If you are thinking of selling your Chetek home, but you don’t immediately need the sales proceeds, you may explore keeping it as a rental property. Renting your home gives you several potential benefits:
- Passive income
- Future use of the property
- Possible income tax advantages
- Option to sell later at a potentially higher price
- Option to enroll the property in a vacation rental program
To evaluate the prospects of renting your home, consider these questions:
1. Can you rent the home profitably? Look at rents for similar properties in the area. Factor in your mortgage payment on the home (if any), along with your property taxes, insurance, association fees, and a budget for maintenance and repairs. If you will be entering the home in a vacation rental program, or using a management service, estimate those fees as well.
2. Can you afford to keep the home without consistent rental income?
3. Will you be comfortable dealing with tenants, and with tenant issues?
4. How will you handle emergency repairs?
5. Can you comply with fair housing laws and local ordinances?
Even if the numbers look good, being a landlord isn’t for everyone. If you’re uncertain about handling landlord duties, then using professional management services could help you enjoy rental income with fewer headaches. Otherwise, you may wish to sell your home outright, and use the proceeds for another type of investment.
Looking to sell your Chetek area home, or enter it in a vacation rental program? We can help you evaluate your options! Six Lakes Realty is a locally-owned family business with over 40 years of experience in Northwest Wisconsin real estate. Call us today for friendly, hometown service!
Six Lakes Realty
Office: (715) 924-4806