Whether you are needing to move because of a significant life change or you simply need a change, you’ll be faced with the decision of what to do with your current home. You can choose to sell it and use the money for your next home, or rent it out and start a business venture. The appeal of this second option is to earn extra income over time. This sounds like a great idea, however, it should be weighed carefully. Think through these factors from La Grange IL real estate agent about choosing whether to sell or rent out your home when moving.
Investing in the Future
When considering the option of renting out your current home, think about it as a long-term investment. This is a good way to invest in real estate and even start a portfolio. When you rent out your property, your mortgage stays active. This is different than if you purchased a home as a non-owner-occupied property. In this case, you would have had to pay more of a down payment and a higher interest rate. Thus, if real estate investing has ever been a thought, you are in a better position now than if you had bought something specifically for renting. The question you need to answer is whether or not you will qualify for a second mortgage. As a La Grange IL real estate agent it is recommended that you consult a qualified lender to find out your options.
Is the Property Ready?
Before choosing to rent out your house, make sure that it is in proper condition for renters. You need to be able to attract renters. One way to do this is to research what properties are preferred by renters in your area. Contact a qualified professional for this information. As a La Grange IL REALTOR helping sellers and buyers through every real estate transaction is imperative. Working with sellers preparing homes for sale in La Grange IL relates to preparing for renting out homes as well. Contact La Grange IL real estate agent Agnes Halmon for all your real estate needs.
There can be some tax benefits to renting out your home as well. There are several rules that you’ll need to understand and follow. It is advised that you learn from a professional accountant the laws that apply to your specific situation. In general, you can expect to save in the form of deductions like maintenance expenses and mortgage interest. For help with your real estate investment needs, contact La Grange IL real estate agent Anges Halmon today!