Co-Founder & Head of Product

Renting out a home you love can be as daunting as selling. That's why Belong has developed a 'middle ground' for downsizers in a sell or hold dilemma.

Time to Downsize? Consider the Pros and Cons of Selling or Renting

When it's time to downsize your home, the decision to sell can be a painful one. But renting it out to strangers can be equally daunting. That's why Belong has developed a 'middle ground' for downsizers who are facing the 'sell or hold' dilemma.

There are plenty of reasons for hanging on to a beloved home, even if it no longer suits your lifestyle. Perhaps you want to see your own kids (or grandkids) live there someday. Maybe you want to travel for a year or two while you decide. Perhaps you want to move to a smaller place, but don’t want to sell the house because property values in the neighborhood are going up, and you want to maximize your potential profit.

There are many options you have at this point in your life. But if you want to keep the house, the biggest challenge you will face is finding the right person to live in it.

Many homeowners choose to sell their current home when it’s time for them to downsize. Often, they’ve lived in their current home for years or decades, and built a considerable amount of equity in the property. But selling your home may not be the best option if you want to prioritize ongoing cash flow, bequeath the property to a relative, or simply hold the home for sentimental reasons. 

Cash out on the equity you’ve built in your home. Selling your home, especially one you’ve lived in for more than 2 years, can result in a large amount of cash immediately becoming available to you. 

Reduce property maintenance time and costs. When you sell your home in order to purchase or rent a smaller property, you immediately reduce the amount of yard work, maintenance, and general property management required. 

Market conditions can make returns uncertain. Realtor.com predicts that 2023 will be a “nobody’s market,” where inventory increases but prices remain high. You may wish to downsize during a period when market conditions are not favorable to sellers, and if that’s the case, holding on to your property may be a better option. 

Capital gains taxes may cut into profits. It’s easy to forget Uncle Sam’s portion of your equity gains may be larger than you thought. Capital gains taxes can be as high as 37% in some cases, so be sure to consider this when choosing whether to sell or hold your home. 

Since 2008, with the dawn of AirBnB and the growing popularity of renting vacation homes for shorter time periods, many homeowners have chosen to move out of their home and turn it into a vacation rental rather than sell it. This is appealing for homeowners that want to continue letting their equity grow, while also covering their mortgage payments and even earning additional income. Vacation rentals aren’t passive income, however, and complaints with short-term rental companies have been in the news throughout 2022. 

Pros of turning your home into a vacation rental

Earn regular extra income. Nightly rates for vacation properties often exceed the average nightly price of long-term rentals, and several bookings a month can often comfortably cover your mortgage and earn you extra income. 

Deduct many expenses. Because your vacation rental is considered a business, you can deduct related expenses such as cleaning and marketing costs. 

Cons of turning your home into a vacation rental

Property damage is more likely to occur. A common complaint among vacation property owners is the vacationers themselves. It only takes one unauthorized party or rowdy group of guests to inflict a lot of damage to your home, and the recourse may not be enough to cover the damages.

Market fluctuations impact the ROI significantly. Vacation rentals are highly impacted by the overall economy and travel trends. And right now, the trend is downward. While the highs of vacation rental ownership are certainly high, the lows can be especially painful if you’re not prepared. 

Changing regulations may interrupt your business. Many cities are banning or significantly limiting short-term rentals, citing concerns with housing availability. These regulations may not be in your city currently, but they are spreading across the country and represent a risk to consider. 

Marketing, cleaning, and customer service required. The income from short-term rentals is far from passive. In most cases, you’ll be directly responsible for communicating with guests, arranging cleaning and maintenance services, and generally keeping the business running. If you’re downsizing in order to live a simpler life, a vacation rental is not a great option. 

Pros and cons of renting your home long-term

The third (and we’d argue best) option for homeowners that want to downsize their living space is to list their home as a long-term rental. Long term rental properties earn owners steady, predictable, and sometimes even guaranteed income when working with a partner like Belong. Unlike vacation rentals, long-term rentals offer stability to both homeowner and resident, and finding a qualified partner to manage the property day-to-day is much easier. 

