You are facing a very personal decision. Can you rent your home out? Or should you sell your house? Much of it determined by your particular situation. It is important though to weight the pros and cons before making this critical decision. As well as your specific reasons for each option.
Do you hope to move back into your home at some point? Is this home important to you and your family? If a renter were to tear things up would you be heart broken? Now, these are the questions you have to ask yourself. Can you afford to pay for two homes if a renter cannot be found? What will you do if expensive repairs are required?
Who Do you know?
Do you know a good property manager? (That is something we can help you with! Check out our lists to start your search.) How far away from your home will you be? Will you have friends and family in the area that will be able to help keep an eye on things?
Unfortunately, this decision is not a simple one as you have to look at it from every angle. Is your home one people would want to rent? Will you be able to command a high price? Thus, some people can actually profit from their need to move. Furthermore, others will take a loss to keep their home.
Look at ALL the Angles
Renters can be destructive, property managers can be negligent, and sometimes bad things just happen. Are you prepared to deal with these issues should they arise? Will you be close enough to fix or oversee any major issues if they spring up? These are also important considerations.
Do not fear! You can do this. You will make this decision. Next, after weighing your options carefully, you will make the best decision for you and your family. It could be that you treasure your home. Then, putting up with these small issues are inconsequential. Further, you definitely should not sell your house if you can reasonably avoid it if this is how you feel. However, if financially it is a stretch then it is likely renting out your home will not be enough.
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