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{"id":13632,"date":"2024-11-19T23:05:46","date_gmt":"2024-11-19T23:05:46","guid":{"rendered":"https:\/\/www.sellfor1percent.com\/?p=13632"},"modified":"2024-11-19T23:06:33","modified_gmt":"2024-11-19T23:06:33","slug":"should-you-sell-or-rent-your-home-in-columbus-ohio","status":"publish","type":"post","link":"https:\/\/www.sellfor1percent.com\/should-you-sell-or-rent-your-home-in-columbus-ohio\/","title":{"rendered":"Should You Sell or Rent Your Home in Columbus, Ohio?"},"content":{"rendered":"
When you’re ready to move, deciding what to do with your current home is one of the biggest decisions you\u2019ll face. In Columbus, Ohio, this choice has become increasingly complex as more homeowners are considering renting out their homes instead of selling.<\/p>
Recent data from Zillow reveals that 66% of sellers thought about renting their home before listing<\/strong>, with nearly a third taking the possibility seriously. This is a noticeable increase from 2021, when only 47% considered renting first.<\/p>
So, should you sell your house and use the proceeds to fund your next purchase, or hold onto it as a rental property to build long-term wealth? Let\u2019s explore the key questions to help you make the right decision for your goals\u2014especially in the Columbus real estate market.<\/p>
Is Your Home a Good Fit for Renting in Columbus?<\/h2>
Before diving into the rental market, it\u2019s crucial to determine if your home is a good fit for renting.<\/p>
Location Matters<\/h3>
Columbus has thriving neighborhoods like Short North, German Village, and Grandview Heights that are highly desirable for renters. However, if your home is located in a less sought-after area or lacks proximity to amenities like schools, parks, or public transit, renting it out may be more challenging.<\/p>
Maintenance and Distance<\/h3>
If you\u2019re relocating out of Columbus or even further, managing the upkeep of your rental property could quickly become a burden. Consider whether you\u2019re prepared to handle emergency repairs or hire a property manager.<\/p>
Home Readiness<\/h3>
Does your home need significant repairs or updates before it\u2019s rental-ready? In neighborhoods where renters have high expectations\u2014like Dublin or Westerville\u2014you might need to invest in renovations to make your property competitive.<\/p>
If these challenges feel overwhelming, selling your home might be the better option.<\/p>
Are You Ready for the Realities of Being a Landlord?<\/h2>
Managing a rental property is more than just collecting rent checks\u2014especially in a growing city like Columbus.<\/p>
Time Commitment<\/h3>
Owning a rental property means dealing with maintenance calls, tenant complaints, and occasional emergencies. As Redfin points out, landlords must handle unexpected repairs, such as:<\/p>
Broken HVAC systems during cold Ohio winters.<\/li>\n\n
Plumbing issues that disrupt daily life.<\/li>\n\n
Roof or structural damage caused by harsh weather.<\/li><\/ul>
If you don\u2019t have the time or funds to handle these responsibilities, renting might not be the right choice.<\/p>
Tenant Risks<\/h3>
Even in a stable market like Columbus, there\u2019s always a chance that tenants could miss payments, break leases, or cause property damage. Are you financially and mentally prepared for these possibilities?<\/p><\/figure>
Do You Understand the Costs of Renting your Home?<\/h2>
While renting out your home can provide passive income, it\u2019s essential to understand the expenses involved.<\/p>
Fixed Costs<\/h3>
Mortgage and Property Taxes:<\/strong> These remain your responsibility, even if your rental income doesn\u2019t fully cover them.<\/li>\n\n
Insurance:<\/strong> Landlord insurance costs about 25% more than standard homeowner policies.<\/li><\/ul>
Maintenance Costs<\/h3>
Plan to set aside at least 1% of the home\u2019s value annually for maintenance<\/strong>\u2014more if your home is older or has unique features like a pool or historic architecture.<\/p>
Tenant Turnover<\/h3>
Vacancies between tenants can cost you time and money. You\u2019ll need to cover the mortgage and invest in marketing the property until a new tenant moves in.<\/p>
HOA and Property Management Fees<\/h3>
If your home is in an HOA neighborhood, additional fees apply. Hiring a property manager, while convenient, typically costs about 10% of your rental income.<\/strong><\/p>
Should You Rent or Sell Your Home in Columbus?<\/h2>
Ultimately, the decision to sell or rent your home comes down to your financial situation, lifestyle, and long-term goals. If you want a simpler path with fewer risks, selling might be the way to go. Columbus is a hot market with rising home values, making it an excellent time to capitalize on your investment.<\/p>
Ready to Make Your Decision?<\/h3>
When you\u2019re ready to move, Sell For 1 Percent Realtors<\/strong> is here to guide you. Our team specializes in Columbus, Ohio, helping homeowners save thousands with our full-service 1% commission model.<\/p>
Whether you decide to sell or rent, we\u2019ll provide expert advice tailored to your situation. Contact us today to start your journey\u2014and take advantage of the incredible opportunities in the Columbus real estate market!<\/p><\/a><\/figure>","protected":false},"excerpt":{"rendered":"
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