Renting vs. Selling Pleasanton Luxury Homes
Renting vs. Selling Pleasanton Luxury Homes
If you need to move out of your Pleasanton luxury home and buy a new one, chances are, you have been thinking of whether you should sell it or rent it out.
If you are worried about making a wise financial decision, here are a few questions to ask yourself to determine whether it is best to rent or sell your Pleasanton CA home:
1. What is your current financial situation?
If you are considering renting out your luxury home, determine first how much monthly rent you could make from the property and for how long. Then, compare that to your monthly expenses to determine if it can cover everything. In case you don’t make a profit or break even, ask yourself if you can carry the extra debt, especially if you are buying a new home.
If you are planning to sell your home, make sure you have factored in all costs of selling a Pleasanton luxury home such as the fees of your Pleasanton luxury REALTOR® and capital gains.
2. Do you need the profit right away to buy your new home?
If you are planning on buying a new home and need to use the equity from your current Pleasanton home for a downpayment on the new one, then you might want to sell your home instead of renting it.
3. What are the current market conditions of homes in Pleasanton?
Before you decide whether to buy or sell your home in Pleasanton CA, consider the current market condition in your area. Is there a strong demand for rental properties such as yours in your neighborhood? Is your area currently a seller’s market or a buyer’s market? What are the current prices for Pleasanton CA luxury homes in your area?
A Pleasanton luxury homes real estate agent can help you (through a comparative market analysis) to determine the value of existing properties for sale in Pleasanton within the last 6 months. If the values of properties in your neighborhood are rising, you may want to keep the house, rent it out and wait for it to appreciate before selling.
If the values of luxury home in your neighborhood are dropping and you want to make a profit immediately, you might want to sell and get some profit before the values depreciate.
4. Can you handle being a landlord?
Being a landlord is not a walk in the park. Are you prepared for the emotional stress that comes with being a landlord like getting calls at inconvenient times to handle repairs or emergencies or evicting a tenant who failed to pay the rent? Ask yourself if you are prepared for these situations and if the financial returns are worth all the trouble. Luxury homes require more frequent work and maintenance from the owner than condominiums or regular single-family homes.
Before you decide to rent or sell your Pleasanton luxury home, make sure you have asked yourself these 4 questions and answered them as honestly and as completely as possible. Seek the guidance of a Pleasanton luxury REALTOR® to help you arrive at the best decision that you won’t regret.
For more ideas on how to sell your Pleasanton luxury home, visit http://RhondaFee.com/.
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