There are myriad reasons that homeowners have to leave home for an extended period of time. Perhaps you’re fortunate enough to take off and travel the world indefinitely; maybe your work obligations are sending you elsewhere long-term.
Like most homeowners in this position, you’re probably wondering whether you should pack up and sell your house—or find a dependable renter—so you can eventually return home. You’ll have to do a lot of soul-searching (and quick planning), and unfortunately, it’s not always easy.
Should You Sell Your Home?
If you’re currently living in the home of your dreams and you know that you’ll be back, hanging on to your home is certainly an attractive option. Renting your home may be the ideal solution, but if that’s the route you take, make sure you go into it with both eyes open. Being a landlord isn’t right for everyone.
If You Choose to Rent…
Vetting a tenant should certainly be at the top of your list—but there’s more. You’ll have to plan for maintenance and repairs in your absence, and whether you’re renting your home furnished or unfurnished. If the thought of strangers sitting on your sofa for the next six months to a year instantly makes you itchy, you’ll have to start checking into storage options right away.
Managing a home from afar can be tough, but if you think you can handle all the “what-ifs,” a good Realtor® can help you find a wonderful tenant for your home. There are also property management companies out there that can take on all the difficult tasks, such as making sure your home doesn’t sit empty, handling maintenance issues, and collecting and disbursing rents.
Remember, too, that when you own a rental property, you can still deduct mortgage interest… but the income the home generates can be taxed as, well, income. Even if you turn around and pay your home’s mortgage with the rents you collect from a tenant, the IRS will consider that income and tax you on it. (This isn’t tax advice, though. We’re not tax professionals, we’re Realtors®. If you have questions about your taxes or how renting your home will affect how much you pay, talk to a tax professional.)
Selling Your Home
Opting to sell your home may be the easiest solution for you—especially if you’re not attached to it. Not having to worry about how things are going back home will help you transition to your new area better. You could even begin to put items in storage now, so your home is staged and ready to show.
Are You Buying or Selling a Home in Aspen?
Call us at 970-429-8275 or get in touch with us online to tell us what you want from your next home. We’ll begin searching Aspen Real Estate Listings right away. If you’re selling, get your free Aspen real estate market update and find out how we can help you sell your home quickly and at the best price.