If you’ve outgrown your Nashville home, physically or just emotionally it may be time to sell it. The market is great for sellers right now and you are likely to get top dollar on it. However, sometimes we find homeowners who are looking at a different option: renting out their house. Renting your Nashville home can be a great financial decision, if it makes sense.
Here’s when owning a rental house can be the right move:
- You can afford it – If you can afford your next place to live without selling your existing home, it might be time to look at renting it out. If the rent you would receive covers the mortgage and expenses then anything above that could be an income stream.
- Tax deductions – Rental homes are depreciated on taxes. These deductions can be a motivating factor for many homeowners.
- Your move is temporary – Perhaps you have a job assignment that isn’t permanent. Most likely, if you are only gone for a period of time you don’t want to deal with selling only to be buying again when you return.
- Home prices are going up – If your home is an area that continues to appreciate, you may wish to hold onto it for awhile longer. It could pay off significantly over just a couple of couple of years.
- Your home needs work – Maybe your house has some outdated features and you aren’t ready to invest in remodeling or updating it. You could rent it instead and build up cash to do the repairs later, which would then increase the selling price when it does hit the market.
Having a rental home does come with a certain level of stress. Tenants are generally not as careful with rental properties as homeowners. Any and all repairs will fall on you to take care of and you may encounter difficult renters on occasion. However, for many people renting their Nashville home is a way to save on taxes, bring in an income stream and hold on to a long term investment for future use.
Did you know DeSelms Real Estate can help you with renting your home? If this is an option you’d like to know more about, call us today at 615.550.5565!
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