The Orange County real estate market is still hot right now, even with another winter quickly approaching and many area residents are considering selling their homes. While selling may be the right option for some homeowners, others are considering the possibility of keeping their homes and renting them out.
The Benefits Of Selling Your Home
The first, obvious benefit of selling a home, especially in today’s real estate market is that you can take advantage of a sellers market, possibly receive multiple offers on their home and sell it for a lot more than their asking price.
Another benefit to selling a home right now is that you can upgrade to a bigger home, since mortgage loan interest rates are still so low that any homebuyer in Orange County can make their money go a lot further.
The Benefits Of Renting Out Your Home
The first benefit that comes from renting out a home is positive monthly cash flow that can be earned while the home is being rented. In Orange County rents are much higher than the rest of the nation, so a homeowner can get a great cash return on their rental if they get a fixed rate loan on a new home combined with increasing rental prices.
Besides the obvious benefit of cash flow that comes from renting out a home there are a wide variety of others to mention like great tax breaks. If you retain ownership of your home for five years or longer, this is especially true.
The last great benefit of renting out a home is that you can rent your home out for as long as you want and still have it to live in years later once the mortgage has been paid off and you decide to retire.
To learn more about selling vs. renting a home contact the experienced team of top Orange County Realtors at Fred Sed & Associates today by calling (949) 272-0125.