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.

328 Properties
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$699,000
Neighborhood: Sorrento East
3
Beds
2
Baths
2,039
Sq.Ft.
1996
Year Built
1
Day on Site
A4601170
MLS
$442,025
Neighborhood: Magnolia Bay
3
Beds
2
Baths
1,269
Sq.Ft.
2024
Year Built
1
Day on Site
O6181130
MLS
$465,360
Neighborhood: Magnolia Bay
4
Beds
2
Baths
1,687
Sq.Ft.
2024
Year Built
1
Day on Site
O6181129
MLS
$488,000
Neighborhood: Toscana Isles Ph 5 Un 2
2
Beds
2
Baths
1,816
Sq.Ft.
2021
Year Built
1
Day on Site
N6131541
MLS
$1,300,000
Neighborhood: Nokomis Heights
5,092
Sq.Ft.
1976
Year Built
1
Day on Site
A4601679
MLS
$725,000
Neighborhood: Sorrento Woods
3
Beds
2
Baths
2,364
Sq.Ft.
1989
Year Built
3
Days on Site
N6130947
MLS
$719,900
Neighborhood: Venice Woodlands
4
Beds
3
Baths
2,596
Sq.Ft.
2023
Year Built
3
Days on Site
A4601232
MLS
$1,195,000
Neighborhood: Lyons Bay
3
Beds
2
Baths
1,918
Sq.Ft.
1969
Year Built
3
Days on Site
D6135280
MLS
$3,750,000
Neighborhood: Casey Key
1
Beds
1
Baths
472
Sq.Ft.
1950
Year Built
4
Days on Site
A4562797
MLS
Open 3/2
224 Caserta Ct Nokomis,  FL 34275
$785,000
Neighborhood: Cielo
4
Beds
3
Baths
2,332
Sq.Ft.
2020
Year Built
4
Days on Site
N6131351
MLS
$674,900
Neighborhood: Venice Woodlands
4
Beds
3
Baths
2,386
Sq.Ft.
2023
Year Built
4
Days on Site
A4601024
MLS
$1,499,000
Neighborhood: Mission Valley Estate Sec A
3
Beds
2F21/2
Baths
3,256
Sq.Ft.
2001
Year Built
4
Days on Site
A4600386
MLS

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