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Is it worth it to rent my home out? How much?

My husband and I are considering a move, and we are trying to decide whether to rent our house out or sell it.  It is 4 bed/2.5 bath with an unfinished basement; approx. 3100 sq. ft. and .33 acres.  It has a 2-car garage, W/D hookups (both gas and electric), central air/heat.  It is in a nice part of Sandy, UT, near parks, schools, shopping, and a very short drive from ski resorts.  What would I be able to rent it for?
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January 13 - Sandy
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Answers (2)

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Thank you for your response, Joshua!  We are on the east side, just off Highland, so I'm hoping we could ask a higher rent.  We have a realtor (who we would also approach to be our property manager), but I didn't want to ask him these questions right now as he is a family friend and we're trying to keep this on the down-low until we are sure we'd be moving, because we'd be leaving the state.

We would definitely have to cover at the very least the mortgage payment in monthly rent.  That's why I'm wondering how much we could charge competitively with the market.  That said, if we could sell the home at a significant enough of an increase from what we bought it for, we might want to sell instead.  The problem is that we only bought the home a year ago, so we're not sure we'd get much back on our investment.  That's why we're considering renting -- just to make sure we actually get something out of this.
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January 14
The biggest factor is going to be where it is in Sandy. I know from my personal experience that Sandy has 3 types of areas. If the house is east of 1300 E then I would estimate a fair rent to be between 1.7K and 2.4K. I know that is quite a range, but without knowing what exact neighborhood you live in and the condition of the home I wouldn't be able to give you an accurate amount. I would consider hiring a property manager if you truly want to rent out your home.

On the other hand, right now is one of the better times to sell on the east side. So many factors go into pricing your home accurately and in order to receive an accurate price you should have a REALTOR© run a "CMA" or Comparative Market Analysis for you. Agents will usually preform a CMA at no cost to you, but to give you an idea of how the area is preforming in todays market here is some info. Between 1/1/2012 and 1/1/2013 Sandy had 84 homes between 2800 SqFt and 3400 SqFt sell for an average of $261,730. When compared to these past 365 days, 212 homes have sold for an average of $307,610 in Sandy. Both years remained the same for a Median 28 Cumulative Days on Market. (Information obtained from the Wasatch Front Regional Multiple Listing Service on 1/13/2014)

You need to ask yourself some questions before deciding what path you'd like to take.

"Can I afford to pay the mortgage if I don't find a Renter or if the Renter doesn't pay?"
"Am I going to take on the responsibility of repairing the home if the tenant requires repairs?"
"Should I hire someone to take on the legal responsibility of managing the property or do it myself?"
"How much is my mortgage? Would selling the home in its current condition be more practical then waiting?"

Both renting and selling come with their drawbacks and benefits. Many people who rent their properties do it either because they have to or because they use it as additional income. One of the biggest and I would consider to be one of the most important questions should be, "Will the monthly rent be less, equal to, or more than my current mortgage?".

I hope this helps with making your decision. If you have more questions about either renting or selling, including having a CMA done on your home feel free to contact me.

Sincerely,

Joshua Phillips
Equity Real Estate - Solid
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January 13
 
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Is it worth it to rent my home out? How much?
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January 14 | 2 answers
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