Whether you’re moving into your dream house or relocating for work, you’ll need to do something with the current house you’re living in. Fortunately, you have a couple of options. You can sell your house with a trusted real estate agent, or you can rent it out to tenants.
If you can get fair market value for your house and sell it in a short amount of time, it’s probably worth doing so. But if these points aren’t true, you may want to consider renting out your property. Let’s look at the pros and cons to being a landlord and renting out your house in Las Vegas.
Pros of Renting Out Your Las Vegas House
There are several benefits to renting out a property:
- Passive income. Perhaps the biggest benefit of being a landlord is the passive income it generates. If you’re looking to make extra money on the side, renting out your house is a great option.
- Tax benefits. The IRS allows you to deduct many expenses associated with a rental property, such as improvements, depreciation and necessary expenses.
- Flexibility to sell. If the market conditions aren’t the best, you can rent out your home for the time being. When the market is better, you can then make the decision to sell your house in Nevada.
- Option to move back. If your home has sentimental value, renting it out allows you to keep it without having to actually live there. This way, you can always move back.
Cons of Renting Out Your Property in Las Vegas
While renting out your house can be a passive source of income, you’ll still need to put in the money first. Here are some drawbacks to be aware of:
- Takes time. It can take months to close a lease, and even longer to see profits. Real estate is not a liquid asset.
- Difficult tenants. Even if you fully vet prospective renters, you can’t always predict what they will be like. As a landlord, you’ll have to be prepared for renters who are demanding, pay late, needy, destructive, etc.
- Maintenance issues. As the owner of the property, you’re responsible for any minor or major issues that arise. You’ll either need to do them yourself or hire a contractor.
- Rising taxes and premiums. Taxes and insurance premiums increase over time. In fact, they can rise faster than you increase your rents, dipping into your profits.
- Landlord role. The landlord role is not for everyone. To be an effective landlord, you’ll need to be able to increase rents and be protective of your property. If you can’t do these things, you’ll end up collecting less.
Sell Your House for Cash – and Avoid Being a Landlord!
Each situation is unique, so there is no right or wrong decision. But if you’re looking to sell your house right now, it’s a great time to do so! It’s a seller’s market and you can get top dollar for your property.
We Buy Any Vegas House will buy your property for cash – and we can close in just a couple of weeks. There are no fees or commissions, so you can keep your full offer. Contact us today to see what you can get for your property.