-
Step 1
First: some math. Calculate the total cost of upkeep (mortgage payments, utilities, maintenance, any yard work, repairs). Also, you may have to enlist the services of a tax and/or legal person.
-
Step 2
If the house is your primary residence, another decision to make is whether to rent it furnished or not.
Some thoughts to consider if you rent furnished: Furniture could be damaged or at the very least be more worn. You also will want to make certain that all personal items, valuables, and electronics are secured and locked up. -
Step 3
Next: determine how much you should charge for your rent price.
You want to be competitive with your price so the best way to ensure that is to check up the competition. Do some research: check newspaper ads, look at ads online. Check Craig'slist. You might even want to drop in on some locations. Be certain that the places you are looking at are comparable to your property. -
Step 4
Compare the possible rent price with the math from step one.
This is the one of the biggest factors for determining if you want to rent your house. But there are some other factors to consider as well: if this is a secondary residence, you may want to hang onto the property for a family member at a later date; with the housing market currently declining, you may make more money in the long term by renting instead of selling; this allows for more time for your property value to climb again; and finally, additional value to your portfolio.
Comments
lmccray4 said
on 3/24/2009 Thanks for the advice very informative 5* and recommendation
mnmommy said
on 2/20/2009 I'm glad I found this article. There's more homework to do that we hadn't even considered yet! Thanks for writing it.
huggingthecoast said
on 11/26/2008 Great, systematic tips!
GreenGardenChic said
on 11/12/2008 Always a hard decision to make. Great information and advice.
Kilogramm said
on 11/10/2008 Great details and very timely article!