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Answers (6)
- Chris Hacker, "thelendingcoach"
- Contributions:130
This would depend on your goals of course but in general, I would look at what you could sell your house for in this market on the low end and then look at what properties usually rent for.
If you think you can sell and come out ok, then this would aleviate the problems that can come along with being a landlord.
If you think you can rent it and cover the payment without much hassle in the hopes of making more money in the long run, then maybe go that route.
Help with the analysis can be obtained free by talking with a real estate agent or a lender. If you go the route of renting, you should look at refinancing with one of the government programs to lower the payment so you can either charge less for rent which will help you rent it faster or make more money off of the rent.
If you think you can sell and come out ok, then this would aleviate the problems that can come along with being a landlord.
If you think you can rent it and cover the payment without much hassle in the hopes of making more money in the long run, then maybe go that route.
Help with the analysis can be obtained free by talking with a real estate agent or a lender. If you go the route of renting, you should look at refinancing with one of the government programs to lower the payment so you can either charge less for rent which will help you rent it faster or make more money off of the rent.
- Christopher Block, "RosevilleMNREstate"
- Contributions:107
It ultimatly comes down to what your goals are. Since you did not state that I would have to talk to you and then I can give you a yes or no.
I can help you and the answer is FREE. It really is just a consult and I don't charge anything so what the heck do you gotta lose?!
~ Chris
I can help you and the answer is FREE. It really is just a consult and I don't charge anything so what the heck do you gotta lose?!
~ Chris
- Neil Najibi, "hard hat agent"
- Contributions:23
My Rule ;
if you have between 10-15 percent negative ( meaning your PITI, priciple, Interest, Tax and Insurance added up) is at the most 10-15 percent more than the incoming rent and the market is not going down any more keep it. Of course having a clever and experience CPA is a must.
It seems in most markets rents are going up as we speak, Why? A lot of people whom historically could buy with zero down , now they can not.
Awesome days are ahead.
if you have between 10-15 percent negative ( meaning your PITI, priciple, Interest, Tax and Insurance added up) is at the most 10-15 percent more than the incoming rent and the market is not going down any more keep it. Of course having a clever and experience CPA is a must.
It seems in most markets rents are going up as we speak, Why? A lot of people whom historically could buy with zero down , now they can not.
Awesome days are ahead.
- David D'Onofrio, "DavidReMaxRealtor"
- Contributions:57
A Realtor can provide you with a CMA (comparative market analysis) that will let you know what you can fairly expect the market to value your home at. They can also provide a net sheet, showing what you would walk away with after closing costs and payoff on your mortgage.
If you think you can hold on to the proeprty in the long term, and you can cover your cost of holding the property with a tenant, go ahead and rent it.
However, if you are looking at a loss in the long run, or, if you simply can't cover the short term expenses, just sell it. It'll cost more to sell your property when it's at a higher price point, and if you ever consider buying something new, that'll cost you more too.
If your emotional reasons for wanting to sell are significant, do it and be at peace! If it's a second property for you, and the rent covers the related expenses, then rent it. If you are earning taxable income and paying a mortgage on that property, you have the benefit of the tax incentives as well.
If you think you can hold on to the proeprty in the long term, and you can cover your cost of holding the property with a tenant, go ahead and rent it.
However, if you are looking at a loss in the long run, or, if you simply can't cover the short term expenses, just sell it. It'll cost more to sell your property when it's at a higher price point, and if you ever consider buying something new, that'll cost you more too.
If your emotional reasons for wanting to sell are significant, do it and be at peace! If it's a second property for you, and the rent covers the related expenses, then rent it. If you are earning taxable income and paying a mortgage on that property, you have the benefit of the tax incentives as well.
- Sharon Lewis, "Sharon Lewis"
- Contributions:3917
I think you should talk to a loan officer and see if you qualify to purchase. Its an incredible market. Look at how much you are paying in rent and what that could buy for you. Keep in mind when you buy, you are going to want to paint and fix things up that you wouldnt normally do in a rental,so budget for that. Talk to a realtor , to find the right home in the price range your loan officer tells you , you can afford.
Check out this article from the NY Times...
good luck.....I love owning a home, its the greatest way to force you to save money and no one can tell you what you can or cant do within the walls of your own private 'castle'
http://www.nytimes.com/interactive/business/buy-rent-calculator.html
Check out this article from the NY Times...
good luck.....I love owning a home, its the greatest way to force you to save money and no one can tell you what you can or cant do within the walls of your own private 'castle'
http://www.nytimes.com/interactive/business/buy-rent-calculator.html
- Ken Oberholtzer, "RealEstateKenny"
- Contributions:1
To decide whether you want to rent or sell your home is ultimately a matter of needing the equity out of your home or not. If you don't need the proceeds from the sale of your home then you can find a local real estate agent who will help you find a good tenant. If you're not sure what your home could sell for, call a local Realtor and have them come out to your home and complete a Comparative Market Analysis. It doesn't cost anything to have most Realtors do that for you. Good luck!
How to decide - rent or sell?
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