Maybe you are just starting to think about moving or you might have already found a better home for you and your family. Some people attempt to rent out their current home instead of trying to sell it. This option is not right for everyone. Here are some reasons not to rent your old home that might leave you thinking, “I do need to sell my home in St. Louis.”
There are many benefits of selling your current home instead of trying to rent it out.
- Many people simply cannot afford to own two homes at the same time, even if the mortgage is covered by the rent. Typically, mortgage companies only allows you to have a certain percentage of your wages in debt. This is often the determining factor for selling a second home in St. Louis.
- Most people are not able to cover the cost of the second mortgage if it is not rented out for a few months. Often, homes will sit vacant for a few months between tenants. Many people do not want the stress of taking care of two homes at one time. Though you will not have to clean and maintain the home that you rent out, you will have to fix any problems that happen to arise.
- Many people do not want the stress of owning a rental property. They don’t want to find tenants and worry about making sure that the rent is paid on time. Though it can be extra income, it can mean a lot of extra work.
Though many people like to rent out their current home instead of selling it, there are many reasons to wait and try to sell your home before buying a new home. You might not be able to afford two homes at once or you simply might not be interested in having two homes to take care of at once. Many people do not want the stress of dealing with a rental property.
Contact us when you are ready to put your home on the market!