The Benefits of Using Your Equity To Make a Bigger Down Payment
Did you know? Homeowners are often able to put more money down when they
buy their next home. That’s because, once they sell, they can use the
equity they have in their current house toward their next down payment. And
it’s why as home equity reaches a new height, the median down payment has
too.
4 Things To Know About Community Mailboxes
Community mailboxes are exactly what they seem like shared mailbox structures providing various compartments for individual locals’ mail. You may have experienced them in apartment or condo and condominium lobbies, a collection of specific vertical or horizontal boxes with locks, allowing the provider to drop off the mail and the locals to select it up….
Optimize Your Investment: 8 Ways to Increase Home Value Even…
Optimize Your Investment: 8 Ways to Increase Home Value Even in a market where interest rates and product costs are skyrocketing, it still pays to place your home to sell for top dollar. Welcoming energy-efficient upgrades advantages the environment and improves your home’s market valuation. There are multiple ways to finance your home upgrades without…
Fort Lauderdale Housing Market 2025: What Homeowners Need to Know
Expert real estate insights for Fort Lauderdale, Oakland Park, Weston &
Pembroke Pines. Get home valuations, market trends & selling strategies
from Scott Lehr, local realtor.
Foreclosure Activity Is Still Lower than the Norm That’s sin…
Foreclosure Activity Is Still Lower than the Norm That’s considering that they’re merely comparing the most recent numbers to a time where foreclosures were at historic lows. We’re not even back at the levels we ‘d see in more normal years, like 2019. Although the real estate market is experiencing a predicted increase in foreclosures,…
The Legal Ramifications of Hoarding: What You Need to Know
Understand the legal implications of hoarding, from health and safety
violations to property maintenance laws. Learn about the legal risks
hoarders may face.
Comprehending Spousal Support in San Jose _ What You Require…
Comprehending Spousal Support in San Jose _ What You Required to Know Searching the intricacies of spousal help requires a deep understanding of San Jose household law. Our organization boasts a checked efficiency history of successfully handling alimony cases in San Jose. When navigating the complexities of divorce, comprehending spousal assistance in San Jose is…
Why Buying Now Is Worth It
You may be torn between buying a home now or waiting. But don’t forget to
factor in the equity you’ll gain as prices rise. Experts forecast prices
will climb over the next 5 years – and based on those forecasts, you could
gain about $90k in equity in that time. So, you could wait, but you’ll miss
out on a lot of equity if you do. If you’re ready and able to buy, let’s
connect so you can start growing your wealth now.
What Does it Mean to Be “House Poor” and How to Avoid it?
If you’re a first-time buyer who’s only just started your house-hunting
journey, you might have heard the expression, house poor. Many of us are
familiar with the term and understand it carries negative connotations, yet
we do not know what it means.
Should You Rent Out or Sell Your House?
Should You Rent Out or Sell Your House?
Figuring out what to do with your house when you’re ready to move can be a big decision. Should you sell it and use the money for your next adventure, or keep it as a rental to build long-term wealth?It’s a question many homeowners face, and the answer isn’t always straightforward. Whether you’re curious about the potential income from renting or worried about the responsibilities of being a landlord, there’s a lot to consider.Let’s walk through some key questions to ask to help you make the best decision for your situation.Is Your House a Good Fit for Renting?Even if you’re interested in becoming a landlord, your current house might not be ideal for renting. Maybe you’re moving far away, so keeping up with the ongoing maintenance would be a hassle, the neighborhood isn’t great for rentals, or the house needs significant repairs before you could rent it out.If any of this sounds like it might apply, selling might be your best option.Are You Ready for the Realities of Being a Landlord?Managing a rental property isn’t just about collecting rent checks. It’s a time-consuming and sometimes challenging job.For example, you may get calls from tenants at all hours of the day with maintenance requests. Or you may find a tenant causes damage you have to repair before the next lease starts. You may even have to deal with people falling behind on payments or breaking their lease early. Investopedia highlights:”It isn’t difficult to find horror stories of landlords troubled with more headaches than profits. Before deciding to rent, consider talking to other landlords and doing a detailed cost analysis. You might find that selling your home is a better financial decision and less stressful.”Do You Have a Good Understanding of What It’ll Cost?If you’re thinking about renting out your home primarily to generate extra income, remember that there are additional costs you’ll want to plan for. As an article from Bankrate explains:Mortgage and Property Taxes: You still need to pay these expenses, even if the rent doesn’t cover all of it.Insurance: Landlord insurance costs about 25% more than regular home insurance, and it’s necessary to cover damages and injuries.Maintenance and Repairs: Plan to spend at least 1% of the home’s value annually, more if the home is older.Finding a Tenant: This involves advertising costs and potentially paying for background checks.Vacancies: If the property sits empty between tenants, you’ll lose rental income.Management and HOA Fees: A property manager can ease the burden, but typically charges about 10% of the rent. HOA fees are an additional cost too, if applicable.Bottom LineTo sum it all up, selling or renting out your home is a personal decision that depends on your circumstances. Whatever you decide, taking the time to evaluate your options will help you make the best choice for your future.Make sure to weigh the pros and cons carefully and consult with professionals so you feel supported and informed as you make your decision. That’s what we’re here for.
