This has been a subject that I have spoken about before but it might just bear some repeating. It is Spring time and some homeowners do feel that urge to move on to a new home, larger home, smaller home or condo; but, they just do not want to take the beating on price as they know they will in this market.

So again the question poses itself, why not rent out your property instead of selling? Some owners have not thought about this option at all, some have thought about it and don’t want to do it. It still might be the best option to get you moving without taking the big hit now.

We all have to hope and even believe that this economy will not last forever; and, that our housing prices in Michigan will again start rising instead of declining.  If this is going to happen, then selling your home a few years from now might be a much better choice than selling it at the present time. To bridge the gap, you rent your house out to someone who needs a place to live but cannot afford to buy right now or just is not in the position to buy right now. That could just be the win- win situation needed for both parties. Granted there can be some disastrous tenants; but, there can also be the great tenants who will take better care of your property than even you do.

The other side of this coin is being able to go ahead and purchase another property without selling the one you are in now. Speak with your bank, credit union or mortgage broker to find out if you qualify to purchase another home without selling the one you are in now.  Chances are you will have to qualify for both mortgages; and, of course, it helps to have the money needed for your new down payment as you won’t have it from the sale of your home at this time.

When things pick up economically and our housing prices start heading in the opposite direction from where they are heading today, you will still have this asset that you can continue to rent out or sell. You actually might discover that you enjoy being a landlord and also the tax advantages that usually go along with it.