Passive (sometimes guaranteed) income. Long-term rentals, when managed by a qualified partner like Belong, can result in truly passive income. Special programs may even guarantee your rental income, even if tenants pay late or the property has a period of vacancy. 

Long-term leases mean less fluctuation (and less stress). Longer-term residents mean shorter-term vacancies and a more consistent experience for homeowners and residents alike. 

Better care is taken of the property. Residents that live in (and love!) your property full-time are more likely to care for your home as if it is their own. And high-quality property management partners like Belong will ensure maintenance problems are addressed immediately, keeping your property well-taken care of without you needing to lift a finger. 

Equity isn’t liquid. If you need to access your equity in cash, perhaps in order to purchase your next home outright, selling may be a better option for you. 

Less access to the property during the lease term. Residents have strongly-protected rights to privacy, so if you want to visit the property frequently or even stay there on occasion, a short-term rental situation may be better for you. 

How Belong is making life easier for downsizers

Downsizers love Belong because we put great residents in their home, keeping it well loved and well maintained, helping the home appreciate while you’re not in it. And if you do decide its time to sell, the management fees that Belong collects could get credited to offset some of the commission earned from the sale of the house. We call that a win-win! 

Belong is not a property management company, but a residential network offering unique services to both homeowners and their residents. From not charging fees for the essentials to guaranteeing rent, Belong will partner with you to achieve financial freedom. And you'll never need to lift a finger. 

Learn more and find out if your home is eligible at belong.com/homeowners.

We want to make sure you have everything you need to find the perfect rental home for you and your family so that your move is as smooth as possible.

Stop Looking For a Place to Rent and Find a Place to Belong

We know finding the right place to live is hard, so let us help.

We are Belong, and we know that renting is the best option for many people looking for a place to live. We want to make sure you have everything you need to find the perfect rental home for you and your family so that your move is as smooth as possible.

Renting might be better than buying a home

Renting is more affordable than ever before: You don't have to put down a big deposit or pay closing costs on a rental property—all of that is taken care of by your landlord (or in this case, Belong). And if you're still paying off student loans or other debts, renting can be a great way to save money while you focus on building up your credit score (so when it comes time to buy, you'll have an easier time getting approved).

You won't have to worry about maintenance: When it comes time for repairs or updates, we will take care of everything for you! That means less stress for you and more time to focus on what matters most: enjoying life with your family!

When you're looking for a rental home, it's easy to feel like you're in over your head. There are so many things you have to think about—and if you're like me, some of those things are way above your pay grade.

However, there is one thing that we have learned: renting is a great way to save money and live comfortably without having to take on the responsibility of purchasing a property.

You can't put a price on peace of mind—and if you live in an apartment or townhouse instead of owning a house, then you don't have to worry about all the maintenance that goes along with owning a home. You don't have to worry about fixing anything or keeping up with property taxes. You just enjoy your own space and relax whenever possible.

If this sounds appealing to you, check out our webpage! We'll help make renting easy by showing only properties where we know we can get you approved for rent.

If you're looking for a place to rent, you've probably already thought about buying. But did you know that renting can be a better choice?

When you buy a home, you make a lot of sacrifices. You can't move around as much, and you have to pay more taxes and insurance. Plus, there's always the chance that your home could lose value—and even drop by more than half its original value. Not good!

Sometimes is better because it gives you more freedom and flexibility. If you ever decide to move out of town or change jobs, it's much easier when all your stuff is already packed up in boxes or stored away. And if you do decide to sell? You won't have any regrets about what might have been had things gone differently!

If you're like most people, you dream of owning a home. It's that American Dream thing: owning something that is truly yours, where you can plant roots and make memories.

This all sounds great but when you start looking at houses, it became clear that renting was actually a better choice for me right now. Here are just a few reasons why renting is the way to go!

Did you know that the average homeowner spends $1,200 per month on their mortgage? That's $14,400 per year! If you factor in taxes and insurance costs as well, it gets even higher—$23,000 per year! And if you're planning on moving within five years or so (which most people do), then the equity you'll build up in your house may not cover the cost of selling it. So even if it does work out for you financially, the cost of moving and buying again is going to be pretty steep.

Belong is here to help find the perfect rental home for YOU!

If you are ready to find the place you Belong, just visit our website and let’s get started! 

