When you’re ready to move on to another city or move up to another home, you need to make some important decisions. One question you’ll need to answer is, “Should I sell my property?” You’ve put a lot into your home, and if the housing market in your area is good, there are chances that its value will continue to rise. Even during a downturn in the housing market, property remains a substantial asset that is good to have in your portfolio. With the idea that whatever goes down must come up, it’s oftentimes the correct decision to hang on to your property even during a downturn. At Shield Property Management, we can help you evaluate your property and handle its rental and maintenance.
What if I Decide to Sell My Property?
If you are moving away to a different state and cannot physically maintain your current property, you may choose to sell it. In that case, consult with your accountant and a real estate professional to assess what your tax liability will be. When selling your property for a profit, you may owe taxes. If you choose not to sell, Shield Property Management can handle the details of managing your property for you.
Renting Your Property
Hanging on to your property and renting it out has many advantages. First of all, you don’t lose your investment. You can continue to watch its value increase while you have renters making your mortgage payments. Secondly, there are a lot of deductions you can take as a homeowner. You can take tax deductions on the mortgage interest, house insurance and property taxes. Any repair work or home improvements that you make can cut your taxes. Even some of the utilities can be taken off your taxes, if you paid for them. In short, while your property continues to grow in value, you still have all the tax benefits of ownership.
At Shield Property Management, we can help you when making a decision about “When to sell my property.” Whether you ultimately choose to sell or rent your property, we are here to help you every step of the way. Contact us today!Contact us