Renting or Selling Your House: What Should you do?

Thinking about leveraging your current property as a short-term rental instead of putting it up for sale? It's a tempting prospect, no doubt. Short-term rentals, akin to hotels, have surged in popularity as a lucrative investment avenue. However, before you take the plunge, it's crucial to understand the challenges that come with this venture.

Running a short-term rental property demands significant time and effort. From managing reservations to handling check-ins and addressing cleaning, landscaping, and maintenance tasks, the responsibilities can quickly pile up. The high turnover rates characteristic of short-term rentals means constant foot traffic, which can accelerate wear and tear, necessitating frequent repairs or replacements of furniture, fixtures, and appliances.

Consider your readiness to commit to this level of responsibility, especially if you're planning to advertise your rental through platforms that impose specific host requirements. As pointed out in a Bankrate article, being a landlord entails screening tenants, addressing issues, and potentially managing contractors or third-party services for property upkeep.

Moreover, the regulatory landscape surrounding short-term rentals is evolving. Many jurisdictions now impose restrictions to manage concerns such as overcrowding and housing shortages, particularly in urban areas and tourist hotspots. Homeowners may need licenses or permits to operate short-term rentals, and compliance with local regulations is paramount.

Before embarking on the short-term rental route, thoroughly research the legalities and regulations governing such operations in your area, including any stipulations from your homeowner’s association (HOA).

Ultimately, converting your property into a short-term rental requires careful consideration. Selling your home might be a more viable option if you're not prepared to meet the demands of managing a rental property. If you need guidance in making this decision or are seeking local property management services, feel free to reach out to discuss your options further.