Right now the market is a Buyers and Renters market. So what if you want to sell your home or what if you need to relocate ASAP for a new job? Sellers are reluctant to put their house on the market right now because statistically homes are selling for far less than in previous years. It's a great advantage for the buyer at the cost of the seller. Many people are giving out good prices just to sell fast because they need to move.
Why give away such a deal when you can financially benefit from renting out your home? The reality of having 2 mortgage payments may seem unreal however it generally gives you more of a financial advantage as opposed to renting somewhere while waiting for your home to sell.
- You have someone renting your original home and their rent covers the mortgage while you are enjoying your new home
- You are able to get a tax deduction on the interest payments of your original home that you are renting as well as your new home
- You are able to write-off valid and necessary expenses for your rental property such as: property taxes, insurance, maintenance, the management fee, advertising, cleaning, landscaping maintenance...just to name a few.
Of course you should talk to your accountant to make sure the tax breaks will work out best for you, but in most situations the home owner saves more money renting out their original home and living in a new home than they would if they rented a new place while waiting for their old home to sell. Plus with this option you can choose to sell your home when the market is more favorable in a year or two and I can help you determine when the time is right.
Here is an article from the AJC for more information
With your rental property make sure you have a property manager after all, the management fee can be considered a tax write-off. I will help prevent the headaches associated with renting your property. I will find you a tenant and screen that tenant per your instruction, I am on call 24/7 to care for any emergencies that may arise, I will look out for your best interest and treat the home as if it were my own investment and I can help find contractors for a good rate for any services that be needed for your home. Please contact me with any questions you may have and I look forward to managing your property for you!
Jason Tolley - Agent/Property Manager - Backyard Realty Group, LLC - firstname.lastname@example.org 770-315-0789, 770-974-7084