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Because of the near 30% increase in home values in the Denver Metro area since 2012, many homeowners may find themselves wondering if they should make the move to their next home, whether that means upgrading, downsizing, or some other combination of factors. And that question can often beg another: Should I sell my current home or look to rent it out? There are many factors for consideration in that equation, and they are personal and variable to your goals and circumstances.
Some things to think about include:
1. Your DTI, or debt-to-income ratio, (both before and after the purchase of the new home) and how that affects your overall financial profile,
2. The rental viability and income generation of the home you are currently in (consider age, location, condition, value, etc.),
3. Whether you will manage the rental property personally or pay a property management company to handle that for you,
4. Tax benefits or ramifications such as income tax and capital gains tax,
5. Whether to draw against your current equity (via a HELOC (Home Equity Line of Credit), home equity loan, etc.), for a down payment and fees on the new property, to remodel either property, or to hold for future use/investment.
These are just a few of the questions that you must address when determining if it makes sense to try and manage a rental versus selling outright to set yourself up for your next purchase. If you have any questions regarding the market or your options, run them by a realtor and/or lender. Give us a call so we can make help you examine your situation and consider all of your possibilities to build your dream!
13 years Experiance with sales involving all types of buyers and sellers needs. Single family home, town-home or condos no matter the need or location through out the greater Denver area and all surro....
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