Does Renting Out My House Really Make Sense Does It Affect My Taxes

Dated: November 25 2017

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Does Renting Out My House Really Make Sense Does It Affect My Taxes

Sometimes, we decide exactly when we would like to move. Other times, life swoops in and decides for us. The company you work for might transfer you, a family emergency might require relocation, or we might finally find the love of our life—three states over. Should you sell your house or hang on to it as a rental property? Here are 5 important items to take into considerations.

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1 .Are you gone for good like totally never returning?

Or do you need an exit strategy? If there is a good chance you will return to your current home in a year or two, the money and time you spend selling your home and then buying a new one might make renting it out a smarter option. It’s a thought for sure.

2. How's the rental market? Does it make sense to rent your house?

Look at online rental sites to see what properties in your neighborhood and in similar condition to yours are renting for. Are there a lot of listings? Think about what you might charge and what you might have to do to bring your property up to the market standard. You can then get an idea whether your potential rental income will cover your expenses.

3. Where's the neighborhood heading?

A lot of factors feed into property values, from national trends to long-term construction plans. An agent can help you understand your property's potential for appreciation and whether or not it might pay to hang onto it.

4. How much is the hassle of being a landlord worth?

Unless you pay for a property management company (about 10 percent of the rental income), dealing with issues, emergencies and uncooperative renters (sometimes all at once, often in the middle of the night) can be trying. Ask yourself if it's worth the stress. Screening the renter is a must, make sure you understand the rental process and what Renters rights.

5. What are the tax implications?

Each situation is unique, so before you decide to rent out your home consider talking with a tax professional. They can help you figure out how much you can expect to pay in taxes on the rental income. Do you still have a mortgage on the house? If so be sure that the lien holder is ok with the house being rented.

If you're ready to sell,give us a call today at 855-483-9662. We offer you a quick and easy way to get a FREE  report on the value of your home.  

CLICK HERE TO RECEIVE A FREE VALUE ESTIMATOR REPORT.  

 

We are All about Texoma each end every day helping you with all of your Real Estate needs. Have a blessed day. 

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