According to the Mt. Bonnell website, the average rent you can expect to get out of an Austin, Texas, property is close to $1,500 for a two-bedroom apartment. As the median home value is around $450,000, these are both strong candidates for getting sudden or gradual income out of your portfolio. So, which should you choose?
With PMI Austin's Rent or Sell Calculator, you can start to make sense of the financial decision. So, keep reading how to use the tool and determine the best strategy for what to do with your property moving forward.
Using Our Rent or Sell Calculator
The first thing you will need to do is gather details on your property, such as the:
- Value of the home
- Price you paid for the property
- Original mortgage amount
- Mortgage balance as it currently exists
- Current interest rate
- Difference between your original mortgage and how much you expect to pay back
- Average annual increase in mortgage
- Time in which you want to know if it is a good idea to rent or sell
- Rent you are likely to get from the property
- Annual cost of property taxes or other regular property charges
The rental vs. home sale calculator will then assess the current market value of your property and compare it to how much you are likely to get from rent. You will then have a clear answer regarding which will likely offer you a greater ROI.
Ensure that you put valid information into the tool. Doing this will give you the best chance of more accurately assessing your situation.
Interpreting Your Results
When you have all the information from the Rent or Sell Calculator, use the numeric data to determine the advantages of renting over selling or vice versa. Then, determine which of these options is most likely to maximize the cash flow you get over the period you assess the property for.
If necessary, input the information from the real estate ROI estimator into an Excel or Google Sheets table, turning it into a visual graph to help you further.
Remember that renting and selling are not equal. While rental offers a steady income, selling will release the equity. You can then use this to invest somewhere else that suits you better.
If the process is much too complicated, it may help to contact a professional property manager. They can discuss your results with you, comparing different scenarios and considering your unique situation to give you the insights you need.
Maximize Your Rental Income Potential Now with PMI Austin
Tools like the Rent or Sell Calculator can help guide your property sell vs. rent decision. In a dynamic market such as Austin, Texas, this can make it more likely you will be able to secure a high ROI over time. Working with a property manager can make this process easier, giving you expert assistance every step of the way.
PMI Austin understands how to provide you with all the advice you need to make a better decision. Whether you want to work with them on a future rental or start the sales process, we can offer valuable insights. So, contact us today for a free property investment analysis and find out what you can get from your home with the proper guidance.
