Unlocking Your Home’s Potential
Perhaps you’ve been noticing the bidding wars that come with a seller’s market, here in the Las Vegas local housing market. Home prices are up and supply is down, causing property owners everywhere to reevaluate their financial situation.
These are unprecedented new developments in the current market, significant enough to where you may not have to wait until you have more equity, before selling your home makes sense.
Sell or Rent?
Maybe you’ve been thinking you will eventually sell your home, but with demand for housing so high, you’ve been thinking a little harder about renting out your home. The positive cash flow from charging monthly rent would create a much-needed passive income stream for you.
Renting
Rental demand is high and there’s a shortage of rental homes, as well, which drives rental prices up. Depending on your personal circumstances, this cash flow from rental income can be irresistible.
Rental Properties
With owning a rental property comes maintenance costs, which can be significant, like an HVAC system or a roof, and you will be responsible for taking care of these problems. You’ll need to develop a rental contract and a policy for late rent. Then if a tenant doesn’t pay rent on time, consequences are clear. Or, you can hire a property management company.
Property Managers
Residential property managers can take care of all renting issues for you, for a fee of course. A property manager will make sure any bad tenants are replaced with new tenants, and take care of any problems that arise. If you decide to invest in another rental property, it might be smart to use part of your monthly profit and hire property management to handle renting the property.
Other Expenses
There are other things to consider when renting, like the fact that it’s extremely time-consuming, and you’ll have to take a lot of phone calls. Landlords of just one or two properties don’t make as much money as you might think, and a lot of little things eat into your profit. If you’re thinking, should I rent my house? Unless you have significant savings, probably not.
Selling Instead – The Mortgage
Home selling is equally tough, but if you will make enough to cover your costs it’s easier. To know if you have enough into the house to sell and be worth it, figure out what you have left on your current home mortgage. Keep in mind you’ll be paying mostly mortgage interest with the first few years of mortgage payments. Then you’ll start paying down the principal with each mortgage payment thereafter.
Read more: How Selling Your House for Cash can Benefit You Financially
Home Value
Check your local market to find the current property value of your home. Speak to a top real estate agent to see what they think they can sell your house for. Some additional costs of selling are closing costs, where you’ll pay property taxes, the real estate agent commissions, title and escrow services, and more. Also, don’t forget the down payment on a new place.
Taxes
If you’re wondering about capital gains tax, as long as the home was your primary residence for at least two of the past five years, a married couple can make up to $500,000 tax-free in profits, or $250,000 if you’re single. You can’t sell any more properties for another two years, however, or you’ll be taxed for capital gains at your ordinary tax rate.
What if I Just Need to Sell Fast?
Sometimes life throws a curveball at us, changing our plans and what we intended to do. Here at Sell Your House Fast – Las Vegas, we understand that. We are built on integrity and reliability, and we want to help you find a solution that benefits all parties involved. Whether you’re going through a foreclosure or a divorce, have a time-sensitive job offer or sick relative and need to relocate, or whatever the cause, remember Sell Your House Fast – Las Vegas.
Sell Your House Fast – Las Vegas
We buy houses in any condition – no repairs necessary! And we believe in complete transparency, there’s never a fee – find all the details right here on this website. Get a free, no-obligation cash offer by filling out the short form on our homepage, and a cash buyer will be in touch shortly to schedule an appointment to visit the property in person. At that time, they will be prepared to make you a cash offer on the spot! There’s no obligation to accept. And that’s not all…
Advantages to Using Sell Your House Fast – Las Vegas
Here are some of the perks our clients enjoy::
- NO REAL ESTATE AGENT COMMISSIONS!
- NO REPAIRS NEEDED!
- NO HOME APPRAISALS NEEDED!
- NO HOME INSPECTIONS NECESSARY!
- NO CLOSING COSTS!
- NO HIDDEN FEES!
- NO OBLIGATION TO ACCEPT YOUR…
- FREE CASH OFFER!
- GET YOUR CASH IN AS LITTLE AS TWO WEEKS!
No fuss, no muss. We are fair and honest. So what are you waiting for – what have you got to lose? Contact Sell Your House Fast – Las Vegas today!
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