Enjoy the benefits of renting out your home without all the hassle, with guaranteed rent and innovative new services not available from property managers.

What Are The Benefits of Belong Over a Regular Property Management Company?

Getting the most out of your investment is quite important when you buy a house. This is why experienced real estate investors always work with a good management company.  

But what if you don't need to be an experienced real estate investor to start earning money with your property? With Belong, you can have all the benefits of renting out your home without all the hassle that property management implies. Keep reading and discover the advantages of Belong.

With our services, we'll find people who Belong at your home. Our tenant (or as we call them - resident) selection process involves a thorough screening process to find trustworthy residents, so you don't have to worry about it.

Some of the problems of renting out your house if having to go after your tenants and dealing with late payments. With Belong, you will receive your money on time, every time. 

Happy tenants mean longer rentals which means consistent cash flow for you. 

It takes one tricky tenant to cause significant legal headaches. Belong has a qualified team with knowledge of the latest landlord-tenant laws and will make sure you don't have to worry about all the legal parts.  

If you charge too much, you might not rent at all, if it's too low, you are losing money each month. Finding the right price requires experience and access to specific tools that you might have never heard of. With Belong you can forget about all that trouble and just enjoy your extra time (and cash!)

Have you ever put up an ad to sell something? If you have, you know how time-consuming it can be. The good news is you don't have to do that! We will advertise your property with incredible results. 

This is actually the best part: With Belong, you will have guaranteed rental payments, continuous cash flow, maximized rental value, AND free time! 

These results can only be expected from a trustworthy company like Belong. A poor choice of a management company can produce many headaches of its own. So if you are ready to Belong, all you have to do is visit our website and follow a few simple steps. 

What Are The Benefits of Belong Over a Property Management Company?

At Belong, we believe landlords or tenants are outdated. We want to make renting a magical experience for homeowners and residents. Beyond properties, we are renting people love and happiness.

Belong: Disrupting Property Management 

At Belong, we believe landlords or tenants are outdated. We want to make renting a magical experience for homeowners and residents. Beyond properties, we are renting people love and happiness. 

In this article, we will explore Belong: a company that works as the middle person between homeowners and renters. 

Belong is an online platform that connects homeowners and renters so they both can find what they’re looking for in the most simple and convenient way. 

If you are a homeowner looking for passive rental income, Belong makes it easy for you. With our user-friendly platform, putting your property out on the market and finding the perfect renter can be done without all the stress that usually comes with it. All of this happens in one place, at the click of a button on your phone or computer. The Belong App is people-forward and convenient for everyone to use.

You can forget about advertising your property, showing the house, finding the right tenant, doing a throughout screening process, collecting rent and so many other things that landlords usually have to do. 

With Belong, all you have to do is visit the website, go to the Homeowner section and follow some simple steps that we will list below.

First, you input your address in our search engine to make sure Belong is available in your area. If it’s unavailable, just be patient; we are working hard to expand to more places. You can check out all the cities we’re “coming soon” to on our website!

If you are still living in the property you want to rent out, don’t worry! Belong will handle your move so you can just sit back and relax while we make the magic happen.

Belong will take care of all the reconditioning and renovations needed for your home to be in top shape and ready for showing.

Once your property is ready, Belong will take care of all the marketing, tours, and showings. 

Belong has a trustworthy screening process that allows them to find residents that will care for your home. 

Belong will make sure to do background and credit checks, income verification, identity verification, and reference check. This way we are able to spot the best renters right away and connect them with the right homeowner. 

Belong has a reliable concierge team that will be available 24/7, offering assistance to both homeowners and renters. 

If anything comes up, you will receive notifications straight to your phone and communicate with our team. You will be able to review estimates and approve any work that has to be done in the most simple and convenient way. 

With our guaranteed rent payments, all you have to do is wait for your monthly rent payment. No complex paperwork, no trouble, no stress. One streamlined payment process and online statements are available for maximum ease.

Belong

Harrison Kelly

Jane Allison Gunn

Tyler Infelise

Lucas Hanft

Melanie Kershaw

Harrison Kelly

Jane Allison Gunn

Tyler Infelise

Lucas Hanft

Melanie Kershaw