Owning property in Cleveland is a great investment as it appreciates over time even if it’s currently being lived in. However, if you have a piece of property that you’re not using you’re probably asking yourself if you should sell or rent the Cleveland property. That’s a tough question to answer as both options have their fair share of pros and cons.
We at RC Home Buyers want to help you with this decision to make sure you get the most out of your Cleveland property. Let’s discuss the benefits and disadvantages of renting your property or choosing to sell my house fast in Cleveland.
What’s so good about renting in Cleveland?
Usually when people have to ask if they should sell or rent their Cleveland property, renting is the first option to consider. After all, you can try renting out the property for a couple months and if it doesn’t work out, choose to sell.
In most cases, renting a property is a good idea if yours is attractive to renters and is affordable to maintain. You can get a (relatively) constant stream of income while still owning the property – letting you benefit from long-term capital growth. Renting out the Cleveland property can also cover your mortgage, so that releases another financial burden from you.
Of course, renting comes with its own downsides. The biggest one is taking up the role of a landlord. If you can find reliable tenants, then that’s perfect. But dealing with bad tenants can be a nightmare and potentially damaging to the property, driving its value down. If you have tenants who aren’t able to pay on time (and this can happen frequently) your stream of income will pause or stop. This may cause more problems for you if you really relied on that income.
Another thing to consider as well is if you were to change your mind. Most don’t realize this but once a property becomes a rental, you may be liable for capital gains tax if you sell it in the future. Any income that you get from rentals will also come with an applicable income tax.
So is it a good idea to sell my house fast in Cleveland?
Maybe after hearing the cons of renting, you’re now more inclined to sell the property instead. This can be a great idea in a seller’s market where you can expect higher closing prices and a faster turnaround.
Selling the property will also mean you could release equity to buy your next home. You won’t have to worry about maintaining a second home and just focus on the one you live in. If the house you’re selling is your main residence, you won’t have to pay capital gains tax either. And on top of all of these, it’s going to be less work overall. After selling the home, you won’t have to worry about the duties of being a landlord or maintaining another property and paying dues and taxes.
But selling isn’t free from its downsides. Selling means that you’ll miss out on further growth of your home’s value. And if your property is worth less than the mortgage, you’ll have to pay off the difference on your own.
The biggest downside about selling your home in Cleveland is probably going through the process of doing so. Selling a home can take a long time and requires work. You’ll need to fix up the house if it’s damaged and stage it for selling. Then you have to market it, find a buyer, then negotiate and close. All of that can be a lot to handle if you’re looking to just profit from the property as soon as possible.
Make selling a breeze with RC Home Buyers
The good news is, selling your home can be really easy with the help of RC Home Buyers. We can help you sell your house fast in Cleveland with minimal effort!
At RC Home Buyers, we buy houses in Cleveland, Ohio in any condition with just three easy steps. First, call us to schedule a viewing of the property. Once we see the home, we can send you an offer in as little as twenty-four hours. From there, you get the driver seat and decide on when you want to close.
It’s that easy. You can sell your house fast without worrying about repairs, inspections, hiring an agent, or paying for commission. RC Home Buyers makes selling property in Cleveland a breeze. Fill up the form on our homepage to learn more!