Did you know that the property that you’re currently holding onto can actually be a lucrative source of income? All you have to do is just figure out which approach can generate the most money. You can take a dip in the real estate market and sell your extra property in Ohio. But you can also rent it out to tenants.
The key here is finding the approach that can give you the most with the least amount of work and costs. So in the debate between selling vs renting your Youngstown, OH property, what’s the best option?
Lucky for you, we’ve compiled a nifty list of FAQs on the pros and cons of selling and renting. Read on below so you can make the best choice for your extra property in Youngstown, Ohio:
What are the current trends in the market for renting and selling?
A good place to start would be to look at the numbers. What are Americans looking for and what are the factors influencing their decisions? Here is a quick overview of the real estate market:
The rental housing market has recently made a comeback
Higher-income households have drastically affected the rental housing market. A majority of these households are leaving cities to move into single-family rentals in the suburbs. Moreover, the scarcity in for-sale properties have forced these households into renting instead of becoming homeowners. This has made becoming a landlord a profitable venture.
The sales of homes is slowing down
In relation to the boom in the rental housing market, the demand for homes has slowed down. This is exacerbated by the rising mortgage rates and prices.
What is the difference between selling vs renting your Youngstown, OH property?
The difference between selling and renting is pretty straightforward. It’s all about ownership. However, there are still some key details that you should keep in mind. Here is a rundown of the differences between the two approaches:
What are the pros and cons of renting out your Youngstown, OH home?
If you’re not too keen on letting go of your Youngstown property and selling it, there’s also the option of renting it out. And while there are definitely some benefits in renting out your Youngstown, OH property, it can also have some drawbacks. Here are some of the pros and cons to consider when renting out your house:
PROS
Earn passive income
You can think of it as easy money. Renting out your Youngstown, OH home provides you with a source of income that isn’t your typical nine-to-five.
Build more equity
Since the ownership of the property is still with you, any upgrades or renovations will benefit you.
CONS
Requires cash reserves
Your rental can be a source of passive income, but it can’t be your only income generator. You would need cash reserves for when you don’t have tenants or if the property needs repairs.
Becoming a landlord
It isn’t always easy being a landlord. It’s a job that comes with a certain set of responsibilities. For example, you have to always be readily available in case something happens in the property or if repairs are needed.
Need to learn more?
Sometimes, the work that comes with renting out your property can be too much. But you don’t have to worry! We buy houses in Youngstown, Ohio fast.
But here’s an even better offer, we buy houses in any condition! With Access Homebuyers, you don’t have to worry about inspections, repairs, and showings! We’ll use our own cash money so that you can sell your Youngstown, OH house fast.
Why tire yourself out with a rental when you can get your money quickly and easily? Just give us a call or answer the form on our site and we can give you your fair cash offer today. Get started with Access Homebuyers now!