Selling or Renting My Home – Which is Right For Me?
When the time comes for you to move on from your current home to another, many people believe that selling your current home is the best thing to do. However, there are some big advantages into turning it into a rental home instead. How do you know if the advantages are right for you? Here are a few ideas to consider:
How Permanent is Your Move?
If your plan is to move away for 3-5 years and then move back to the same area, it may be much simpler and cheaper for you to rent your house instead of selling it. That way, you have a place to come back to down the road. You avoid having to pay commissions and other fees on both the home you sell and the one you buy when you return.
One of the biggest advantages of owning a home is the fact that you are able to take so many deductions when it comes to taxes. You can deduct interest on the mortgage, depreciation, property taxes, repairs and community association fees. This can be a huge benefit to keeping your home and renting it out instead of selling it.
Grow Your Retirement Fund
Keeping your home can also help you as you plan for the future, specifically, your retirement. If the rent you receive each month is enough to cover the mortgage payment, then you are essentially building equity each month that the home is occupied. Once you finish paying the mortgage and get to the point of retirement, you can sell your home for a lump sum or continue to rent it out for additional income.
Do Prices Look to Rise Over the Next 5 Years?
As property values continue to rise, you might find that holding onto your home and using it as a rental property leads to extra money down the road. Even if the rent you collect doesn’t completely cover your expenses, as long as the home’s value continues to go up, you are still in good shape. Eventually you will be able to sell it and see a bigger profit.
Long Distance Management
One of the reasons people hesitate to hang on to a home is because they are moving far enough away that it won’t allow them to manage the property effectively. This is where Real Property Management Pinnacle Tucson Tucson can help. Put our experience and knowledge to work for you. We can manage your property for you, including screening tenants, collecting rent, maintaining the property and many other services as well.
Moving to a new home does not always mean you have to sell the one you’re in.
To learn more, call Real Property Management Pinnacle Tucson Tucson today at 520-883-7368 today