SHOULD I SELL OR RENT MY HOUSE?

BY: PAUL CROWDER

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Maybe you're a homeowner whose moving to another home or maybe you inherited property and contemplating what to do with it. For whatever your reasons are, you may be asking yourself, "Should I Sell Or Rent My House?". Having been real estate professionals for several years, we frequently work with individuals who are trying to figure out the best solution for their situation. Here are four essential points that you will need to consider to help you decide. 

Do you need funds from the sale of your current home? If you need all the equity from the sell of your home for the down payment on a new one, you might want to sell your home. If you don't need all the equity for a down payment, you might be able to take out a home equity loan or refinance into an investor loan and use the proceeds for your down payment and still make your home a rental.

What are your future plans? If you are being transferred or moving to a different city and are likely to return, it may be cheaper to rent your home and move back in when you get back. If you think home prices in the area where your house is located are going to rise and your plan is to sell it within five years, you can still rent it out for up to three years without losing your opportunity to sell it with likely no capital gains tax providing you owned and lived in the house for two of the past five years prior to the sale.

Can you rent home to cover mortgage payment and expenses? If you can, keeping your house can be a smart way to help fund your retirement or help pay for college tuition. Taxes you pay on rental income can be significantly reduced by taking deductions for your expenses on the property. When you finish paying off the mortgage or when you retire, you can sell your house and convert your equity into a lump sum payment, or continue renting it and collecting income during your retirement. Over time, having tenants paying monthly rent can pay down your loan and build up equity in the property.

Do you want to be a landlord? Owning rental property can be a great investment providing your able to handle task of maintaining the property and dealing with tenants on an ongoing basis. Hiring an experienced property manager to assist you can be a great decision. A quality property manager can handle all the work for you and help maximize your investment in your house.

I enjoy sharing helpful information and welcome your questions and comments.You can send me an email at paul@crowderrentalhomes.com or call  us at 704-909-0400. You can visit our website for more information by clicking here: CROWDER PROPERTIES 







Paul Crowder has more than 16 years experience and is Owner and Manager of Crowder Properties. He has a strong passion for all things real estate with a proven track record of success as a Real Estate Investor, Property Manager and Realtor.