There are many reasons that might require you to move out of your current house, but does that mean that you need to sell it? Not necessarily. If a move is in your future, think about renting out your home rather than selling it. It’s not a choice or everybody, so weigh your options to decide what works best for you and your family.
The first factor you need to look at: can you afford to do this? Speak to a lender at Sun West Mortgage and figure out how much you qualify for.
Calculate how much you would need to charge a tenant in order to make a monthly profit. It is a realistic amount? Consider also the expenses that come with being a landlord:
- Legal fees
Sun West Mortgage can help you figure your numbers and decide whether you can afford to own two homes, or if you need to sell in order to afford another one.
If you love your house enough that you don’t want to sell it, imagine someone else living in it. Are you able to turn your beloved home over to another family? Think about the realities of entrusting it to someone else.
- Potential damages and/or repairs from renters.
- Being on-call 24/7 to address any problems.
- Maintenance and upkeep; do the renters keep it looking nice?
Renting your home to another family is a weighty decision. Go into it with an open mind and consider all aspects.