Should you sell your primary residence or turn it into a rental property?
If you own your home and want to move, you might be considering whether to rent or sell your house. Renting out your current house as a short-term rental property instead of selling it has become popular in recent years. However, there are several challenges to consider before making this decision.
Managing a short-term rental property requires significant time and effort. You’ll have to handle tasks like reservations, check-ins, landscaping, cleaning, and maintenance. The high turnover rate of short-term rentals means frequent wear and tear on your property, potentially leading to more frequent repairs or replacements.
“Converting your home into a short-term rental requires thorough research and consideration.”
If you plan to use platforms like Airbnb, be aware of their specific host requirements. You’ll need to assess your ability to handle such commitments and whether you can make repairs yourself or have access to affordable contractors.
Also, being a landlord comes with added responsibilities, including tenant screening and dealing with various issues. Alternatively, you can hire a third party to handle these tasks, but that comes with its own considerations.
Furthermore, the short-term rental industry is subject to increasing regulations. Many cities have restrictions on the number and type of short-term rentals allowed, and homeowners may need permits or licenses to rent their properties. Checking local government and homeowners association regulations is crucial.
Converting your home into a short-term rental requires thorough research and consideration. If you’re not prepared for the work and responsibilities involved, selling your house may be a better option. If you need assistance with deciding between using your home as a short-term rental or selling it, feel free to reach out for help and guidance. I’m happy to help.
