If we lived in a perfect world, you would be able to sell your old home before buying a new one, but the economy and time aren’t always on your side. If you’re unable to sell your old property before moving into an Augusta new home, you’re faced with having to pay two mortgages for an indefinite amount of time. To keep your costs from spiraling out of control, consider renting out your old home until you can find a suitable buyer.
Renting isn’t the perfect solution for everyone, but as long as you know the pros and cons, it can help cut costs. On a positive note, renting your home allows you to keep your property and sell it for a better price later on. Additionally, the added rental income can help cover your mortgage, taxes, insurance and other costs. Plus, there are several tax breaks available, which can also help offset costs.
On the flip side though, renting your home means you become the landlord. Your tenants could potentially damage your property, and you could be taxed on the gains when you sell later on. You’ll also have to keep up maintenance on the property or have someone do it for you, and you’ll need to make sure you have the proper insurance coverage.
If you’re looking for an Augusta, GA new home, Keystone Homes has a wealth of communities to consider in the area including Stone Creek, Bartram Trail, Northridge, Ashbrooke and Chamblin Ridge.
Keystone is a family owned and operated builder that is committed to providing high quality homes for loss, so your home ownership dreams can become reality. For more information, visit www.BuildKeystone.com.