It used to be that when you moved out of your home you would sell it. Today many homeowners in the Triangle are considering another option: renting out their home.

Why Rent Rather than Sell?

Most homeowners rent out Triangle homes for the money. The extra income is nice and the deductions and depreciation can make the rental income nearly tax-free. In a hot market like much of NC real estate is now experiencing, renting the property for a couple of years lets you reap the benefit of the property’s appreciation.

People rent out homes in Raleigh for other reasons. Homeowners relocating for employment have their old home to move back to if the job doesn’t work out. Older residents moving to independent living facilities want to keep the property to be inherited by their children.

Not Everyone Wants to Be a Landlord

Renting out homes in Raleigh, Chapel Hill, Durham, or any community doesn’t turn your house into a cash machine. You have responsibilities as a landlord and many homeowners have neither the time nor the inclination for it.

Are you prepared for a 2 am call about a broken pipe? What do you do if the tenants trash the place? How do you even find tenants in the first place?

You can hire a property management company to handle the details for about 10% of your rent every month. That doesn’t absolve you of the liabilities associated with owning a rental property however.

Good Landlords Have Good Real Estate Agents

The decision to rent isn’t an easy one and should be made with the advice of an experienced professional. At Buyers Advantage Group Realty, we are experts in Triangle real estate. Although we serve as an exclusive buyer’s agent, we can also help you decide what to do with your old home. Our knowledge of NC real estate means you get advice right for the Triangle market not just the US market in general. Contact one of our helpful and friendly real estate agents today.

Tags: Triangle Real Estate //