Cash Flow:If your goal is to generate cash flow from your property, renting it out may be the better option. You can collect monthly rent from your tenants and potentially earn a profit after expenses. However, if you need a lump sum of cash, selling your property might be the better option.
Real Estate Market Conditions:The current real estate market in Richmond is highly competitive, with prices continuing to rise. If you sell your property now, you could get a high price, but it may be challenging to find a new property to invest in at a reasonable price. On the other hand, if you decide to rent your property, you could benefit from a steady income stream, as the demand for rental properties in Richmond is always high.
Long-Term Investment Goals:If you're looking for a long-term investment, renting your property might be the better option. Richmond's population continues to grow, and the demand for rental properties is expected to remain high. You could hold onto your property and continue to collect rent for years to come, potentially earning a significant return on your investment.
Ultimately, the decision to rent or sell your property in Richmond depends on your specific circumstances and investment goals. It's essential to evaluate all the factors and consult with a real estate professional to make an informed decision.
1. Complete the input boxes as described. Once all required inputs are complete, the Rent vs Sell calculator will automatically calculate your answer.
2. Use the links when available to find the data requested if you don't already have that information.
3. Select the ? Icon next to the input label to learn more about the requested data.
4. Refresh the model to return all advanced inputs to default amounts.
If you RENT your property, you'll have $21,355 more wealth in 5 years verses selling your property today.
|Year||Rental Income||Mortgage Expense||Other Costs||Net Cash Flow||House Value||House Equity||Wealth (Rent Out)||Wealth (Sell Now)||
Difference in Wealth
(Rent Out to Sell Now)
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This Rent Vs. Sell Calculator is provided by PMI Richmond. By using the Rent Vs. Sell Calculator and clicking the “Calculate” button, you agree that the information and estimates provided are for general information purposes and provided “as-is” without warranties of any kind, expressed or implied, including without limitation the warranties that it is free of defects, errors, viruses, merchantable and that it is fit for a particular purpose. Your usage of the Rent Vs. Sell Calculator is at your own risk. Under no circumstances shall PMI Richmond be liable for direct, indirect, incidental, special, or consequential damages, resulting from any aspect of your use of the Rent Vs. Sell Calculator including but not limited to damages that arise from your inability to use the Rent Vs. Sell Calculator or the interruption, modification, or termination of the Rent Vs. Sell Calculator or any part thereof.