Renting or Selling Your House: What's the Best Move?

If you're a homeowner ready for a change, you may be contemplating using your current house as a short-term rental property instead of selling it. Short-term rentals (STRs) have gained popularity as an alternative to hotels. However, before making a decision, it's important to understand the challenges that come with being an STR host. Here are some key considerations:

1. Responsibilities: Managing an STR requires significant time and effort. From handling reservations and check-ins to cleaning, landscaping, and maintenance, the workload can be demanding.

2. Wear and Tear: Short-term rentals experience high turnover rates, resulting in increased wear and tear on your property. This may lead to more frequent repairs and the need to replace furniture, fixtures, and appliances.

3. Commitment: Before listing your rental, consider your ability to meet the requirements set by rental platforms. Being a landlord involves tenant screening, issue resolution, and other responsibilities. Alternatively, you can hire a third party to handle these tasks.

4. Regulations: As the STR industry grows, regulations have increased. Many cities have limitations on the number of vacation rentals and specific property requirements. You may need to obtain licenses or permits from local authorities and your homeowners association.

Carefully evaluate these factors before deciding to convert your home into an STR. If you feel unprepared for the workload and responsibilities, selling your property may be a better choice. To explore your options further, reach out to us today.