Profile picture for brs99

Being Relocated Should I sell or Rent my Place

I'm being relocated to Southern California and plan to rent so that I can be on the beach.  I have a home in Maryland and bought it only 3.5 years ago close to the peak.  Current estimates put my house value lower than what I still owe (by 5-6K).  Does it make more sense to rent the property or try and sell it for the loss?  
  • January 22 2009 - Frederick
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Answers (4)

Profile picture for wetdawgs
Renting a property when 3000 miles away can be very stressful, so if you can sell with minimal loss, I'd probably sell.    Do you ever plan to return to the area?

Run the numbers, i.e. figure out a fair rental value,  then figure out the cost of a management company, mortgage, insurance, taxes and maintenance. 

A few thousand dollar loss now may pay back tremendously in peace of mind later.  ( I had to go through the same process last year and sold.  My net was $0, the avoidance of the stress of renting was priceless).
  • January 22 2009
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I agree take the small loss and move on, you can do better buying elsewhere at the depressed values.
  • January 23 2009
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I think the other responses are correct, take the loss and move forward.  Think about these issues: who is going to rent the property after you move, who will do the maintance, if the renter stops paying rent how are you going to deal with it, who is paying for heat and could you be subject to issues where the home has pipes freeze up.  In other wise look at what can happen that can effect your losses and gains.  Renting propeties can be difficult if you live in the same city, being a long way away creates a lot more issues.

Good Luck and wish you the best!

  • January 23 2009
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Profile picture for lucho975

Sell it now and run.  The market is not going to get any better for a couple of years!!

  • February 01 2009
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