How to Decide Whether to Let Your Finished Fixer-Upper Go for Good or Keep It for a Rainy Day

Pros of Selling a Fixer-Upper

Indeed, flipping houses has become extremely popular for entrepreneurs looking to make a substantial profit over a short period of time. This is only one of the primary reasons why they go into this business in the first place. Other reasons why you may decide to sell instead of renting out your newly renovated property include it being a quick, short term investment that is not binding in any way, and there is no limit to how much profit you can potentially make if your turnaround time between fixing and selling up a property is quick.

Cons of Selling a Fixer-Upper

Of course, selling a property fast has its downsides too which can include incurring higher taxes, as well as facing the risk that your property might not make the profit you were expecting due to various factors outside of your control such as fluctuating market prices and unforeseen renovation expenses that may come at a high cost.

Pros of Renting Out Your Newly Renovated Property

Of course, if you're looking for a long-term investment that can generate passive income for you over many years, then choosing to rent out your fixed fixer-upper may be a better option for you in the long run. Other positives about renting out your property include benefiting from tax-deductible benefits that have to do with maintaining the property as well as those expenses that come with insuring the property, managing the property, etc. Other benefits of letting a property include it being a stable investment that is likely to appreciate over time. 

Cons of Renting Out Your Property

Cons of renting out your property involve having to manage the property yourself. Essentially, you will have to take on the duties and responsibilities that a landlord would ordinarily do, including maintaining the property so that it is fit to live in, sourcing suitable tenants, and ensuring that the rent is paid on time. Of course, you could leave this function to the professionals such as property managers, but this will come at a price. And then you might have to hire additional help such as professional landscapers to keep the grounds looking good. 

Marketing Your Newly Finished Home

Regardless of whether you decide to sell up or keep your property, you'll want to showcase it in the best light possible. For example, if you believe in the power of social media, and you want to advertise your fixer-upper on Instagram, your image will need to be the correct specs so that it doesn't look too blurry to see properly. If you battle with getting your images the correct size, you could use an online picture resizer to get your image to the optimal size and then upload it onto your social media page in no time at all to get the sales or rental process moving along much quicker.

You can also design banners online that you can use across all of your digital platforms to promote your rental property. Choose a template to modify or start from scratch to create a simple, clear, but attractive banner ad. Be sure to include all vital information, including a link to the property listing to drive more traffic to your site.

Deciding Which is the Better Option for You

In summary, deciding between renting or selling is going to most probably come down to a host of factors, most notably how much money you're expecting to make, the timeframe you're expecting to make it in, and whether you want a long term or short term investment. If you decide to sell your home, contact S&P Properties. They purchase homes to transition into rentals.