If you, like a majority of Americans, own your own home, the though has probably crossed your mind: if you were to be offered your dream job out of state, should you sell or rent your home? Of course there are many factors to weigh before making such an important decision.

First, you’ll want to think about reasons for keeping ownership of the home.  Do you like the home so much that you want to hold on to it in case you ever move back?  Are you looking for an extra tax break through property depreciation?  Do you want to use the home for a basis for retirement investment?  These are all questions you will want to find  out so you can answer the question: Should I Rent My Home?

These are all find reason for retaining ownership, but there are other factors to consider that may outweigh the perceived benefits.  For instance, are you prepared to be a long-distance landlord, hiring someone to maintain and manage the property for you?  There are other costs involved as well, such as advertising costs, turning costs (cleaning and painting between tenants), property taxes and insurance, utilities paid out of your pocket when your property is between tenants and accounting costs.  In order to assess these costs, you should research the numbers in your market.  Expenses often run 30 to 40 percent of the income before the monthly mortgage costs.  More factors to consider when asking: Should I Rent My Home?

The one time you probably would not want to rent out your property is if you’ve recently purchased it.  Unless there’s a housing shortage in the market, the costs will outweigh the benefits to rent it out.

If you do decide to rent out your home, here are some quick tips to help you out:

• Interior paint – Keep the colors white or neutral
• Exterior paint – Once again keep it simple with a nice neutral color scheme
• Professional clean or replace carpets
• Make sure home home is insulated and your AC / Heating unit is serviced to keep utility bills down
• Clean the house from top to bottom and considering hiring a professional heavy duty cleaning service (not a maid service)
• Set the proper rent price – Consult a REALTOR for current rent values
• Decide if you will self manage or invest in a professional property manager
• Consult a C.P.A., Attorney and Financial Advisor on the tax and legal implications of owning a rental property or converting a primary residence into a rental property
• Consult with the local city for the current rent tax rates and how to register your home as a rental property
• Download and read a copy of the Arizona Landlord Tenant Act to know your rights as a landlord and what rights a tenant has.

Should I Rent My Home? or sell it, is a question that people must take the time and careful consideration before making a decision.  If you want to know what your home would bring in today’s rental market or if you sold it, call me for a free no obligation consultation at (602) 750-1744.

Here are some money saving tips on how you can lower your electric bill in Phoenix:

Sun Exposure

1) SUN EXPOSURE: If you are looking to buy a home in the near future or you currently own a home, take a look at the which way the home is situated on the land.  The sun follows the southern sky in the winter and the northern sky in the summer.  Keeping this in mind if you want to use less heat to warm your home in the winter time, then choose a home with a south backyard that has a lot of windows exposed to the south.  If you have a private swimming pool then you may want an east backyard to maximize the shade coverage in the summer months.  In general the south and west sections of a home will be the warmest during the winter months and the south and east sections of a home will be the coolest in the summer months.

Home Shaded by Trees

2) SHADE TREES: When looking to save money on electric bills, people often overlook the outside of the home.  They try to put in shades and shutters on the inside of the home where the heat has already entered. The number one way to lower your utility bill in the summer time is to shade the home from the outside with natural shade from mature trees.  If your home is shaded, it is often 20 to 25 degrees cooler in the summer months than an unshaded home.     This equates to your air conditioner working less to keep your home cool during the 100 plus degree summer temperatures. Consider shading the north and west sides of your home with natural mature shade trees.

Blown Insulation

3) ATTIC INSULATION & MAINTENANCE: If you have been in your home for more than 5 years, chances are your attic insulation has settled or moved and is not unevenly distributed or has sunken down a few inches. I often attend home inspections with my buyers and time after time the inspector mentions that the attic insulation has settled or is distributed unevenly.  Consider having extra fiberglass insulation rolled in, blown in or even a radiant barrier insulation that will help keep your attic cooler in the summer and warmer in the winter time.

Engergy Auditor

4) ENERGY AUDIT: If you want to lower your electric bill in Phoenix, then you may want to hire a professional to perform an energy audit. An energy audit is an in-depth analysis and inspection of your home to determine where you might be wasting energy and offer small or inexpensive solutions.  You may also receive big or more expensive solutions such as replacing all of your windows, but I would not recommend replacing windows unless you plan on being in your home for more than 7 years as the cost is hard to recuperate.

If you lived in your home for a few years or plan on buying one in 2012, you definitely could use a few tips on how you can lower your electric bill in Phoenix.  Donald Keys is a full time REALTOR selling new and resale homes since 1997.

Download the PDF Map here of Phoenix Freeway Closures Dec 9th to Dec 12th:

Phoenix Freeway Closures Dec 9th to Dec 12th

Local Restrictions:

Phoenix Freeway Closures December 2 to December 5 2011

Flagstaff, Northern Arizona Travel: I-17 SB traffic shift scheduled to be in place by mid-December at Cordes Junction for SR 69 interchange improvement project. Snow chains and tires are recommend.

Kingman, Las Vegas Travel:
US 93 widening project has seven- mile long work zone in place north of Wikieup. No passing allowed. Please allow extra travel time during busiest travel periods.

All I-17 ramps to Loop 101 (both directions) closed for lane striping work. I-17 SB traffic can exit at Deer Valley Rd. to 19th Ave to connect with Loop 101 EB or 27th Ave. to connect with Loop 101 WB. I-17 NB traffic can exit at Union Hills Dr. to 19th Ave. to connect with Loop 101 EB or 35th Ave. to connect with Loop 101 WB. Loop 101 EB narrowed to two lanes between 27th and Seventh avenues for lane striping and sign work. Loop 101 EB on-ramp at 27th Ave. closed.

10 p.m. Friday -9 a.m. Saturday (Dec. 3)