Deciding Whether to Rent or Sell Your Fixer Upper Based on What’s Best for You

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Suppose you've just completed a remodeling project and are uncertain of whether to hang on to the finished product for when the market is right or rent it out for future gain; here is some helpful advice to help guide you on whether to rent or sell based on what's best for you.

Deciding on a profitable property 
Regardless of whether you intend to sell or rent it out, the property you do decide on should be profitable at the end of the day. Therefore, you might want to look at purchasing a Real Estate Owned property to have that extra assurance that you will make a profit off the sale of one. Furthermore, because it is a bank-owned property, you are likely to find a property at a good price because banks want to get rid of auctioned properties like these as quickly as possible. But before you go ahead and rush into buying one of these, be sure to research the property and the area intensively to determine whether it really is a great buy at the end of the day. Also, be sure to get it appraised to get its actual value in comparison to its market-related price so that you can get a better idea of what to list it for realistically. 

The pros and cons of renting it out 
If you do decide to rent it out, then you also need to think about taking on the responsibilities of being a landlord, unless you want a property manager to handle these responsibilities for you. Regardless of which direction you choose to go in, there will be pros and cons to renting a property out. Some pros include receiving passive income for years to come; there is less tax associated with long-term rental properties and the value of your property investment is likely to increase over time, which also means your rental income is likely to go up with it. Some cons include the cost of maintaining the property, which could include major repairs such as plumbing to be done, for example. And then, there is the issue of finding the right tenants to occupy the vacancy for as long as needed. 

Marketing your property 
Suppose you are wanting to become a landlord and see it as your duty to market your property to the best of your ability. Then why not try a banner design that you can find online to create charming banners that you can place on your website or social media to help attract prospective buyers? Moreover, you can customize your banner online with colors, fonts, images, and even videos for Facebook, Twitter, and Instagram to gain even more attention. 

The pros and cons of flipping your property 
In the event you would rather flip your property as quickly as possible, there are pros and cons to this decision also. Some pros include making a significant profit quickly, as well as not having to tend to the long-term management of the property itself. Some negatives include not getting the profit you initially anticipated, incurring higher capital gains tax, as well as having to cover any unexpected costs that you might not have foreseen, such as contractors not completing their work or not completing their work up to par. 
 
Indeed, property investment is good to look into as there is serious income-earning potential here. However, it is important to do your research properly to ensure you secure the right property from the start. 
 
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