Rent vs. Sell – Considerations At Circl (2) - PowerPoint PPT Presentation

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Rent vs. Sell – Considerations At Circl (2)

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Before you pull the trigger either way, consider your financial situation, the state of the housing market, and any state or local ordinances that affect your rights as a landlord. Website: – PowerPoint PPT presentation

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Title: Rent vs. Sell – Considerations At Circl (2)


1
Rent vs. Sell ConsiderationsAt Circl
  • Before you pull the trigger either way, consider
    your financial situation, the state of the
    housing market, and any state or local ordinances
    that affect your rights as a landlord.

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2
Sales Price and Capital Gains
  • If youre not satisfied with your current home
    value, renting out the house can provide some
    income while you wait for your home value to
    rise. If homes are appreciating rapidly in your
    area, it may be smart to wait.

3
Tax on Rental Income
  • Just like wages from a job or dividends from
    stock, youre assessed income tax on any income
    you derive from your rental, at your ordinary tax
    rate. Thankfully, you can write off all the costs
    associated with renting the house.

4
Equity
  • The only way many homeowners can come up with
    a down payment for their next home is to cash out
    the equity theyve put into the one that they
    already own. Can your family scrape up enough to
    put down 20 on your next home without selling
    your existing one? Consider this carefully before
    you decide to rent

5
 Expenses
  • Hopefully you can keep your home rented most of
    the time and cover most or all of the mortgage
    payments. However, you should be prepared for a
    worst case scenario paying double mortgages for
    your rental and your personal residence. Even
    without a tenant, you still incur some rental
    expenses including insurance, maintenance,
    advertising, legal, and accounting fees.

6
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  • Telephone (647)-560-4282
  • Email we_at_circlapp.ca

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