It is a tough decision to know whether to sell or rent out a house. First, I would recommend deciding how involved you want to be in the process. Here are several scenarios that could take up your time:
Rent it out and manage the property yourself
Rent it out and hire a property management company
Sell the house by owner
Sell the house on the market with a realtor
All the options put money in your pocket, which is good! Renting it out would generating smaller amounts of income. You can save more money by managing the property yourself, but that does require time and effort, which not every homeowner has. For homeowners planned to keep their property long-term, it is helpful to hire a local property management company to handle the property for you. This is where real estate becomes as ‘passive’ as people describe it. You will have to pay property management a fee. In Philadelphia, this typically ranges from 6-10% of the monthly rental income.
For homeowners who plan to cash out with a quick house sale, you can sell your home and receive a potentially huge payout. There are taxes, and other fees, that come along with selling a house. However, the upside could be great. If you are curious about what your house is worth, contact us to learn about the home buyers Philadelphia can offer you. By selling your house by owner, you can work with cash home buyers that can help you to sell your house quickly. If time is of the essence, this is a great option for homeowners.