Renting or selling your house: What is the best move?

If you are a homeowner who is ready to move, you might consider renting out your home for a short time instead of selling it. While a short-term rent can be a great idea, the responsibility of managing one may prove to be too much for you. Here are some of the challenges you could face if you rent out your house instead of selling it.A Short-Term Rental Comes with ResponsibilitiesSuccessfully managing your house as a short-term rental takes a lot of time and effort. You’ll need to juggle a variety of tasks, including dealing with reservations, organizing guest check-ins and cleaning, landscaping, and maintenance duties. Short-term rentals have high turnover rates as guests come and go frequently. This increased traffic can cause your home to wear out faster, requiring you to do more frequent repairs and replace furniture, fixtures and appliances. Consider your ability to commit to that level, especially if your plan is to use a platform to advertise your rental listing. Most of them have requirements that hosts must meet. Bankrate’s article explains that managing a rental property is time-consuming and difficult. Are you handy enough to do some repairs yourself? If not, are you able to reach out to a network of contractors who can help you in a hurry? You should consider whether you are ready to take on the additional responsibility of being a tenant, which includes screening tenants and handling issues, among other things, or if you would rather pay for a third-party to handle the situation instead. It may be better to sell your house if you’re not ready to do the work. Legal restrictions often include limits on vacation rentals. This is particularly true in large cities and tourist destinations, where there are concerns about overcrowding and housing shortages for residents. Many cities require homeowners to get a permit or license before renting out their property. Nick Del Pego explains that renting short-term rental properties is considered a “business” by most local governments. Owners must adhere to specific workplace regulations and licensing rules set up in their local communities. Bottom LineConverting a home into a temporary rental is not a decision that you should make lightly. Talk to a local agent about whether selling your home is a better option.

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