Thinking about selling but curious if turning your home into a rental makes more financial sense? Fret not!
Here are several down-to-earth scenarios to help you make the right call.
• If you need the profits from selling your home to fund your next home, you’ll need to put the brakes on renting—at least for now.
• If a job has you moving out of the area, but think you may be coming back, renting may be the right move—especially if you love your current home. (A word of caution: If you tend to freak out about modest home mishaps, handling strangers in your home may not be for good for you or your nerves.)
• If the rent can cover your mortgage, and you don’t need the profits from selling, renting can be a savvy decision. You just wanna make sure you leave enough wiggle room in the budget for lapse in renters and unexpected repairs.
• If the rumor mill around you is churning out whispers of “higher than asking price” and “multiple offers,” selling may be the way to go. With interest rates so incredibly low, you don’t wanna miss out on all those serious buyers.
Before deciding solo, talk with an agent who can give you the rundown on your neighborhood’s rental and housing market.
After all, teamwork makes your dream work!
Looking for an agent, give me a call. I’d love to help.
Mike Z. Haque