3 Responses to “I currently own a 1200 sq feet house and want to get a larger one, is it safe to rent out my house?”

1. DU Says:
   November 19th, 2009 at 12:40 am

   Depends on many things but in short. It depends on what your mortgage is and how much you have left to pay it off. as well as if you rent your house can you pay the mortgage with just the rent. Then can you qualify for another loan for bigger house and do you have a down payment. When ever you rent your house you should contact a property management company, they cost money but well worth the headache of getting tenants you can trust. I know this is a lot but is not even the whole thing. Be careful of no money down loans and interest only loans. Get a 30 year fixed, always worth the piece of mind knowing your rates will not change. I could go on and on but i won’t good luck.

2. words_that_live_on Says:
   November 19th, 2009 at 3:11 am

   I think you need to use paper and pen . List the rent amount per year and subtract the cost of repairs. Then list the old mortgage yearly payment amount under the rental figure. Is there a profit? Okay now write the estimated new mortgage payments per year for the new house. Where is that going to come from? Your income, okay. Now decide the amount of down payment you can use from your savings. Okay add the down payment and the new mortgage total . There is the magic number . It is how much the new house will be purchased for including closing costs and mortgage creation costs . The price of moving is not too important at this time. After Christmas start to look for the house in town at that price or go on line now to see if there are larger houses available.

3. loslunas87031 Says:
   November 19th, 2009 at 5:59 am

   can you run the risk and expense of having tenants not pay and it takes months to get them out, they trash the place, steal all the appliances and anything nailed down. Then skip to another state with whereabouts unknown.

   if yes, then renting it may be for you