So, you’re ready to pack up your belongings and start the next chapter of your life in a new home. What do you plan on doing with your current home? Homeowners have two options: they can either rent their home out, or sell it. Which option do you plan on choosing for your home in Observatory Park in Denver? Here are some things you should consider before making a decision:
Many homeowners have to sell their current home in order to afford moving into a new one. If this is your situation, then you should definitely sell your home so you can buy the home of your dreams. However, if you have a little bit of financial flexibility, you should consider renting it out so you can have an additional source of income. Work with a real estate agent who can help you calculate how much you would be able to get for rent so you can figure out if it’s worth it. In some cases, you may do the math and realize you’re not going to make much after taxes and insurance are deducted.
Option to move back.
Are you relocating because of a job? If you’re not sure whether your move is permanent, it may be wise to keep your current home and rent it out temporarily. Ask your tenants to sign a short-term lease so you have the option of coming back home if the move doesn’t work out for one reason or another. Learn the ten terms to include in your lease or rental agreement
Ask a real estate agent to come look at your home and provide you with an estimate of how much it would sell for if placed on the market. Are you able to get as much as you expected? If so, then feel free to sell it while the market is hot, but if not, it doesn’t hurt to wait and see if you can get more after a little bit of time has passed. Remember, the real estate market constantly fluctuates. If it’s down in your area right now, it could be scorching hot within just a few months. Consult with a real estate agent to determine if it’s best to sell now or wait it out by renting your home to tenants.
If your schedule is packed from the time you wake up every morning to the time you go to sleep at night, you probably shouldn’t try to fit being a landlord onto your daily to-do list. Selling your home is the better option if you don’t have the time to commit to keeping up with a second property.
Are you ready to move out of your current home? Regardless of whether you’ve decided to sell or rent out your home, it’s important that you work with the professionals at Elevation Realty. Contact Elevation Realty
to be connected to a team of experienced real estate experts ready to help you on your home buying or selling journey.