YOUR VACANT HOME
There are issues that will determine whether you can, or should, rent your home rather than selling it.
Renting costs. Consider the costs in renting your home to decide if you can afford to go that route. Determine the going rental rates in your market using tools like the MLS listings, “shopper” guides, and online websites. Look for comparable properties in your neighborhood to estimate the monthly rent your home could bring. Note features such as square footage, number of rooms, and upgrades such as granite kitchen counter tops. Take location and proximity to desirable schools into consideration while looking for comps. You can also talk to real estate agents and property managers to get their take on pricing. If it turns out that you cannot cover your mortgage with the projected rent, then calculate how much of a loss you can take to still be able to afford to rent the house. In addition to mortgage payments, there are taxes, upkeep, and utilities to consider. Your home-sale situation. Your own economic circumstances may play a role in determining whether to rent your home or offer it for sale. Some sellers must evaluate whether they can afford to sell their home. If not, renting is a viable alternative. Here is an example of a situation where a couple had to examine how affordable it was for them to sell their house.
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