<article class="post-631555 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-631555"><span class="entry-date">February 1, 2023</span><div class="entry-header center-block text-center"><h1 class="entry-title">Should You Rent Your House or Sell It?</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=Should+You+Rent+Your+House+or+Sell+It%3F&url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fshould-you-rent-your-house-or-sell-it%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
<div class="fb-share-button display-inline-block" data-href="https://gilliggroup.com/blog/should-you-rent-your-house-or-sell-it/" data-layout="" data-size=""><a class="facebook solid fb-xfbml-parse-ignore" data-tracking="Post,Social Post Link Clicked,Twitter" href="https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fshould-you-rent-your-house-or-sell-it%2F&src=sdkpreparse" target="_blank"><span class="force-hidden">Facebook</span></a></div>
<a class="pinterest solid display-inline-block" count-layout="horizontal" href="https://pinterest.com/pin/create/link/?url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fshould-you-rent-your-house-or-sell-it%2F&description=Should+You+Rent+Your+House+or+Sell+It%3F" target="_blank"><span class="force-hidden">Pinterest</span></a>
<a class="linkedin solid display-inline-block" href="https://www.linkedin.com/shareArticle?mini=true&url=https://gilliggroup.com/blog/should-you-rent-your-house-or-sell-it/?shareSlug%3Dshould-you-rent-your-house-or-sell-it" target="_blank"><span class="force-hidden">LinkedIn</span></a>
<a class="email dashicons dashicons-email solid display-inline-block" href="mailto:?subject=From gilliggroup.com: Should You Rent Your House or Sell It?&body=Should You Rent Your House or Sell It?%0D%0Dhttps://gilliggroup.com/blog/should-you-rent-your-house-or-sell-it/" target="_blank"><span class="force-hidden">Email</span></a>
</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="Should You Rent Your House or Sell It? Simplifying The Market" decoding="async" loading="lazy" src="https://media.agentaprd.com/sites/222/should-you-rent-your-house-or-sell-it-KCM.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/2023/01/23/want-to-sell-your-house-price-it-right/?a=712984-fa409495d5d70154d03a25e81e9540e2">selling</a> it. A <em>short-term rental</em> (STR) is typically offered as an alternative to a hotel, and they’re an investment that’s gained popularity in recent years. According to a <em>Harris Poll </em><a href="https://theharrispoll.com/wp-content/uploads/2022/12/State-of-Real-Estate-December-2022.pdf">survey</a>, 28% of homeowners have considered using a rental service to temporarily rent out their home for additional income.<!–more–></p>
<p>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 <a href="https://www.simplifyingthemarket.com/2023/01/26/why-it-makes-sense-to-move-before-spring/?a=712984-fa409495d5d70154d03a25e81e9540e2">selling</a> it.</p>
<h4><strong>A Short-Term Rental Comes with Responsibilities</strong></h4>
<p>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 <em>Bankrate</em> <a href="https://www.bankrate.com/real-estate/should-i-sell-or-rent-my-house/">explains</a>:</p>
<blockquote><p><em>“<strong>Managing 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.”</em></p></blockquote>
<p>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. <em>Investopedia </em><a href="https://www.investopedia.com/articles/personal-finance/021815/how-make-money-airbnb-risks-rewards.asp">warns</a>:</p>
<blockquote><p><em>“Risks of hosting include renting your place to rude guests, theft or damaged property, complaints from neighbors, and potential regulatory violations depending on your location.”</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 wiser to <a href="https://www.simplifyingthemarket.com/2023/01/30/where-will-you-go-if-you-sell-you-have-options/?a=712984-fa409495d5d70154d03a25e81e9540e2">sell</a> instead.</p>
<h4><strong>Your House May Not Be Ideal for Your Rental Goals</strong></h4>
<p>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—and that impacts your bottom line. An article from the <em>National Association of Realtors</em> (NAR) <a href="https://www.nar.realtor/magazine/broker-news/network/what-your-clients-need-to-know-about-short-term-rentals">advises</a>:</p>
<blockquote><p><em>“When 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.”</em></p></blockquote>
<p>It’s 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>
<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, let’s connect today.</p>
</div>
</div></article>
