Are Houses Less Affordable Than They Were in Past Decades?There are many headlines about how housing affordability is declining. The headlines are correct: it’s less affordable to purchase a
Moving Up and Renting Your Home
Dated: July 2 2020
If you are ready to move up into a home in Ocean Beach, Point Loma or Bay Park and want to keep your current property as a rental then this video is for you. There are a few things to consider when deciding if this is the right move for you.
The pros of keeping your home as a rental are that you may be able earn some passive income and you can write off all the improvements and maintenance. The cons are you are now a landlord dealing with tenants and if and when you decide to sell it there may be capital gains.
If the pros out weigh the cons for you then the next step is to see how much you can qualify for on a new loan, including keeping your current property and what a comfortable monthly payment is going to be for you. This will not only give you an idea of where you stand with buying a home in the neighborhood you want but also whether it is realistic to keep your current home as a rental.
You will also want to find out how much you can rent your home for, you want to at least break even every month on paying the mortgage. Finally, find out what the rental market is like in your neighborhood, how long does it take to get a home rented, what is the turn over etc., consider consulting a property manager or a Realtor that has experience with rentals like me.
If you are ready for some help or just have real estate questions, reach out to me, CC Summerfield, I am always happy to help.
I have been a real estate agent here in Ocean Beach for the last 11 years and have lived in and loved this little beach community collectively for 20 years. My passion is helping people and after reti....
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