I currently own a home, but is looking to purchase another home! Should I rent or sale my old home?

Asked by LaVida Dial-Barentine, Cedar Hill, TX Fri Sep 13, 2013

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Anne Bokalo, Agent, CANTON, TX
Mon Sep 16, 2013
I"m a landlady and have gone through a lot with renters, anguish over the repairs. The good news about renters, they're paying the bills but I get to write everything off on my taxes. Would recommend a management company to handle that for you if you decide to rent. out your house. It depends, can you pay for 2 houses for 6 mo's if the house isn't leased. Also will you be able to make at least $250 profit a month over what you pay for the mortgage. That's a cushion for repairs. Things to think about before you make a decision.
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Dixon Wong, Agent, Dallas, TX
Mon Sep 16, 2013
Hi Ibarentine,

You should talk to a lender first before you decide.

If you have to sell in order to get a new home loan. Then the answer is simple.

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Kenneth "Ken…, Agent, Dallas, TX
Sat Sep 14, 2013
It all depends on if you can afford both and want to be a landlord. Most people should not be landlords. I would talk with your lender first then talk with other landlords.
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Erica Texada,…, Agent, MIDLOTHIAN, TX
Fri Sep 13, 2013
Like they stated there are a lot of variables. These questions need to be answered:
-Do I own the property outright without a mortgage? If not, do I have at least 30% equity?
-If I lease it will it be enough to cover any mortgage that I may have, taxes, and insurance?

If you answer NO to any of these questions then it may be best to sell. Either way you should speak with a lender to evaluate your personal situation and finances.

I'm a top producing agent in your area and know it like the back of my hand. Please feel free to contact me if you have any questions. I can also provide you with a FREE market analysis of your current home. I'm always here to assist with your real estate needs. I also have a great line of lenders who can assist you.

Happy House Hunting and Selling!

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Don Baker, Agent, Red Oak, TX
Fri Sep 13, 2013
There are a lot of variables that have to be known in order to properly answer or advise you in this situation. I highly recommend calling Victoria with Southwest Funding at 214-693-6308. With here 28 years of experience she will be able to answer this question. Anyone trying to answer this question without knowing all the variables will be doing you an injustice. I had 2-3 buyers within the last 12 months with this type of situation & trust me, the answer wasn't the same for all of them.
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Miracle Benn…, Agent, Cedar Hill, TX
Fri Sep 13, 2013
Well, that would depend on your financial situation!

This is a great time to rent homes - lots of folks out there looking for good rentals - but it takes a lot of time, energy and patience to be a landlord. Are you up for this challenge?

Something else to consider...if you have a mortgage on your current home, will it rent for enough to cover that mortgage and some extra for your trouble?

There is a lack of good homes on the market right now. Selling might be the better choice if my first two questions are not easily answered.

I would love to talk more with you about this! Please feel free to give me a call or email and perhaps I can offer more information once I know a little more about your situation.

Have a great weekend!

Miracle Bennett, REALTOR
RE/MAX Preferred Associates, Cedar Hill
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