To rent or to sell?
To rent or to sell?
The Milestone Team has advice for you!
Should you sell your home? Should you rent your home? These are serious questions that require serious answers and expert advice. The Milestone Team is your trusted Realtor advisor to help you answer those questions! Merrimack County, and its vacation-friendly seasons, offer property owners the opportunity to rent long and short-term. Many homeowners consider offering their home as a long-term, short-term, or Airbnb rental. Before taking the leap, consider the work it takes to be a landlord:
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Do you have the time to manage the property? Or: Do you have the resources to hire a professional property manager? (Bankrate)
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Are you able to make repairs – and willing to be on-call for your tenants?
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Are you staying local to be available to show the property, make repairs, or prepare the property for the next tenant?
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Do you need to “cash out” to purchase your new home? (Bankrate) Most homeowners are not interested in carrying two mortgages.
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Is your move temporary? (Bankrate) Renting your current home may be a wise choice – providing income while you are living elsewhere.
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Can what you earn in rent cover your costs? You will need to ready the property for tenants, advertise, and continue to pay your mortgage, taxes, HOA fees, and insurance. And: Realize rental income is counted as income.
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Can you handle the risks? According to Investopedia, you do risk theft or damage of your property - and carrying costs for an empty rental!
Renting your home is a decision not to be made lightly. If you are considering renting or selling, contact The Milestone Team to discuss the possibilities so you can make the best decision for you!