{"id":7957,"date":"2023-02-01T11:30:15","date_gmt":"2023-02-01T11:30:15","guid":{"rendered":"https:\/\/thezakariagroup.com\/should-you-rent-your-house-or-sell-it\/"},"modified":"2023-02-01T11:30:15","modified_gmt":"2023-02-01T11:30:15","slug":"should-you-rent-your-house-or-sell-it","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/should-you-rent-your-house-or-sell-it\/","title":{"rendered":"Should You Rent Your House or Sell It?"},"content":{"rendered":"
\"Should<\/p>\n

If you\u2019re a homeowner ready to make a move, you may be thinking about using your current house as a short-term rental property instead of selling<\/a> it. A short-term rental<\/em> (STR) is typically offered as an alternative to a hotel, and they\u2019re an investment that\u2019s gained popularity in recent years. According to a Harris Poll <\/em>survey<\/a>, 28% of homeowners have considered using a rental service to temporarily rent out their home for additional income.<\/p>\n<\/p>\n

Owning a short-term rental can be a tempting idea, but you may find the reality of being responsible for one difficult to take on. Here are some of the challenges you could face if you rent out your house instead of selling<\/a> it.<\/p>\n<\/p>\n

A Short-Term Rental Comes with Responsibilities<\/strong><\/h4>\n

Successfully owning and renting a house takes work. Think through your ability to make that commitment, especially if you plan to use a platform that advertises your rental listing. Most of them have specific requirements hosts have to meet, and it takes a lot of work. A recent article from Bankrate<\/em> explains<\/a>:<\/p>\n<\/p>\n

\u201cManaging a rental property can be time-consuming and challenging.<\/strong> Are you handy and able to make some repairs yourself? If not, do you have a network of affordable contractors you can reach out to in a pinch? Consider whether you want to take on the added responsibility of being a landlord, which means screening tenants and fielding issues, among other responsibilities, or paying for a third party to take care of things instead.\u201d<\/em><\/p><\/blockquote>\n

Not only is there the upfront time and cost of owning a short-term rental, but there are also risks that could come up for you down the road. Investopedia <\/em>warns<\/a>:<\/p>\n<\/p>\n

\u201cRisks of hosting include renting your place to rude guests, theft or damaged property, complaints from neighbors, and potential regulatory violations depending on your location.\u201d<\/em><\/p><\/blockquote>\n

There\u2019s a lot to consider before taking the leap and converting your house into a short-term rental. If you aren\u2019t ready for the work it takes, it could be wiser to sell<\/a> instead.<\/p>\n<\/p>\n

Your House May Not Be Ideal for Your Rental Goals<\/strong><\/h4>\n

Not every house ends up being a profitable short-term rental either. One of the biggest factors is where your home is located. The less likely your neighborhood is to be a travel destination, the fewer requests you should expect from potential renters\u2014and that impacts your bottom line. An article from the National Association of Realtors<\/em> (NAR) advises<\/a>:<\/p>\n<\/p>\n

\u201cWhen it comes to the viability of profitable STRs . . . consider factors like location, amenities, and whether the property is appealing. Most people seek STRs in locations where they vacation, so proximity to attractions is important. Likewise, the property should cater to a variety of travelers.\u201d<\/em><\/p><\/blockquote>\n

It\u2019s smart to do your homework and learn how much rentals in your area go for, how much business they get throughout the year, and how this compares to your goals.<\/p>\n<\/p>\n

Bottom Line<\/h3>\n

\nConverting your home into a short-term rental isn\u2019t a decision you should make without doing your research. To decide if selling your house is a better alternative, let\u2019s connect today.<\/p>\n<\/div>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

If you\u2019re a homeowner ready to make a move, you may be thinking about using your current house as a short-term rental property instead of selling it. A short-term rental (STR) is typically offered as an alternative to a hotel, and they\u2019re an investment that\u2019s gained popularity in recent years. According to a Harris Poll […]<\/p>\n","protected":false},"author":101010,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[100,884],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\nShould You Rent Your House or Sell It? - The Zakaria Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thezakariagroup.com\/should-you-rent-your-house-or-sell-it\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Should You Rent Your House or Sell It? - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"If you\u2019re a homeowner ready to make a move, you may be thinking about using your current house as a short-term rental property instead of selling it. 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