Many people who are looking to move are asking themselves if they should rent or sell their current home. This is a question that each person will have a different answer to. There are many factors that go into deciding whether to sell or rent a home. You have to know how much you owe on your home, what is the payoff quote, how much can your home rent for, and many more aspects. We have provided a few thoughts to help you make the right decision for you home.
- What is the sale price of your home vs pay off quote?- Many people don’t know the payoff quote of their home. The number most people are familiar with is the amount of principal left on their home. In order to know if you can afford to sell your home, you will need to know the payoff quote because it may be slightly higher than the left over principal. You will want to educate yourself about what price point would be needed for you to come out on top at closing (or how much will be needed to be brought to the table.) You can consult your Realtor on these issues as well. You may also Terri or Kristen for more information.
- What is the rent price vs mortgage payment?- You will want to have your Realtor run a Comparative Market Analysis to figure the rent price of your home. Once you know the rent price, you will need to decide if you are going to manage the property yourself or have a property management company take care of it for you. There are a lot of services that property management companies offer and it takes the headache off of you. More info on our property management services. Once you have all this information you can decide if renting would be beneficial to you and your finances.
There is a lot to think about when renting vs selling. It is not always an easy decision. Property management can be a great way to continue to earn on your home investment but can also be a headache if you don’t analyse all aspects. If you have more questions or would like your specific situation evaluated (at no cost) please feel free to contact Pinnacle Estate Mgmt or call (210) 954-1797.
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