Rent or Sell? What to Do With Your Newly Renovated Home in Plymouth

Your home renovations in Plymouth, MN are complete, and you're wondering about your next step. Should you sell it or rent it out? There are a few things to consider before making your decision.

What Is the Current Market Status in Plymouth?

The housing market in Plymouth is ever-changing, so it's crucial to stay up to date on the latest trends. Ask yourself questions, such as "have home prices increased or decreased in recent months?" and "are there more buyers or renters in the market?"

This information can help you better understand your options. When prices are high, for example, it may be a good time to sell so you can cash in on your investment. But if prices are low or there are more renters than buyers, you may wish to rent out your newly renovated home until the market improves.

Websites such as Zillow.com can help you stay on top of the latest market trends. To help with crunching the numbers, consider hiring a Realtor from Scates Real Estate to give you a hand.

What Are Your Financial Goals?

Your financial goals can also play a role in deciding whether to sell or rent out your newly renovated home in Plymouth. Are you hoping to make a quick profit? Or are you looking for more long-term income?

Selling can allow you to make a lump sum from your investment. However, if you're interested in a more stable monthly income, renting is the way to go.

What Are the Responsibilities of Being a Landlord?

If you decide to rent out your newly renovated home, there are a few things to keep in mind. As a landlord, you will maintain the property, collect rent, and deal with any repair issues. You may also need to hire someone to help manage the property.

Before you decide to rent, learn about the rental laws in your Plymouth neighborhood. These laws outline your rights and responsibilities as a landlord and your tenant's rights.

Understand the Expenses of Renting Your Property

Besides your mortgage, several other expenses come with being a landlord. These include things such as property taxes, insurance, and repairs. You will also need to factor in the cost of marketing your rental and any fees associated with hiring a property manager.

Marketing is a task you can do yourself with the right tools. For example, an online photo editor can help you create images for your rental listing. Once you've resized your photos, you can easily upload them to your listing.

Video is more engaging and also a great way to showcase your property. You can easily shoot clips with your smartphone and combine video online with free tools. You can even adjust the aspect ratio and audio to create a consistent video. Once complete, you can download it to post as you like.

Consider using social media platforms, such as Facebook or Instagram, when you're ready to market your rental. It's easy to create a listing, use the video you edited, and reach a large audience with these tools.

Rent or Sell Your Renovated Property in Plymouth

It's a significant decision to make whether to rent or sell your newly renovated home. By taking the time to understand your options and asking the right questions, you can make the best choice for your needs. If you plan to rent, understand your landlording responsibilities and market your property with video. If you decide that renting your home isn’t for you, contact Scates Real Estate to help you sell!