Either sell or rent
Apartment home rent, sell or rent condo, landlords property rent
Before you start thinking about the selling part, just ensure one thing.
Have you resided in the house, at least two years at a stretch in the
last five years, which you are planning to sell?
In case you haven�t, you can lay yourself open to before time Mortgage
Payoff Penalties and Capital Gains Tax. These two that we just mentioned
are two of the most bulky bills which might make your selling plans look
imprudent. There are a lot of ways in which an individual can manage to
steer clear of Capital Gains Tax which include,
� A divorce
� Death of a spouse
� A job change
So if you want to be an exception to this rather strict rule, just have
a little discussion with your accountant in the first place. If you haven�t
resided in your home for two of the last five years, or you can afford
to move without selling your home, or if the market is not really favorable,
then one thing that you can consider is renting.
As you sit down to prepare the budget for the renter include the following
categories without a fail,
� Property Tax
� Mortgage Payment
� Homeowner Association Dues if any
� Homeowner Insurance
� House Maintenance
� Property Management Company if any
Also keep an eye on the fact that the applicable property insurance premiums
that you give won't get transformed if you change your abode into a leasing
property. And finally accept the fact that this is no more your house,
but it is your leasing property.
