Should I rent or sell my home? ~ The answer all depends on you.
Rental properties are not just for investors.
Some move due to medical issues or employment opportunities. You may want to rent your home just long enough to get it sold, or until the current market increases in value. Renting is also a good way to let someone else pay your mortgage while you maintain ownership.
It's not all sunshine and roses.
Rental properties can be rewarding, but they come with risks and responsibilities. While tenants make monthly payments, you are still responsible to pay your mortgage each month, maintain the property, and pay for necessary repairs. Be financially ready for a late payment or if there is a vacancy between tenants.
- Rental income can cover some or all of your monthly mortgage payment. You may even make a profit if your monthly expenses are low enough.
- You may continue to build equity at the expense of the renter.
- There are tax advantages and deductions associated with home ownership.
- You can wait for the market to improve and realize a greater profit if you decide to sell.
- Mortgage payments must be made even when the property is vacant.
- Costly repairs and maintenance work cannot be delayed if it inconveniences the tenant.
- Disputes with tenants and unpaid rent could require legal representation and fees.
- There are expenses prior to a tenant moving in such as cleaning, painting and repairs.
- Property management fees can vary so it’s best to ask before you make your decision.
No mater your decision, dont do it alone. Ask questions and get the advice you need.