Keeping property as a rental VS selling it now

Posted by Allison Simson on Wednesday, April 9, 2008 at 12:00 AM By Allison Simson / April 9, 2008 Comment

Question: We’re moving out of Summit County and have considered keeping our home and using it as a rental. Do you have any comments on using it as a rental as opposed to selling it now?

Answer: Renting your home out may seem like a great alternative to selling, but make sure you consider the financial implications.

If the main idea in renting the house is to move now and sell later, be sure to factor in the costs which may occur when reconditioning the rental home for sale as a residence. Chances are the aggravation of converting your home to and from a rental will exceed any contribution to costs or profits.

Most importantly, keep in mind that being a landlord can be difficult. Tenants will demand that repairs and home maintenance be kept up with in a timely manner. Expenses can be quite substantial, so be prepared with funds to cover them.

For answers to your real estate questions, call Allison at 970-468-6800 or 1-800-262-8442. Email - [email protected] or visit their web site at www.SummitRealEstate.com. Allison is a long time local in Summit County. Summit Real Estate – The Simson/Nenninger Team is located at the Dillon Ridge Marketplace. Allison’s long-time residency and years of real estate experience can help you make the most of any buying or selling situation. She’s a Certified Residential Specialist (CRS), the highest designation awarded to a Realtor in the residential sales field. Her philosophy is simple, whether buying or selling, she understands that the most important real estate transaction is yours.