With more homeowners considering that now may be a good time to sell their home, we thought it would be a good idea to consider whether renting might be a better idea.
According to Fannie Mae’s June 2015 National Housing Survey, 52% of respondents said that now is a good time to sell. Perhaps more interestingly, 59% of respondents expect home rental prices to increase.
Naturally, when you are considering selling your home, and you notice rental prices elevating, you are likely to consider renting. And who wouldn’t? Residual income on an owned asset, or having your house work to pay for itself sounds pretty good, right? This is when it makes sense to ask the question:
Are You Ready to be a Landlord?
Before you jump head-first into the world of being a landlord, take a look at this list. Sometimes what seems to be an obvious benefit can come with some hidden challenges.
If you are prepared to handle the responsibilities that come with being a landlord, renting your home could be a great investment. Historically, renting residential real estate has been just that. However, if you are planning to sell before too long, the responsibilities that can come with renting your home may make any short-term economic benefit not worth the hassle.