To Rent Or Sell Your Home In Loudoun Or Fairfax County

Should You Rent Or Sell Your Home In Loudoun County?

April 24th, 2008 categories: Sellers

Everyone knows that right now is not the best time to sell your home. However, it is a great time to buy a home for a great price at great interest rates.

For many of us buying is not a viable option since we are “STUCK” in our current home which has no chance of selling without loosing a lot of money or going to foreclosure. Some of us aren’t “STUCK” but really don’t want to loose a lot of the money we put down on the home by selling now.

ARE THERE ANY OPTIONS???

If you aren’t living month to month paying your mortgage and you don’t need the equity in your home to purchase a new home you may want to consider renting out your current dwelling while you take advantage of the current market conditions. This option can allow you to purchase a home at a great price while your current home regains value.

Now, there are some obvious risks/ and benifits in this plan that should be taken seriously.

The good news is that many times when there is instability in the market rental prices increase.

Where To Start:

Ask a local Realtor to tell you what you can expect to rent your home for. This fee should include any HOA or Condo Fee’s. This will help you have a realistic expectation of the financial impact of renting over time.
Assume that between tenants you will have to pay the mortgage yourself for one to two months. Can you afford a loss?
Carefully research the benefits of renting (ask a tax advisor about writing off your depreciation and discuss how this will effect your capital gains tax.) This will most likely be the greatest attraction or deterrent for you.

If you are looking for professional help in renting out your home and acquiring a rental price estimate be sure to contact me. Don’t forget to ask about my FREE RENTAL OPTION.

Here is another great article to help you weigh the costs.