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Should I rent out my personal home? | Mitchell Property Group

So you are buying a bigger house. Should you sell your old house or rent it out? I get this question a lot. The answer is simple. Sell it! Never rent it unless you absolutely have to. Renters will decrease the value of your home. They will not take care of it like you did. Pretty soon you will get tired of being a landlord and decide to sell it. But now it’s not your homestead so if you make a profit you will have to pay taxes. If you would have sold it while it was your homestead there is a very good chance you would not pay tax on the profit. And you will either have to make repairs to get it back in good condition or sell it at a discount. I see this all the time! If you want to be a landlord sell your house and then go buy a rent house. But never rent out your personal home. Just take my word on this!
If you need to sell your house call us today at 806-359-7653 or visit us online at Sell My House.

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4105 SW 34th St, Amarillo, TX 79109 | 806-359-7653

wade@mitchellpropertygroup.com | emmy@mitchellpropertygroup.com