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 doesnâ€™t sell, owners should consider renting â€“ 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 â€œget on with your lives.â€
Some are afraid theyâ€™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 itâ€™s a target for vandals. “A vacant house goes downhill fast,” says Karen Rhodes, an associate with Happy Home Realty in Chattanooga, Tenn.