Have you thought about turning your current property into a rental if the home no longer suits your needs. In the past, I have helped a few real estate clients with this. Instead of selling for proceeds once they moved out, they turned home into an income producing asset. However, consider the following:
- If you don't sell the house, how much available cash or other financial assets do you have for a down payment on a new house & closing costs? Have you spoken about this to your mortgage broker?
Will the estimated rent cover the cost of the mortgage, property tax, any association dues, and insurance?
-If the house is empty for a while to a non-performing tenant or difficulty finding a new qualified tenant, are you in a position to cover months without any rental income?
Do you have a list of tradespeople you trust to show up, fix the problem, and not overcharge you? Do you have funds available if things go wrong or need to be replaced? Depending on the house, it could turn into a second job.
-Do you know how to prepare a lease and screen applicants? If not, you can engage me a real estate agent to market the property. Once the tenants are moved in, it is on you to deal with them. Tenants also may not cooperate for showings etc once they had given notice that they will be vacating, despite what the lease says, but it is usually best to start showing the property once they are out & the house is all prepped. However that takes time & money.
-Renters NEVER leave your place in a condition that prevents a quick turnaround. You may get lucky, or despite our best efforts, you may have a couple of weeks of work or tradespeople in to make repairs before we can start marketing the house for rent. In that time, you will still have have utilities in your name and have lawn care/snow removal. How will you handle things if you move more than 1 hour away?
You gain equity through principal payoff and if the property values increase. However, you may not much monthly profit to your finances due to upkeep and empty months. What is the real estate & economic market changes?
- Speak with financial advisor to see how this affects your situation as this is beyond the scope of my work as a real estate professional.
Jonathan D. Hall
CT Licensed Real Estate Salesperson
RES. 0783448
JonathanHallRealEstate@Gmail.Com
William Pitt Sotheby's International Realty, 112 Federal Road Danbury CT
C) 203-417-0523
O)203-796-7700
Post last updated 2/26/2026
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