Detroit Real Estate

So you can't decide whether to sell your Northville home or not, so maybe you should lease your Northville home.

Being a landlord isn't easy.  I want to tell you that up front.  Renters sometimes are late on their payments.  Renters sometimes don't pay their rent.  And RENTERS DEFINITELY DO NOT TAKE CARE OF YOUR HOUSE LIKE YOU WOULD.  Also you have to fix items more rapidly than if you were living there yourself.

Yes if your Northville home's air conditioner goes out you have to call a repair man for it immediately.  Where you might wait one or two days. 

But the upside is the rental income and the tax deduction.  If you only have a total mortgage payment of $1300 and you can rent the home for $2000 then it may be worthwhile to rent the house.  If you want to try out retiring in another state before selling your house then it may be worth renting.

If your house's value has fallen tremendously because of some foreclosure listings then it may be wise to lease your Northville home.  If your Northville home's value is far below the current city average for homes of the same size and condition then it may be wise to lease the home.

So there are good and bad points to leasing your Northville home.  But if you aren't ready to sell your home, then leasing may be the best option for you.

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