I need to relocate from Olathe, Kansas and I'm wondering if it is best to sell my Olathe home or rent it out?

Question: I need to relocate from Olathe, Kansas and I'm wondering if it is best to sell my Olathe home or rent it out?
Katy W. from Olathe, Kansas

Answer: Good luck on your relocation. I would first try selling your Olathe home, before trying to renting it out. Renters will typically never take care of your home like yourself and moving outside the area will make it difficult to take care of. In addition, you will typically not sell your home for "Top Dollar" after having a renter.

When obtaining a mortgage in your new area, a mortgage company will count your rental property has a debt because they will only count 75% of the rental income as income. This is because the mortgage payment minus the 75% of the monthly rental payment is usually a negative rental income.

I had a homeowner who rejected an offer on his home for $285,000. He decided to rent for a year. This homeowner figured when he re-listed he could sell for over $300,000 because the real estate market improved. When he decided to sell again, he ended up selling his rental home for $263,000. That is $37,000 less than what he figured he would get.

If you're not successful in selling your home for at least 3 months, I would then maybe look into renting your home.

RE/MAX sells more homes than any other real estate company.
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