No doubt the real estate market in Georgia is hot! You may be going back and forth between renting or selling your current place. This is a big decision to make, and you have to figure out what works best for you!
You should consider renting your home if:
– Demand for rentals is high in your area/neighborhood
– You’ve always wanted to become a landlord
– You want to make passive income
– There’s a possibility you’d want to move back in someday
– You have to pay capital gains taxes if you sell
You should consider selling your home if:
– You have no interest in being a landlord
– You need money to help you buy your next home
– You aren’t able to charge enough rent to cover your mortgage (and make some money too)
– It’s a sellers market (low inventory = high buyer demand) and you’ll be able to sell quickly and for a high price
– You are moving out of the area (and wouldn’t be able to check in on your rental)
The right answer for you truly depends on your situation. There are upsides and downsides to both selling and renting, and both have advantages and potential drawbacks that you’ll want to thoroughly consider and weigh carefully before making a final decision.
Have questions about selling or renting, give Ansley a call and talk through what is best for YOUR situation.