diaz team today! Someone is ready and waiting to listen to your story, hear your concerns, answer your questions, and help you make (and execute) a plan.