After several years of diligently saving money, I’m nearly ready to purchase my first home. Because I’ve been thinking about buying a home for so long, I know exactly what I want my house to look like. I desire a place that has three bedrooms and three bathrooms. I also need a quiet space to set up my home office in. I want a massive, walk-in closet in my master bedroom. My master bathroom needs to have double vanities, a tiled, walk-in shower, and a Jacuzzi tub. On this blog, I hope you will discover how to set priorities during your new home search. Enjoy!
If you are going to be moving out of your home then you may be thinking about whether you should be putting it on the market to sell or renting it out. There are definitely a lot of different considerations for you to go over so you make an educated decision that will end up working out best for you, your family and your situation. In some cases, it may prove to be best for you to rent the home out, at least for the time being. Here are some reasons why renting may prove to be your best option at the moment:
The house can appreciate in value
When you sell your home while the real estate market is down, then you can expect to get less for the house than if you wait until the market goes up. Renting the house out for a few years can make a huge difference in the amount you are able to get for your house. Plus, you will also be earning income off the property in the form of rent each month during the time between when you start renting it and the moment you decide to go ahead and sell it.
You can collect rent while you are unable to live in the home
If you plan on living somewhere else temporarily, you will be able to continue having the mortgage paid without worrying about paying for two places at once since you will be collecting monthly rent from your renters.
Your home will be kept up while you aren't able to live in it
If you need to live elsewhere for a while, leaving your home vacant for long periods of time can spell trouble for the condition of the home. It's not good for a house to sit closed up with all of the utilities off for a long time, it can lead to future problems from neglect. Your yard will also suffer with grass, plants and other foliage dying from neglect. Or, the yard may end up being taken over by weeds. Also, another worry you will have are squatters who may illegally move into the home once they see it has been vacant for a while. Squatters usually end up destroying the property and you will have to go through a court process to evict them once they have decided to move into your home, even though they did so without your approval. Squatters are also a potential issue for vacant vacation homes, so it's important to keep an eye out for that. If you're really worried about any of these problems, feel free to reach out to a local real estate expert!