Sean Gilliam, your trusted real estate agent

Should You Sell Your Home or Rent It Out?

Dated: January 31 2023

Views: 1

Thinking about selling your home?  You may want to consider holding on to it, if you can afford to do so.  Here's why.  In this market, rental properties are scarce and rental rates are at a premium.  Due to our uncertain economy, there are still many that prefer to rent or may have no other option due to their financial situation.  And where do most people want to rent?  In single family homes.  So if you have enough reserves, usually 6 months, to cover your mortgage in case you have no renters, you could buy a new home while keeping your current home as an investment property. 

 Things to consider:

  1. Check with a lender to see if you qualify for this option.
  2. Find out what the rental rates are in your neighborhood for similar properties.  If it is more than your current mortgage payment you could stand to make money each month as well enjoy tax benefits.
  3. Consider whether you will manage the property or if you will hire a property management company to do it for you.  They typically charge 10% of your rental rate.  If it is only one property, you can likely manage it yourself.
  4. Research how you will find renters.  Zillow and Craigslist are popular sites for posting rentals.
  5. Subscribe to an online tenant screening service (RentSpree: Online Rental Application & Tenant Screening) so that you can verify the creditworthiness and legal history of your prospective tenants.
  6. Talk to an accountant about how to document properly for tax deductions/benefits related to owning an investment property.
  7. Educate yourself with great resources to learn the ins and outs of owning an investment property.  Here is a great place to start: Create & Build Wealth With Real Estate Investing | BiggerPockets

Renting your own property can be a great experience and financially rewarding!  Need help evaluating which is the best option for you?  Contact Sean Gilliam at 970-313-6706.

About the author: Sean Gilliam is a real estate agent with LoKation Real Estate in Northern Colorado.  Sean can be reached at or by phone at 970-313-6706.  For additional content see Sean’s Youtube channel or to search for properties see his web page.

Blog author image

Sean Gilliam

In todays’ market the consumer can access most information about properties on the internet. This is a helpful advance in equipping prospective home buyers and sellers. However, when it comes to....

Latest Blog Posts

Where are Home Prices Headed?

There is a lot of talk about what will happen with the housing market and home values. Some predict we'll have a market crash while others predict that things will be ok. Which one will it be or

Read More

September 2023 Market Update

Is the real estate market going to crash or is it stabilizing? In September's market update, I highlight the local data to help us interpret what is happening in our market. I also discuss the

Read More

How to Buy a Home: Earnest Money

In this episode of How to Buy a Home, I will explain important concepts related to Earnest Money. In most real estate transactions, earnest money will be required by the Seller from the Buyer as

Read More

August 2023 Market Update for Northern Colorado

August 2023 Market UpdateHi everyone!  Here is the latest market update for Northern Colorado.  Click here to watch. The housing market seems to continue to be in the doldrums.  

Read More