Should I Sell My House or Rent It Out?

As a homeowner, you may find yourself at a crossroads, contemplating whether to sell your home or explore the option of renting it out. Before putting your home on the market in either scenario, talk to Chris. Keeping an eye out for these telltale signs, he will help you identify the choice that’s right for you.

Signs you should rent out your home

Demand for rentals in your area is high.
You’ve always wanted to own a rental property.
You have a personal attachment to your home and plan to return to it one day.
Your home offers appealing amenities to renters, like ample parking, an outdoor space, walkability, renovated interiors, newer appliances or is in a good school district.
You’re confident you could make a profit.
It’s a “buyer’s market” : when there are more homes for sale than there are buyers.

Signs you should sell your home

It’s a “sellers market” : when there are more people looking to buy then there are homes available.
You couldn’t charge enough rent in relation to the home’s value.
You don’t have enough liquid cash on hand to maintain the property and pay property taxes and mortgage payments in the event of a tenant vacancy.
You need the money from the sale of your home for a down payment on your next one.
The age of your property raises maintenance costs and concerns.

And don’t forget about costs such as insurance and taxes. Property taxes can be high depending on where your home is in the Halifax area. However, landlords can deduct some of the operating costs from their taxable income each year, such as insurance premiums, maintenance costs and property management fees.

Deciding whether you should sell or rent your home requires careful consideration of your financial situation, your lifestyle and the local market conditions. Chris can help. His expertise of the Halifax market, the amount of time needed to find tenants vs. buyers, the costs associated of maintaining a property while it is rented vs. prepping it for sale, and the tax implications associated with either choice—all make up the valuable perspective he can provide to help you make an informed decision.