Saw this article on Realtor.org and was remineded on what good advice it is. For those having a hard time selling their homes don’t forget the rent option…read below.
If a house doesn’t sell, owners should consider renting – and hiring a real estate professional to manage the property, experts say.
Renting out a house rather than leaving it vacant is almost always a better option, says Eileen Landau, an associate with Realty Executives in Naperville, Ill. She tells her clients to plan to rent the property for several years, get some income and “get on with your lives.â€
Some are afraid they’ll lose a tax-free sale. But sellers only have to live in a home for two of the last five years to claim the capital-gains exclusion, so even if that is an issue, sellers have three years to rent, Landau adds.
Once a home is rented, any fix-up costs are tax deductible, points out Rob Massey of Rentals.com.
An empty house is hard to insure and it’s a target for vandals. “A vacant house goes downhill fast,” says Karen Rhodes, an associate with Happy Home Realty in Chattanooga, Tenn.
