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10-02-2011, 11:02 AM #1
Renter
- Join Date
- Oct 2011
- Posts
- 10
Buying new house - rent out current home or use savings
I am about to buy a new house. My current home is under water so I will not be able to sell it at this time. I have enough in savings for the down payment on the new house plus to put away enough money to pay the mortgage on the current home for 1 year. (Possibly 2 years.) I know that in this area I can rent it out for enough to cover my mortgage. My question is would it be better to leave it empty (no potential risk of damages by renters) or rent it out?
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10-03-2011, 06:55 PM #2
Banned
- Join Date
- Jan 2011
- Posts
- 169
I would say,rent it out. It could be helpful to you as well,plus you said that there's no possible risk to renters!
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10-04-2011, 03:29 AM #3
Condominium
- Join Date
- May 2011
- Posts
- 132
If it has been flooded, you're going to have a difficult time to find renters for it. There maybe some folks who would rent it for weeks or months (depending on your location) and this is one of your options. If you find a long term renter it is better of course.
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10-04-2011, 03:38 AM #4
Renter
- Join Date
- Apr 2011
- Location
- South Kingston
- Posts
- 10
Buying new house - rent out current home or use savings
You gain personal tax deductions while also owning a rental which also has tax deductions and income growth for retirement years when income would normally otherwise fall off.
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10-04-2011, 08:02 AM #5
Moderator
- Join Date
- Sep 2007
- Location
- Outer Banks
- Posts
- 1,281
Since prices won't be going back up for the next couple of years you should rent it out to minimize your lose.
Your Outer Banks real estate agent. Learn how to buy Outer Banks foreclosures.
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10-05-2011, 06:29 AM #6
Renter
- Join Date
- Oct 2011
- Posts
- 3
i am saying to rent out the current home to any needy person. and buy a new house and also save a amount which is come from rent.
john1136
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