Usually, people have a clear idea of when they need to move. They then align their plans with it. But there are instances when you don’t have actual control of these things. It may be that your company is suddenly transferring you to a different branch, or perhaps a family emergency requires you to move to a different region. Whatever the situation may be, you would have to decide what you want to do with your current home – will you sell it or rent it out?
Here are some important considerations that you have to make should you find yourself in this situation:
Is your move permanent?
Are you moving for good or just for a period of time? If you are going for good then it just makes perfect sense to put up the property for sale. But if there is a chance that you’ll be back after a year or two, the time, money, and effort spent on selling your current home and buying another one won’t be worth it. It will be ideal to rent out your home.
`What is the market like?
You have to do your own research about the rental prices in your area and the current selling prices of similar properties. It would also help if you know about the demand for rental properties in your area, as well as how many properties are listed currently. When you do your homework, you’ll have a clearer idea of how much rental income you can expect or what upgrades your home needs to get a good price if you are selling.
Who will manage your property if you decide to rent it out?
Remember that there is so much more to renting out than simply collecting rental pay every month. Landlords have certain obligations, including dealing with all the issues and emergencies even in the middle of the night. If you are not going to be able to manage the property yourself, you want to make sure that you get a reliable management agent. Your rental agent will help you with advertising, tenant screening, performing credit checks, drawing up lease contracts, and more.
What are the tax implications?
Every situation is different. It is important that before you decide to rent out your property, discuss it with a reliable tax professional who can help you understand what you would be paying in taxes on the rental income.
Of course, the decision whether to sell your property or rent it out largely depends on your circumstances and what suits your needs the best. You are the only one who can ultimately know what will work for you.
If you decide the selling makes more sense for you, contact Tammy Samuels. She can help you sell your home at a price that’s right for you.