You've reached a point in you and your family's life where you are considering moving, whether that is because you like another neighborhood, career change, moving closer to family, PCSing, or are finally able to make the jump into the dream house you have always wanted. Now you have to consider whether to sell you property or should you transition it into a rental property. Nuvill has put together 5 essential questions you need to ask yourself before you make that big decision.
1. Is the moving reason a for sure thing?
In other words, is there a chance you will be returning to this location in a few years or so? Maybe you are PCSing for military, maybe you and your love of your life are just wanting a change of pace for a while. No matter the reason, the time spent selling your current house might be spent better turning that property into a rental.
2. What do the taxes look like?
Yes, that's right, there is a rental tax included in renting out your home. Now each person's situation is a little different, but make sure you talk to your tax representative to fully understand what your tax dues will be.
3. Who is going to take care of the property?
If you dive into the rental property route make sure to consider the inevitable issues, emergency calls, fixes and possibly uncooperative tenants that come with renting out your home. You might want to consider hiring a property management business. You will need to budget their fee into your new life.
4. Is your home located in a valuable area?
You should consider the neighborhood, community, and surrounding area your property is located in. Property value could change, for better or worse. Looking into the current market and your community construction plans could help you get a better understanding on your profits of renting, or if selling would be better.
5. How is the rental market doing?
Search on Nuvill's website for rental properties to get a gage on what similar home's are renting out for. Look around in close neighborhoods or communities alike yours. Is what you would charge be lucrative? Is there a lot of competition? What changes or renovations would you have to do to bring your home to rental standard? If you are ready to sell, Nuvill is ready to help you through the entire selling process! Contact us for a free comparative analysis of your home!