What to Do with Your Newly Renovated Fixer Upper

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Guest Author:  Courtney Rosenfeld

You’ve devoted time, energy, and money to renovate your fixer-upper, and now you have to decide: sell it or rent it. Each option has its benefits and drawbacks, so use this guide to help you choose which path is best for your situation. 

1. Research Your Area

Whether you’re planning to rent or sell, you need to know how many houses in your area comparable to the one you’ve remodeled are sold for or rented for. You can easily find how much houses are selling for online. Details of the rental market in your area are also easy to find. Simply having these figures can help you determine whether selling or renting is the best option for you, as knowing how much the going rates are may reveal that one has an obvious financial advantage in the current market. 

2. Consider Your Interests

Ultimately, whether or not it is better for you to sell or rent a home may come down to your personal interests. Selling a house that you’ve transformed is a one-time event, though it may take several months. Once that period is over, though, and the home is closed, then you have no further obligation to the home or its occupants. Of course, that also means that the profit you make from the home will be limited to what you get from that initial sale. 

If you choose to list your home as a rental, you can potentially make a lot of money over time. Real estate is a comparatively strong investment, particularly because you can sell it whenever you desire. Unlike selling the home, however, you will be committing your time, energy, and money toward its continued maintenance as a landlord. To offset this, you may want to hire a property manager, though if you don’t have several units that need managing, the expense may eat too much into your bottom line.

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3. Use Video to Your Advantage

The days of using only photos to sell or rent a home are over. Now, video walkthroughs are the most effective way to showcase a home. Potential buyers or renters will appreciate being able to see a more complete vision of the home they are considering, and the videos are not difficult to make. 

You can use a merge video tool to combine video online into one piece of powerful video content. This means you can take as many videos as you like and then edit them down so that they only show the home in its most flattering light, highlighting the positives and creating a compelling story potential occupants can fall in love with. While videos have been used in selling homes for a while now, rentals often don’t include that level of detail, and including one in your listing can really help set your rental property apart. 

If you are interested in continuing to flip houses, consider purchasing a real estate-owned property. REOs can often be purchased at a significant discount, making them excellent prospects for earning money upon completion. When looking at REOs, consider repairs that might be necessary and what the location might offer in terms of customer appeal and community resources. 

Whatever decision you make, do your research ahead of time to ensure you get the best financial outcome possible. Walkthrough videos are a great way to help showcase your rental if you decide to go that route. If you choose to sell, check out theCincyBlog for up-to-date resources on how to sell your home in today’s market. 

 Author Bio:   Courtney Rosenfeld started Gig Spark to be a resource and the first step for people who are looking to join the gig economy, either to supplement their income or as a way to fulfill their dreams of becoming an entrepreneur.