Should I Rent or Sell My Home?
Should I rent or sell my home? This is an increasingly common question these days for homeowners when their home no longer suits their needs or when they need to move. Selling is an obvious option. However, in some cases, turning it into a rental home might make more sense.
The answer however is not always clearcut for the property owner and making the decision can be complicated. If you are are worried about making a smart financial move and have the option to either rent or sell your home, check out this linked Rent vs. Sell calculator and consider the important factors below.
Your financial situation.
Do you have enough money to keep the home as a rental and cover mortgage, taxes, insurance, repairs, maintenance, management fees, etc?
Local market conditions for rental homes.
Is there a high demand for rental homes in your area?
Your future housing plans.
Is your move permanent or are you planning on coming back?
Your tolerance for being a landlord.
Being a landlord comes with responsibility, expenses and no off-hours. You can hire a property manager to take care of everything, but make sure you can cope with the fact that a tenant may not take care of your home the way you woul.
State and federal income taxes.
Consult with a tax professional to be informed of tax implications or advantages in order to make the best financial decision.
Current and projected home prices.
What is the current condition and value of your home compared to future value?
There are other factors to consider. This is just a quick list. If you are still wondering whether you should rent or sell and need some cold hard numbers to help with the decision, check out this Rent vs Sell calculator to do the heavy lifting for you! Compliments of NARPM (National Association of Residential Property Managers).
Ready to seek the help of a professional? For a free, no-obligation consult regarding your real estate needs, call Pioneer Management today at 541-687-9090.
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