Question Details

Sarah Schaber, Home Buyer in Palm Harbor, FL

we bought a house in August 2013. For many reasons we are hoping to move into a condo. What is the smartest way to handle this situation? Should we?

Asked by Sarah Schaber, Palm Harbor, FL Fri Mar 21, 2014

rent our house that we live in now out or should we sell

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Answers

2
Sarah,
Your first step will be to meet with a lender and find out if you can do what you hope to. Renting out your unit may work, but you may not get to use the rent as income right away. When you do get to use it, you'll only receive 75% of what is collected toward your income, as the rest is factored in for maintenance and potential vacancy.
It will come down to what you're qualified for financially to decide your next step. Best of luck.
0 votes Thank Flag Link Fri Mar 21, 2014
There are many things to take into consideration when making this decision. Will you make a profit by selling your home? Are you planning on buying a condo and need the money from the sale of your home to purchase a condo? How much could you rent your current home for? What are the tax consequences? My suggestion is that you contact a Real Estate professional in your area to help give you the current market figures you will need to make this decision. You should also contact your tax consultant for additional input. I hope this helps.
0 votes Thank Flag Link Fri Mar 21, 2014
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