Property Solutions

Deciding to Sell or Rent Your Home?

Posted on July 27, 2017 at 9:20 am

Most people decide to sell their homes when they feel it no longer suits them, while others rent them out. There are a number of factors that you need to consider to sell or rent your home.

These factors include:

– Your financial situation.

– Your future housing plans.

– The market for rental homes.

– The current home prices.

– Taxes involved.

It is better to rent the house out if you are moving away temporarily and not selling it and buying another one in the future. On the other hand, if for instance, you are transferred to a different place and you know that you won’t come back, then selling it may be the better option.

Consider your mortgage and other expenses. You can use money from the rent to pay for your mortgages and to foot other bills. After clearing your mortgage, you can then sell it.

You also need to analyse the market and see if the price of home is going to rise in the next 5 yrs. If you are certain that your home will fetch a better price in the near future, you can rent it first, until housing prices are better for selling.

Posted in Property Solutions