Are you thinking of selling your home? Before you do, ask yourself these important questions to determine if renting may be the better option. People sell homes for many reasons. In this market, with home sale prices continuing to climb, it could be a wonderful time to sell. However, there are many reasons why renting your home instead of selling may be the best option. Ask yourself the following questions to determine the best option for you. Whatever you decide, Atlanta Peach Realty offers the full gamut of resources to sell your home or turn your home into a professionally managed rental property.

1. Are you selling your home because you are having trouble making mortgage payments or worried of losing your home to foreclosure? If so, renting may be a good option for you. Turning your home into a rental property will mean someone else will satisfy your mortgage payments with their monthly rent payment while you temporarily find more affordable living. Renting will give you time to recuperate financially and resume living in the property at a later date. Furthermore, turning your home into a rental may be much easier than going through a short sale or foreclosure process. And, unlike short sale or foreclosure, renting has no negative impact to your credit score.

2. Are you presently unable to sell your home for the price you want or need? In many areas, the resale market is still soft meaning you may not be able to sell your home for what you still owe. Renting your home for a year or more can give the market time to recover so you can postpone selling until the market can yield the sales price you need.

3. Are you selling your home because you have to move away temporarily? Similar to number 1 above, renting your home for a year or more could allow you to leave town if you need to but return to your home when you come back to town. This happens often when people must move away for a job or to care for a family member.

4. How much rent can you charge for your home? The first thing to understand when considering renting your home is how much monthly rent you can ask. Consulting with an experienced real estate professional will give you the best idea of the rent you should expect in the current market in your area. You may find that the amount of rent you can request will surpass the amount of money you need to pay your mortgage and other expenses each month resulting in positive cash flow for your family.

5. Have you talked to a lender to see if you can qualify for a second home loan? You may have dismissed the idea of renting your home because you assumed you could only own one home at a time. Many people don’t realize that rental properties are generally considered assets to a mortgage lender. Monthly rental payments you receive are considered income. Because of this, having a rental property can actually help you qualify for a home loan with favorable terms.

6. Have you dismissed renting your home because you don’t want to deal with being a landlord? Atlanta Peach Realty offers professional property management taking all the headache and hassle out of renting out your property. We do all the work from listing the property, finding the best tenant, conducting applications and background checks, executing all contracts, collecting monthly rental payments and assisting with ongoing maintenance of the property. All you have to do as the homeowner is sit back and watch your monthly payment directly deposited into your back account at the beginning of each month. I hope this was helpful in assessing renting versus selling your home. If you are on the fence about what to do or have other questions about what to expect with either option, give us a call to discuss your unique situation. We are here to help make sure you make the best long-term decision for you and your family.