The question that many Las Vegas homeowners have to ask themselves at the moment. Should I sell or rent my house in Las Vegas? While you might think this a simple decision to make, there are a few important things to consider.
For example, selling while the market is hot may sound like an excellent idea from a financial perspective. However, you won’t get any cash if your house sits on the market for months on end because a real estate agent overpriced it.
Moreover, Las Vegas has a lot of accidental landlords these days. I know quite a few people who couldn’t sell their homes fast enough through a traditional real estate agency. The market shifted in favor of buyers, and they had to rent out their property.
Is a slow sale or renting out your home really the only two options? The answer is no; top real estate investors are making it possible for FSBO Las Vegas cash deals to happen a lot faster without the need for a middle man.
This changes the “Should I Sell Or Rent My House In Las Vegas?” question slightly – Should I sell my house fast for cash or rent my house?
If you are unsure of which direction to go, here are a few key questions to ask yourself:
Questions to ask if you’re considering renting
Do I have the capital to invest?
Cash flow can be an issue when converting your home into a rental. You need to stand out from the crowd to appeal to prospective guests (especially if you want to make money).
If you don’t have the capital to do this, you might not get the expected bookings you’ll need to pay for your mortgage.
Will I make enough money from a rental?
With the current state of the Las Vegas rental market, it’s important to crunch the numbers and decide if it’s worth renting out your property.
As we’ve seen, starting a rental could actually cost you money in the beginning. You will need regular cleaning services, furniture, as well as basic amenities. What’s more, if you’re not living in Las Vegas anymore, you’ll need a rental agency to manage your property. They’ll take a cut for their fees, further diminishing your potential profits.
In contrast, long-term leasing could mean tenants that don’t look after your property, thus lowering your future sale value.
Do I need cash right now?
If you need cash fast, selling your Las Vegas property to an online cash buyer is one of the best ways to do it. You can get a cash offer within hours and finalize the deal within days.
Real estate investors don’t care what condition your house is in or the location. A quick cash sale is a great option for sellers who would rather sell than deal with the hassles of renting, and/or putting on the real estate market.
Plus, most cash buyers/investors like Gr8housebuyers® will cover all the usual real estate closing fees, there will be no real estate commissions, and they will take care of any mess left behind! This makes the sale to an investor or cash buyer “as-is”. You don’t have to worry about paying for any repairs, nor appraisals, prior to selling the home. There are zero agent commissions or closing fees to pay!
That means you could actually walk away with more than you would have with a traditional real estate agent/transaction. It’s also a lot easier and faster than listing your home with an agent.
Not sure what an online cash buyer/ investor is exactly? Check out the benefits of selling online vs. listing with an agent.
Will I get a good deal if I sell?
Selling is the obvious option for you if you want to capitalize on your investment. Traditionally, to sell your home, you needed to list with an agent.
This means the real estate agent determines the value of your home, and often when a property needs TLC, it just doesn’t sell because inflated commissions, renovation costs, potential traditional buyer requests like having you pay for all the closing costs when listed with an agent, and transfer fees price it out of the market.
Fortunately, things have changed. You can now get a no-obligation cash offer within hours. An offer on paper will help you get a clear idea of what your house is worth. Most people are surprised by what they can get!
It’s also essential to make the sale while it’s a seller’s market. Cash offers can help you get the best possible deal while the market is hot! Las Vegas is one of the hottest markets in US! Once, the market turns, you could get far less for your property.
Furthermore, it doesn’t matter in what condition your house is; there are always investors looking to buy and renovate in the Las Vegas real estate market. Selling to an investor is a great option for older, neglected properties, fire damaged property, or a house needing a little TLC/rebab to a major full gut-job. Real estate agents in this situation won’t necessarily offer more, but they’ll still take their commission, and the home owner will be better off selling to a cash buyer to avoid paying additional costs.
Consider future market conditions – is it a good time to sell a house?
The market is constantly changing, and while it’s a good time to sell now, it won’t always be that way. Back in 2010, a survey showed that 4 out of 10 residents wanted to leave Las Vegas.
After the boom years, job opportunities were down, and tourism was slumping. We might see this again in the future. The market is in your favor as long as there is more demand and less supply.
Look at the current real estate market reports. If there is a slight downturn, you may want to hold onto your property for a while. In that case, renovating and renting your home instead of selling it could be an option.
However, if it’s a seller’s market, you should strike while the iron’s hot! You never know what the future might hold.
Are you truly ready to be a landlord?
On the surface, owning an income property always sounds good, but – as a future landlord – you need to be aware of what it takes.
The extra cleaning, repairs, and maintenance can add up quickly. You’ll also need to pay a mortgage – whether you’re making an income or not. Selling a house/property with tenants sometimes may be more difficult that it seems, and something to consider is that tenant issues may also arise.
If you’re confident that you have what it takes to be a landlord, Las Vegas can offer a steady stream of bachelors, high-end gamblers, and visitors to keep your rental busy if you’re in the right area. Just consider the risks and current tourism slump before making any rental calculations.
Is a cash offer on a house better?
If the effort and uncertainty of leasing sound too much for you, getting an online cash offer from a local cash buyer might be appealing for these reasons:
- There is an assurance that the cash deal will be successful.
- The sale will go through faster.
- Fewer contingencies to deal with. No loan contingencies!
- Quicker close and faster access to your funds.
- Zero stress with appraisals.
- No need to worry about cleaning or throwing away personal property you don’t want to keep. You literally sell the entire house “as-is”!
Finally, it all starts with a Gr8 Offer from Gr8housebuyers®!
You may assume that a cash offer might seem lower than an agent’s proposal, but you really have to consider all the circumstances and know all your options.
Gr8housebuyers® can provide both a cash offer or a listing proposal. They both have their pros and cons, but we can assure you that you can depend on us to provide the proper guidance to make this a seamless stress-free home selling process.
As a cash buyer, we take care of all the closing costs you would typically have to pay. The deal is also way faster and with fewer hassles.
You need to consider if the pros outweigh the cons in your situation. That said, there is no harm in getting an offer – they’re obligation-free after all.
At Gr8housebuyers®, we buy houses Las Vegas – and we’d love to help you! Please fill out this form, and one of our team members will contact you personally.