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Hey everyone, thanks for joining us again today. I wanted to share a question with you I recently got from a client, who wanted to know if they should sell their home or rent it out.
It's a great question, because having an investment property is a great way to build wealth. However, the answer is a little more complicated than that.
If you're thinking about renting out your home, the first question we have to ask is, "What are your plans after you rent the home out?" Are you going to turn around and buy another home? If so, can you afford to do that? If you're going to need the equity out of your current home to pay for another, you may want to ask the lender to give you a home equity line of credit from your current home to use as a down payment on your next purchase.
It all really depends on your goals. If you need the equity on the property, I suggest you sell rather than rent it out. Right now, our market is having rising prices and lower days on market, making conditions even better for sellers.
If you have any questions for us, or are looking to buy or sell a home in Austin, feel free to give us a call or send us an email. We look forward to helping you!