Need to Consider Whether to Rent or Sell your Home in San Antonio TX?
Those who are home owners in the Greater San Antonio TX area may end up needing to relocate to another area, or are looking to upsize or downsize and need to know their options on whether they should sell their home or rent it out.
Having a rental home in San Antonio can be a great tax break
This allows you to continue building equity in your current home. Building equity means more value for your current home and as long as it's kept up, this can be a gain in the future. However, there are some key questions you need to consider before deciding to rent out your home.
Are looking to buy another home and can you qualify for another loan with this mortgage on your records? Even if the home is rented and you are planning to use the rental income for your new mortgage, many lenders won't count rental income unless it has been documented for a certain length of time. You would also need a current lease.
Are you prepared to pay the mortgage payment if the home is not rented or your renter doesn't pay on time? You are still responsible for your mortgage payment whether the home is rented or not. Remember that you most likely will have another mortgage payment or rental payment to pay. Even if you own your current home, remember that you are still responsible for the property taxes and will want to get renters insurance.
Can you afford continuing maintenance on the home? While your home is rented, you are still responsbile for the general maintence on your home finacially. You may have something in place like a home warranty to cover repairs, but the home visit will most likely be your responsibility.
Will you be able to afford upkeep or updates after renters move out, get evicted or otherwise not keep up your home as they should? The bottom line is that many renters generally do not care for you home as much as you would. After move out, many times things like new carpet and new paint will need to be done to get it ready for rental again. This will cost money.
Is renting your only solution? Sometimes you have to rent out your home in San Antonio because you cannot afford to sell at this time. If you don't have enough equity in your current home to sell it for enough to pay off the current mortgage and fees to sell.
Sometimes the Solution is to Sell Your Greater San Antonio TX Home
If none of the above is an option for you and you can afford to sell, then selling your San Antonio TX home may be just the right answer for you.
The only real way to guarantee that you don't pay two mortgages or a mortgage and a rent payment (unless you already own the home outright), don't need to deal with additional upkeep and maitenance and deal with the rest of the rental stuff is to sell your home.
Ready to Sell your Home in the Greater San Antonio TX area?! Give me a call and I will be happy to sit down with you and let you know your options!
Brenda Mullen – San Antonio Texas Real Estate Professional
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