Decisions, Decisions: Renting or Selling Your House - Weighing the Best Move

If you’re a homeowner ready to make a move, you may be thinking about using your current house as a short-term rental property instead of selling it. A short-term rental (STR) is typically offered as an alternative to a hotel, and they’re an investment that’s gained popularity in recent years.

While a short-term rental can be a tempting idea, you may find the reality of being responsible for one difficult to take on. Here are some of the challenges you could face if you rent out your house instead of selling it.

A Short-Term Rental Comes with Responsibilities

Successfully managing your house as a short-term rental takes a lot of time and effort. You’ll have to juggle tasks like dealing with reservations, organizing check-ins, and tackling cleaning, landscape, and maintenance duties. Any one of those can feel demanding, but all together it’s a lot to handle.

Short-term rentals experience high turnover rates, as new guests check in and out frequently. This home traffic can lead to increased wear and tear on your property—meaning you may need to make more frequent repairs or replace your furniture, fixtures, and appliances more often. 

Think through your ability to make that level of commitment, especially if you plan to use a platform that advertises your rental listing. Most of them have specific requirements hosts must meet. An article from Bankrate explains:

"Managing a rental property can be time-consuming and challenging. Are you handy and able to make some repairs yourself? If not, do you have a network of affordable contractors you can reach out to in a pinch? Consider whether you want to take on the added responsibility of being a landlord, which means screening tenants and fielding issues, among other responsibilities, or paying for a third party to take care of things instead."

There’s a lot to consider before taking the leap and converting your house into a short-term rental. If you aren’t ready for the work it takes, it could be wise to sell instead.

Short-Term Rental Regulations

As the short-term rental industry continues to grow, regulations have increased. Legal restrictions commonly include limits on the number of vacation rentals in a particular location. This is especially true in larger cities and tourist destinations where there may be concerns about overcrowding or housing shortages for permanent residents. Restrictions may also apply to the type of property that can be used for short-term rentals.

Many cities also require homeowners to obtain a license or permit before renting out their properties. Nick Del Pego, CEO at Deckard Technologiesexplains:

Renting short-term rentals is considered a business by most local governments, and owners must comply with specific workplace regulations and business licensing rules established in their local communities.”

It is important to thoroughly check whether short-term rentals are regulated or prohibited by the local government and your homeowners association (HOA) before even considering renting out your home. 

Bottom Line

Converting your home into a short-term rental isn’t a decision you should make without doing your research. To decide if selling your house is a better alternative, let’s connect today.

321 Properties
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$599,900
Neighborhood: Toscana Isles
3
Beds
2
Baths
1,989
Sq.Ft.
2020
Year Built
1
Day on Site
A4611118
MLS
$339,900
Neighborhood: Sorrento Villas 3
2
Beds
2
Baths
1,405
Sq.Ft.
2005
Year Built
2
Days on Site
T3527593
MLS
Open 5/19
5788 Semolino St Nokomis,  FL 34275
$789,000
Neighborhood: Bellacina By Casey Key Ph 3
3
Beds
2
Baths
1,945
Sq.Ft.
2020
Year Built
2
Days on Site
N6132899
MLS
$575,000
Neighborhood: Toscana Isles
3
Beds
2
Baths
1,763
Sq.Ft.
2021
Year Built
2
Days on Site
A4611016
MLS
$355,000
Neighborhood: Spencer Cove
3
Beds
2F11/2
Baths
1,539
Sq.Ft.
2022
Year Built
3
Days on Site
A4611023
MLS
$579,999
Neighborhood: Milano Ph 2
3
Beds
2
Baths
1,515
Sq.Ft.
2017
Year Built
3
Days on Site
N6132950
MLS
$1,700,000
Neighborhood: Acreage & Unrec
2,569
Sq.Ft.
1966
Year Built
3
Days on Site
A4610427
MLS
$2,100,000
Neighborhood: Acreage & Unrec
3,961
Sq.Ft.
1945
Year Built
3
Days on Site
A4610401
MLS
$3,800,000
Neighborhood: Acreage & Unrec
19
Beds
16
Baths
6,530
Sq.Ft.
1978
Year Built
3
Days on Site
A4610605
MLS
$435,000
Neighborhood: Villages/Milano
3
Beds
2
Baths
1,689
Sq.Ft.
2016
Year Built
3
Days on Site
A4611085
MLS
Open 5/19
2100 Timucua Trl Nokomis,  FL 34275
$727,500
Neighborhood: Calusa Lakes
3
Beds
2
Baths
2,024
Sq.Ft.
1994
Year Built
4
Days on Site
N6132943
MLS
$595,000
Neighborhood: Calusa Lakes
3
Beds
2
Baths
1,767
Sq.Ft.
2002
Year Built
4
Days on Site
C7492858
MLS

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