South Florida Real Estate Blog - Updates & Realty News

When Your Miami Home for Sale Won't Sell--Rent It!

Your home simply isn’t selling for your desired price. If you don’t have to sell in order to buy a new home, make your Miami home for sale work for you by renting it out. But, first, consider the pros and cons of renting to be sure it’s the right choice for you.

Here are four potential pros to renting your Miami home for sale.

  1. You continue building equity. Your property will continue to appreciate and the principal on your mortgage will continue to decrease.
  2. Landlord tax advantages could offset income tax on rent.
  3. Rental income could cover part or all of your mortgage, tax and insurance payments. Depending on how much you can charge for rent, you may even make a profit.
  4. You can wait to sell until the market for your home improves.

Here are four potential cons to renting your Miami home for sale:

  1. Renters could damage your property.
  2. Depending on when you sell, you could be taxed on the whole profit.
  3. Your equity remains tied up in the house.
  4. Being a landlord is challenging. You face potential legal or financial problems with tenants. You also have to spend time and money on maintenance.

In addition to considering these pros and cons of renting, you may want to do a capitalization rate calculation to help you determine if renting or selling is a better financial decision for you.

Whether you decide you’d like to get your home sold now or you have questions about renting, we can help. Contact us at 407-876-5771.

Posted by Real Estate - Associates on December 1st, 2010 5:59 PMPost a Comment (0)
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