If you are curious about making some extra income, interested in moving out of your current home into a different residence, or having difficulty selling your home, you may want to consider transitioning your home into a rental property. If you are interested in converting your current home into a rental property in Mount Pleasant, South Carolina in order to generate some additional income, Lucey Mortgage Corporation can help. Read on to learn more about turning your property into a rental.
The Process of Turning Your Home Into a Rental
People commonly sell their homes when they move and then take the equity they’ve built up from one property to use it to pay for their next home, however, it is possible to convert your primary residence into a rental property instead. This is a beneficial investment because it can help increase your income and if the real estate market is lower, it allows you to hold off on selling the property and rent it out to help you afford mortgage payments for another property, and then sell the home when the home value has increased. If you still owe money on your home you are planning on renting out, there are certain factors you will need to consider if you want to rent out the property. When you first obtained your mortgage, you were required to occupy the home as your primary residence for a specified amount of time, which typically is for one to two years. Before you go to rent out the home, you will need to review the terms of your mortgage to ensure that you have lived in the home for the required length of time to avoid mortgage fraud. Additionally, you will also want to ensure that you will be able to afford to finance a new property and are able to qualify for another mortgage before renting out your current home.
The Benefits of Turning Your Property Into a Rental
Turning you home into a rental property can be a very beneficial investment. First of all, it can be a great way to earn some supplemental income, and you can use the money you receive from renting out your home to help pay off the mortgage. If you were initially attempting to sell the home, and were not receiving substantial offers, renting out the home will allow you to postpone the sale until you can get a better price. You will also may be able to qualify for certain tax deductions by renting out the property.
Get Assistance Transitioning Your Home Into a Rental
If you are interested in the possibility of turning your current property into a rental investment in Mount Pleasant, South Carolina, Lucey Mortgage Corporation can help. Contact our office today for a consultation.