With the housing market improving, many Gilbert real estate home owners are starting to get the itch again to move. What holds many people back from taking the leap and buying a new house to move to is they are not exactly sure what to do with their current property. According to Troy Reeves of the Troy Reeves Team, now is a good time to list your property but you need to make your decision and act fast before the market gets bogged down with houses for sale or lease.
Perks of Renting
Renting out your home can be a very savvy business decision. When you keep a house and then lease it to new residents, your house becomes an investment and is no longer your home. If you are able to find suitable tenants, you should be able to pay for the mortgage and upkeep of the property completely from the monthly lease payments. Some people are even able to actually earn a profit from renting their home out, but with only one property do not expect it to be substantial income. Since renting your home out is a business venture, you will also be able to deduct many of your expenses from your income taxes and depending on the IRS laws each year, renting out your home usually qualifies you for certain types of tax credits.
Why Most People Sell Instead
The majority of homeowners choose to just sell their Gilbert, AZ home instead of renting it for very justifiable reasons. Mainly, people will face the problem of being able to get a home loan for their new Gilbert real estate property with so much of their credit line tied up into a house they are not going to sell. Renting a home out can also be a lot of work and if it does not rent out right away, you could be out big bucks. You also run the risk of the renters doing damage to property and most people would rather just start with a clean slate. Working with a qualified real estate team will definitely benefit you in the making decision, especially if you are unsure about the choice.
“by Troy Reeves” at Google