RENT HOME OUT OR SELL?
 Question: I plan to buy a larger home. Do you have any advice on the merits of selling versus renting out our present home? |
Answer: I would strongly consider selling over renting. To keep the house rented, you’ll have to pay advertising costs or fees to a broker. Maintenance costs take a bite out of rental income. Each time there is a turnover the house will have to be cleaned and redecorated. A vacancy can result in a loss that could take years to recover. A deadbeat tenant could take up to six months to evict plus legal costs. You’re better off selling a single-family home and using the money to move up to a bigger and better home. |
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