Moving Away? Should You Sell Your Hampton Roads Home or Keep It as a Rental?
A job transfer, PCS orders, retirement, a new relationship or simply a change in plans can create a surprisingly difficult question:
What should I do with my house?
Selling is one option.
But it isn’t the only option.
Depending on your financial circumstances, the property and the rental market, keeping your Hampton Roads home as a rental may be worth considering.
Start With the Numbers
Before making an emotional decision, determine what the property could realistically rent for.
Then compare anticipated rental income against expenses such as:
- Mortgage payments
- Property taxes
- Insurance
- Association fees, when applicable
- Maintenance
- Expected vacancy
- Property management
- Reserves for future repairs and capital improvements
A property’s monthly rent being higher than its mortgage payment doesn’t necessarily mean it will produce positive cash flow.
Look at the complete picture.
Consider Your Longer-Term Plans
Ask yourself:
Could I see myself moving back to Hampton Roads?
Would I regret selling this particular property?
Do I want to continue building equity in the home?
Would selling free up money I need elsewhere?
Am I financially prepared for an unexpected major repair?
Your answer may be very different if you’re leaving Hampton Roads permanently versus receiving military orders that could eventually bring you back.
PCS Orders Create Their Own Questions
Hampton Roads has a large military community, so this is a conversation we’ve had with homeowners for decades.
Receiving orders doesn’t necessarily mean you need to sell your home.
Some military homeowners choose to keep their Hampton Roads property as a rental while stationed elsewhere.
The important question becomes:
Who takes care of everything when you’re hundreds—or thousands—of miles away?
That’s where professional property management can be particularly valuable.
Is the Property Ready to Rent?
The way you live in your home isn’t necessarily the way you’ll want to present it to prospective tenants.
Before marketing, consider:
- Needed maintenance or repairs
- Safety items
- Paint and cosmetic condition
- Flooring
- Appliances
- Exterior condition
- Cleaning
- Landscaping
- Rental pricing
- Marketing photographs
An experienced property manager can help identify what should be addressed before the property enters the rental market.
What Happens After You Leave?
This is where many new landlords underestimate the workload.
Someone still needs to market the property, screen applicants, prepare the lease, collect rent, coordinate maintenance, communicate with the tenant, conduct property surveys, maintain records and address lease issues.
You can certainly manage a property from another state.
The better question is:
Do you want to?
Rent or Sell? Start With Information.
Neither decision is automatically better.
At First Landing Realty, we have an unusual perspective because our brokerage handles both property management and residential sales throughout Hampton Roads.
We can help you understand what your home may rent for and discuss the considerations involved in keeping it as a rental.
If selling ultimately makes more sense, our real estate brokerage can help with that as well.
Moving Soon?
Before putting a sign in the yard—or deciding you need to sell—find out what your home could rent for.
