Moving is a big change as well as a great opportunity for new beginnings. Moving to a new house can be very exciting, but you still have to worry about taking care of your old house. When moving to a new house, it seems only natural to put the old one up for sale. However, trying to sell your house can be expensive and difficult. In addition, the housing market is in such rough shape that it might take years for your house to be sold if it gets sold at all. If you don’t want to deal with the troublesome task of selling your house, consider renting it out instead.
One of the biggest advantages to renting out your house instead of selling it is that it creates a steady cash flow. If you could use the extra money for bills, mortgage payments or other expenses, renting out your old home is a great way of getting some extra income. It’s also a great way of saving money for future expenses such as college funds.
Double House Payments
When you move to a new house and your old house is on the market, you will still need to pay the mortgage payments on that home. A tenant staying in the house while paying rent can provide you with the necessary funds for making your mortgage payments while letting the house stay on the market.
Another method of saving money by renting out your old home is with tax deductions. Every year, you can get tax deductions equal to the amount of depreciation on the home. In addition, you can also get tax deductions for any repair work, insurance or mortgage payments made on the home.
Saving Your House to Sell Later
Don’t settle for a bad price on your house if you don’t have to. The housing market can improve in your favor at any time in the future. Why settle for a low amount when you can save your house for a better price later? As long as the house stays in good condition, the value can keep rising.
Having Someone to Keep an Eye on the Home
If you’ve recently moved away, chances are that you won’t be around your old home very often. Empty houses are prime targets for thieves and squatters that can destroy the house and get away without ever being detected or caught. Having a responsible tenant living in the house can stave off thieves and squatters from your home until you’re ready to sell it.
Now’s a Great Time for Renters
With the economy and housing market in their current state, renting has only gone up in popularity. Many people are more interested in renting a house over buying one in today’s market. You are much more likely to find a tenant for your home rather than a buyer.
Renting your home instead of selling is a great method of saving money, making money, ensuring the security of your old home and leaving the option open to sell your house later. If you’re having trouble selling your old home, consider renting it out instead.