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Answers (6)
- Jason Hageman, "Jason Hageman"
- Contributions:1
I would also look into speaking with a lender to make sure that you can still qualify for the new home with the other house as a rental. Some of the qualifications have changed and that may help you decide on whether or not to sell or rent.
If qualification isn't a problem, the rental market is very strong right now and it can be a great investment for you down the road to have someone else paying your mortgage for you while we wait for the housing prices to come back. This is just a cycle and housing prices will rise again. Instead of losing 15K you may want to hold on to it and turn it to a positive 5 - 10 years down the road.
If qualification isn't a problem, the rental market is very strong right now and it can be a great investment for you down the road to have someone else paying your mortgage for you while we wait for the housing prices to come back. This is just a cycle and housing prices will rise again. Instead of losing 15K you may want to hold on to it and turn it to a positive 5 - 10 years down the road.
- Rita A. Walker, "Rita Walker"
- Contributions:277
Before you make your decision, contact a local agent that does property management (get references). Talk to them to see what is involved and what costs you may have to look forward to dealing with over time.
A good property manager is a good investment.
A good property manager is a good investment.
- Charles Gerrick, "CharlesGerrick"
- Contributions:3
AtlRez -
Having a home on the beltline can be a positive and over time should complement the surrounding areas nicely. Given the potential long term implementation schedule, I would not rely too heavily on it in your current decision.
Being a landlord can provide many benefits, but also comes with its own challenges as well. As a landlord myself, I can tell you from experience. It is not for everyone.
The decision has many facets to consider and I would be happy to discuss with you in further detail if you like.
Having a home on the beltline can be a positive and over time should complement the surrounding areas nicely. Given the potential long term implementation schedule, I would not rely too heavily on it in your current decision.
Being a landlord can provide many benefits, but also comes with its own challenges as well. As a landlord myself, I can tell you from experience. It is not for everyone.
The decision has many facets to consider and I would be happy to discuss with you in further detail if you like.
- Scott Tucker, "ScottTucker"
- Contributions:4
The other responses provide great information but also keep in mind being a landlord holds its own challenges as well: finding a renter, repairs and maintenance, and dealing with the possibilities of a bad tenant. These can drain you financially and mentally if they do not go well. On the other hand it can also provide additional income in rent as well as future value.
Contacting an agent that can get you information on both a selling price and rental rate would be a big step in helping you make this decision. It is also a good idea to contact your lender as well to see what financing options you have: Can you mortgage the new place while renting or will you need to sell it to finance the new place?
It seems like you have already done some homework regarding the costs of selling but there are still a lot of details needed. Contacting and working with an agent or property manager would clear up some of the questions and help you weigh the risk versus the reward.
Good luck!
Contacting an agent that can get you information on both a selling price and rental rate would be a big step in helping you make this decision. It is also a good idea to contact your lender as well to see what financing options you have: Can you mortgage the new place while renting or will you need to sell it to finance the new place?
It seems like you have already done some homework regarding the costs of selling but there are still a lot of details needed. Contacting and working with an agent or property manager would clear up some of the questions and help you weigh the risk versus the reward.
Good luck!
- Larry Casner, "Larry Casner"
- Contributions:7
Atlrez,
You present some very qood questions, for which there are no easy answers. More information would be needed to advise you on this subject.
Some of the question that would need to answered would be:
Would your current home provide enough monthly rent to cover your mortgage, insurance, taxes, maintanance, etc?
If your current home is mortgaged, has your lender qualified you for a second mortgage to purchase the townhouse?
Does your fifteen thousand dollar projected loss include realtor expenses and closing cost for the new buyer?
Do you have the reserves and/or income to afford both properties in the event that you don't have a paying tenant, for you would want to avold a possible distressed sale in the future.
Also, the actual location of your current home and proximity to the beltline would play a factor.
If you like, contact me via my email and I'll be happy to look at some comparables in your neighborhood.
You present some very qood questions, for which there are no easy answers. More information would be needed to advise you on this subject.
Some of the question that would need to answered would be:
Would your current home provide enough monthly rent to cover your mortgage, insurance, taxes, maintanance, etc?
If your current home is mortgaged, has your lender qualified you for a second mortgage to purchase the townhouse?
Does your fifteen thousand dollar projected loss include realtor expenses and closing cost for the new buyer?
Do you have the reserves and/or income to afford both properties in the event that you don't have a paying tenant, for you would want to avold a possible distressed sale in the future.
Also, the actual location of your current home and proximity to the beltline would play a factor.
If you like, contact me via my email and I'll be happy to look at some comparables in your neighborhood.
- sunnyview
- Contributions:25127
I do not know anything about the beltline project in your area so it really depends how much the construction itself will affect your house value and the benefits of the beltline when finished.
I know in other areas where transportation projects like a new commuter train station or a faster commute bypass have been built the prices in that area tend to firm up one the improvements are in, but may be softer in middle due to construction inconveniences. You need more information to make a better decision.
Before you decide what to do, I would talk to an agent in your area about their opinion of the impact on values after the beltline is complete, talk to someone who does property management in your area to get vacancy rates and current rents and talk to a broker about your ability to qualify for another house if you choose to keep this one as a rental long term.
I know in other areas where transportation projects like a new commuter train station or a faster commute bypass have been built the prices in that area tend to firm up one the improvements are in, but may be softer in middle due to construction inconveniences. You need more information to make a better decision.
Before you decide what to do, I would talk to an agent in your area about their opinion of the impact on values after the beltline is complete, talk to someone who does property management in your area to get vacancy rates and current rents and talk to a broker about your ability to qualify for another house if you choose to keep this one as a rental long term.
Currently Own On Proposed Beltline, But Want to Move. Should I Sell Or Rent My House?
So should I hold out for the 10+ years it may take before the Beltline is complete to hopefully reap the equity rewards it will bring or should I cut my losses now and move on?
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