Should I Rent or Sell my Property in Mesa AZ?
Zen Rent Property Management - Sunday, August 14, 2016
We talk to a lot of people who are making the difficult decision of whether to sell their property or rent it out to a tenant. There are a few questions you need to ask yourself, and the strength of the current market in Mesa and the surrounding areas will also impact what you decide to do.
Think About Your Long Term Goals
The first question I always ask people in this situation is: what are your goals? If you’re getting an out of state job transfer for a couple of years and your goal is to move back into the property, then obviously it’s a good idea to rent it out. Maybe you’re interested in becoming a professional landlord and you want to make your property a long term investment. Your financial plans will help you determine whether it’s better to sell or rent.
Sort Out Mortgage Payments, Equity, and Financial Position
Whether you rent or sell will also depend on where you are financially with your property. I always ask if the home is paid off, if there’s a lot of equity available, or if the mortgage payment is really high. With these questions, we can figure out a path that makes the most sense. Many times, if you’re moving out of state and you plan to come back, renting it for the most rent possible will help you offset your mortgage payment. But if you have no plans to move back into the property and your rent payments won’t match with the mortgage payments, there might be better options. Sometimes, we talk to people who have the goal of holding the investment for a year or two until the sales market gains a little more strength and more money can be earned of a sale. If a home is paid off or has a low mortgage, any rent can offset the costs of renting out a property and actually put money into your pocket.
We love discussing this with people who are trying to decide what to do with their property. Please contact us at East Valley Property Management to discuss your situation and figure out what makes the most sense for you.