Congratulations, you’ve made that decision to make the move. Now you’re trying to decide if you should rent out your current property or sell it. Well, there’s a few things you need to take into consideration when making that decision. First and foremost, what is your new mortgage payment going to look like? And are you using money from the rented property to help make that mortgage payment? Second, and most importantly, are you actually going to be able to get the rent that you think you are or need out of that new property? It’s very common to overestimate the amount of rent that you’re able to get, especially in a shifting market like this. Also, are you going to be managing this yourself or are you going to be hiring a property manager? You’ll need to account for whatever that property management fee is or create a second amount of money to hold back for repairs for yourself. Either way, it’s a great opportunity to either sell a home or get yourself an investment.
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