How to Figure Out if Renting My House Is Worth It
It can be painful to watch your home languish on the market, or worse yet, to receive offers well below the asking price. If you have to move and want to create income, taking on renters is an option. Moving out of your residence, however, has tax and financial implications that might not work in your favor. Moreover, becoming a landlord is hardly hassle-free. Crunching the numbers and determining the amount of time you want to devote to maintaining a rental property are necessary steps to figuring out if it's worth it to you to rent out your house.
Instructions
- 1
Consider your circumstances. There are many reasons why you might wish to rent out your home instead of selling it. If you've recently accepted a job offer in another city that is only guaranteed to last a year, you might want to keep your home in case you want to move back. Or if market forces are less than favorable for selling, you might choose to wait it out until you're more likely to get a high price for your home.
2Weigh the tax implications. Discuss the tax breaks and penalties that will result from both selling your home and renting it out with a CPA or other qualified professional. The specifics will vary year by year and from state to state, but you might be entitled to a tax break on the income you get from the sale of the home you've recently lived in. You might lose this benefit if you move out, take on tenants and eventually sell the home a few years later. On the other hand, as a landlord, you might be able to deduct the expenses you incur to maintain the property from the income you earn from renters.
3Examine the other financial factors. Maintaining two homes is expensive, even if part of the expense is recovered from renters. You will not only have to come up with the funds to purchase a second residence in which you will live, but you'll also have to plan to cover the mortgage on the rental property if you find yourself temporarily without tenants. You might also have to take out non-owner-occupied insurance for the rental property and possibly join a landlord's association, at additional cost to you.
4Consider the implications of being a landlord. As a landlord, you'll not only have to collect rent, but also perform repairs and handle emergencies related to the property on a timely basis. It's possible tenants might cause excessive damage or even engage in illegal activity on the property. If there are issues around rent payment, resolving them can be time-consuming and you might lose out on income. Importantly, as a landlord you are required to give your tenant privacy and will not have immediate access to the house, which can cause emotional strain if you choose to rent a longtime family home.
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