The decision to sell or rent your vacant Orlando property is a big one and ultimately depends on your current and future financial goals.
Most homeowners will consider the amount of equity in their home and the strength of the Orlando real estate market. You don’t want to sell if you’re not going to get the price you want. You don’t want to rent it out if you don’t have anyone to maintain it or help you find a good tenant.
Unless there are extenuating circumstances or a vast need to sell your home for immediate cash, we typically recommend renting your home out. The Orlando market is great for landlords and investors right now. You’ll be able to maintain a passive income while your renters help you pay off what’s left of your mortgage. It allows you to keep your asset and earn more money off it in the future.
Orlando Rental Properties: The Benefits
There are several benefits to renting out your vacant home, and many homeowners don’t realize that they can actually make more money renting out their property than they can selling it.
You’re continuing to build equity without doing much work. Your tenants are making payments towards the mortgage, your taxes, your HOA fees, insurance, and other costs. But the property is still yours, and you can sell it at any time.
If you own your home free and clear, renting it out is even a better idea. You’ll have a steady income arriving every month which translates to straight profit.
Retaining your home provides you with options for your future that selling it does not. You will have a place to live in your later years should you chose to retire in Orlando. Or, you can pass the home onto a child or another beneficiary. You can even hold onto the home and use it from time to time when you want to, and then rent it out in the short-term to vacationers or snowbirds.
An Orlando home is a secure financial investment which also comes with tax benefits. You’ll be able to write off depreciation, professional fees, and maintenance that’s required. It can really help you reduce your tax liability.
Benefits of Selling Your Orlando Property
Still, there are some advantages to selling your home.
You can earn some cash, which might be necessary for a down payment on a new property. You won’t have to worry about maintaining the home, paying taxes and insurance on it, or dealing with the uncertainties of renting it out. There are some stresses that come with being a landlord; what if you can’t find a good tenant? What if your tenant doesn’t pay rent? What if you have to replace the roof next year?
We’d love to tell you more about how you can come to a decision about selling your Orlando home or renting it out. It’s an emotional decision and one you shouldn’t take lightly. Let’s discuss your options. We’re experienced and resourceful Orlando property managers who help owners earn more and spend less on their rental properties. Contact us at R. Russell Properties today.