Time for an upgrade? Thinking of taking advantage of the current buyers market conditions and low mortgage rates? But don't want to sell in this market? Many homeowners are taking advantage of today's market conditions to buy a new home while opting not to sell and renting out their current properties.
Renting maybe an option for you however here are many things to consider. Here are just a few:
Pros:
-Earn extra money: If the rent's higher than your monthly costs (mortgage, insurance, property taxes, upkeep) , you will have a positive cash flow.
-The tenants pay your mortgage.
-Wait out the current market and hopefully gain some equity.
-Possible tax advantages.
Cons:-The rent may not cover all your monthly expenses
-Risk that tenant may become behind on rent.
-It is hard to stay detached emotionally and take on the roll of landlord.
-Many tenants may not treat your home as you did. When you decide to sell, it may not be in same condition as when you owned it.
-You are on-call for emergencies and general maintenance
-Possible tax implications.
Becoming a landlord requires putting on your business hat and treating your rental home as a business:
-Make sure you weigh ALL the pros and cons.
-Make sure to evaluate your local rental market.
-Research the landlord and tenant laws thoroughly.
If renting isn't an option for you , I can offer you advice on how to sell your home quickly and for top dollar.
not intended to solicit those currently under contract
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