If you’re like many people who want to buy a new home in Vero Beach, you’re not sure whether you should rent out your current home or put it on the market for sale.
Sometimes one option is a clear winner. Here are three instances in which it might be better to rent out your house to a tenant rather than sell it.
Should You Rent Out Your Home Instead of Selling It?
If you don’t need the money from the sale of your home to buy your next home, it might be wise to hang on to your current house and rent it out. Other cases that it might be a good idea to rent out your house include:
- When you can qualify for a second mortgage
- The market isn’t seller-friendly
- Your house is in an area where renters are common
Let’s take a closer look at each of these.
#1. When you can qualify for a second mortgage.
If you have the means, it may be a good idea to use your current home as a source of income. Of course, it needs to be in good condition – good enough that you’ll make a profit – and you have to be prepared to hire a property manager or take care of it yourself.
#2. The market isn’t seller-friendly.
If you have to leave your house on the market when it’s empty, it’s going to cost you. Even if you don’t have any mortgage payments, you’ll still have to pay to keep the utilities on and for things like lawn maintenance. That’s usually okay for a couple of months, but if the market isn’t moving much, you may want to rent it out to help cover your expenses.
#3. Your house is in an area where renters are common.
If your house is move-in ready for a tenant, and it’s in an area where a lot of people rent, you might want to use it as an income source rather than selling it outright.
Are You Buying or Selling a Home in Vero Beach, FL?
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In the meantime, check out these 1-click searches:
- Vero Beach homes for sale
- Vero Beach condos for sale
- Grand Harbor homes
- The Moorings
- Orchid Island
- Johns’ Island