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Renting Vs Selling

Deciding whether to rent or sell your Lowcountry property comes with its advantages as well as disadvantages. It's important to consider the risks and benefits associated with both options when deciding what to do with your home. This decision will ultimately depend on your overall financial goals.

The Risks and Benefits of Renting your Home

The biggest risk in renting out your Lowcountry property is that you may come across a bad tenant. If someone doesn't pay their rent or causes damage to the property, you could end up paying for the cost of repair and ultimately need to evict that tenant. Bad tenants can cause major problems.

Vacancy is also a risk to renting out a property. If you don't find a good tenant quickly, the property will be empty and not earning any rental income. If you work with a great property manager, you won't have to worry so much about long vacancies or bad tenants. When you offer a well-maintained home with a fair price, you shouldn't have too much of a problem filling it quickly with a great tenant.

Legal risks come with renting properties as well, and there are many federal, state, and local laws to be aware of. If a law is broken or compliance isn't met, it could end up being costly. Get to know the laws in the Hilton Head & Bluffton area or work with a property manager who can keep you out of trouble.

The advantages of having a rental property in the Lowcountry include income and long-term returns. You'll have a steady stream of rent coming in every month and your value will increase as your home builds equity. Real estate investments traditionally outperform the stock market in the long term. You can also take advantage of tax deductions and benefits when you rent out your home.

The Risks and Benefits of Selling your Home

With selling your home, the pros and cons are far simpler. It really breaks down to whether you want cash now, and the ability to walk away from your property, or if you want to earn the money later and continue holding on to the asset. The decision on whether or not to sell your home really depends on your personal objectives, what you value most, and what you are hoping to get out of your property.

Let's Talk

Contact us at Premier Island Properties to discuss whether your Hilton Head or Bluffton, SC. home belongs on the sales market or the rental market. We'd be happy to discuss all of your options with you.

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