When You Should Consider Renting Your Home

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As a Property Owner, Why Should I Consider Renting My Home?

When You Should Consider Renting Your Home

Your decision to rent your home should be based on a few considerations. First, understand the question, why do people rent? People rent because a) they feel they have to, or b) because they want to. The answers to these questions apply to both landlords and tenants. What is your answer? Do you feel you a) have to rent your property or b) want to rent your home? Your honest answer will dictate your potential action plan.

If you chose a), why did you choose it? Are property values declining? Are mortgage rates increasing? Is there too much inventory (properties for sale) in your area? Is mortgage money tight with few lenders willing to finance homes for anyone but perfect credit applicants?

Does choosing b) mean that you've created a financial plan that makes achieving tax deferred asset increases (value of your home) a priority? Are you facing a military or work assignment that will take you away from your home for a year or longer? Is your home a component of your retirement planning and focus? Is there an immediate family member willing to pay you market rent and for whom you'd be doing a huge favor?

The reasons that suggest why you should rent your home are varied and depend on your personal preferences, financial plans, market conditions, and, sometimes, family concerns. All of these reasons are valid and show good business sense.

   

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