Renting or Selling Your House: What’s the Best Move?

<article class="post-739962 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-739962"><span class="entry-date">July 12, 2023</span><div class="entry-header center-block text-center"><h1 class="entry-title">Renting or Selling Your House: What's the Best Move?</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=Renting+or+Selling+Your+House%3A+What%27s+the+Best+Move%3F&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Frenting-or-selling-your-house-whats-the-best-move%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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</div></div><div class="post-tax post-category"><span></span><a href="../category/realtor-blog/index.html" rel="tag">Realtor Blog</a></div><div class="post-tax post-post_tag"></div></div><div class="entry-content"><div><img alt="Renting or Selling Your House: What's the Best Move? Simplifying The Market" decoding="async" loading="lazy" src="https://media.agentaprd.com/sites/222/20230712-renting-or-selling-your-house-whats-the-best-move.webp" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width="358"/>
<p>If you’re a homeowner ready to make a move, you may be thinking about using your current house as a short-term rental property instead of <a href="https://www.simplifyingthemarket.com/2023/07/06/todays-housing-inventory-is-a-sweet-spot-for-sellers/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">selling</a> it. A short-term rental (STR) is typically offered as an alternative to a hotel, and they’re an investment that’s gained popularity in recent years.</p>
<p>While a short-term rental can be a tempting idea, 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 <a href="https://www.simplifyingthemarket.com/2023/05/25/the-benefits-of-selling-now-according-to-experts/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">selling</a> it.</p>
<h4><strong>A Short-Term Rental Comes with Responsibilities</strong></h4>
<p>Successfully managing your house as a short-term rental takes a lot of time and effort. You’ll have to juggle tasks like dealing with reservations, organizing check-ins, and tackling cleaning, landscape, and maintenance duties. Any one of those can feel demanding, but all together it’s a lot to handle.</p>
<p>Short-term rentals experience high turnover rates, as new guests check in and out frequently. This home traffic can lead to increased wear and tear on your property—meaning you may need to make more frequent repairs or replace your furniture, fixtures, and appliances more often. </p>
<p>Think through your ability to make that level of commitment, especially if you plan to use a platform that advertises your rental listing. Most of them have specific requirements hosts must meet. An article from <em>Bankrate</em> <a href="https://www.bankrate.com/real-estate/should-i-sell-or-rent-my-house/" rel="noopener noreferrer" target="_blank">explains</a>:</p>
<blockquote><p>“<strong><em>Managing a rental property can be time-consuming and challenging</em></strong><em>. 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</em>.”</p></blockquote>
<p>There’s a lot to consider before taking the leap and converting your house into a short-term rental. If you aren’t ready for the work it takes, it could be wise to <a href="https://www.simplifyingthemarket.com/2023/06/29/where-will-you-go-if-you-sell-newly-built-homes-might-be-the-answer/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">sell</a> instead.</p>
<h4><strong>Short-Term Rental Regulations</strong></h4>
<p>As the short-term rental industry continues to grow, regulations have increased. Legal restrictions commonly include limits on the number of vacation rentals in a particular location. This is especially true in larger cities and tourist destinations where there may be concerns about overcrowding or housing shortages for permanent residents. Restrictions may also apply to the type of property that can be used for short-term rentals.</p>
<p>Many cities also require homeowners to obtain a license or permit before renting out their properties. <em>Nick Del Pego</em>, CEO at <em>Deckard Technologies</em>, <a href="https://www.nar.realtor/magazine/broker-news/network/what-your-clients-need-to-know-about-short-term-rentals" rel="noopener noreferrer" target="_blank">explains</a>:</p>
<blockquote><p>“<em>Renting short-term rentals is considered a business by most local governments, and </em><strong><em>owners must comply with specific workplace regulations and business licensing rules established in their local communities</em></strong>.”</p></blockquote>
<p>It is important to thoroughly check whether short-term rentals are regulated or prohibited by the local government and your homeowners association (HOA) before even considering renting out your home. </p>
<h3>Bottom Line</h3>
<p>Converting your home into a short-term rental isn’t a decision you should make without doing your research. To decide if selling your house is a better alternative, talk with a local real estate agent today.</p>
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