Is this a good time for renting out a house with the credit crunch ?

Question

we are deciding if we should let our house out or sell?

thanks.

Answer 1

Rent it out. To rent get credit scores and some references.

The credit crunch makes it harder to buy because you need good credit and money for a down payment and closing costs. Less people being able to buy makes it harder to sell at a good price and makes a need for more rentals for those people.

Rent month to month. If you decide to sell you have more options if you need to have the home vacant. Some people might like it as an investment property and would prefer that the place already has tenants.  

Answer 2

if u can afford to rent out your property that is the best way to go. I was left a property and decided not to sell but to rent out have been doing for the past 6months and will continue to do so. (I live in Scotland) and we are finding it hard here also we used to go by offers over and that could be as much as 20% but recently it is all fixed price.    

Answer 3

This is an INCREADABLE time to rent out your home due to the HOUSING crunch!  All these people getting forclosed on HAVE to rent now, so it's an AMAZING time to be a landlord!  There are also spectacular tax benefits for holding an investment property, which this COULD qualify for, depending on how long you inhabited first, and how long you wind up renting it out in the future.  

You already OWN the home, you are in an AMAZING position to begin a great life as an invester and start getting passive income!!  Be sure that the rent you ask for covers the mortgage and all the other expences (insurance, etc).

I HIGHLY RECCOMEND you read Real Estate Advantages by Sharron Lechter.  It will help you get the most tax benefits.  The ABC's of Real Estate Investing will also assist you in learning how to handle the tenants and learning how to value the property and how much to charge for rent, etc.  Here are the links to find your info!  

MY BEST WISHES!  This is an AMAZING CHANCE FOR YOU!  GOO LUCK!!!

http://www.amazon.com/Rich-Dads-Real-Est...

http://www.amazon.com/Rich-Dads-Advisors...

Answer 4

Depends how much you owe on it. If you can make a monthly profit over your mortgage payments, then yes. People still need places to live.House prices are still too high for many.

Have you thought about renting a room out to a student, or something like that?

Answer 5

with mortgagee rates falling the experts say to rent at the moment. Its not a buyers market for the next 2 years investors are asking for a large deposit at present so people are not buying property. I have researched this as i want to be a landlady as an extra business

Answer 6

If you do either one, where are you going to stay. The credit crunch effect most house buyers and those who need mortgage or loans. Get a job or help from other reliable source.  

Answer 7

Probably it should not affect you too bad!

Answer 8

Sell to rent then wait a few years and buy back into the market at the bottom.  

Answer 9

We are considering that too. It has been on sale for 3 months and not one viewing. A psychic told me it will sell in November so we are waiting to see if that happens first!

I would put it up for sale first. There are no fees if it doesn't sell. Give it a couple of months and then look into renting.

Answer 10

did you say sell? good luck!

Answer 11

...it depends if the rent would cover (or mostly cover the mortgage) on your house.. if we could afford to (i.e rent our house out and it covered the repayments, i would be doing so, as i want to move..as it is, i can't afford to sell with the prices at a low.. so we have to stay! good luck!

Answer 12

Selling maybe difficult in the current climate but if you do decide you would prefer to sell there are companies like A Quick Sale that will buy your house from you and make the whole process alot easier. They also have buy-back and rent-back schemes so if you want to stay where you're living at the moment you can. Might be worth looking into.

http://www.a-quick-sale.co.uk/

Answer 13

its a good time to rent because lots of people dont want to buy with the intrest rates and morgage probs,

but my dad has sold 2 of his houses in 1 month, not bad for a credit crunch huh

Answer 14

No, I think everyones selling at the moment

Answer 15

You might have more luck renting, than trying to sell, given the current market, but being a landlord is not a piece of cake. You have to be careful who your renters are. Will they take care of the property? Probably not nearly as well as you would your own property. I've seen cases in US courts (I used to work in a courthouse) where the damages to rental property far exceeded the security deposit. Try for a no-pets agreement. Pets can definitely damage property.