Rent vs. Sell – Considerations At Circl

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Rent vs. Sell ConsiderationsAt Circl

• Before you pull the trigger either way, consider
  your financial situation, the state of the
  housing market, and any state or local ordinances
  that affect your rights as a landlord.

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Sales Price and Capital Gains

• If youre not satisfied with your current home
  value, renting out the house can provide some
  income while you wait for your home value to
  rise. If homes are appreciating rapidly in your
  area, it may be smart to wait.

3
Tax on Rental Income

• Just like wages from a job or dividends from
  stock, youre assessed income tax on any income
  you derive from your rental, at your ordinary tax
  rate. Thankfully, you can write off all the costs
  associated with renting the house.

4
Equity

• The only way many homeowners can come up with
  a down payment for their next home is to cash out
  the equity theyve put into the one that they
  already own. Can your family scrape up enough to
  put down 20 on your next home without selling
  your existing one? Consider this carefully before
  you decide to rent

5
 Expenses

• Hopefully you can keep your home rented most of
  the time and cover most or all of the mortgage
  payments. However, you should be prepared for a
  worst case scenario paying double mortgages for
  your rental and your personal residence. Even
  without a tenant, you still incur some rental
  expenses including insurance, maintenance,
  advertising, legal, and accounting fees.

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Contact Us

• Address 481 University Ave.
• Suite 703
• Toronto
• ON.
• M5G 2E4
• Canada
• (647)-560-4282
• Telephone [phone]
• Email we_at_circlapp.ca

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