Profile picture for user131119

It will cost $4k to sell my home. Is it worth it to rent and pay $600 less in monthly costs?

  • May 04 2012 - US
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Answers (4)

That depends on if the "cost" is a value to you. Are you moving out of state or will you be local? It seems like you really are coming out of this with very little distress. Most closings cost a few thousand and if you have to only pay 4,000 to be free of the home you are luckier than most. If the "cost" of selling the home is that any and all principal you had in the home is lost and you would rather have a slow bleed until it is recovered that is one thing You would need the advice of a Realtor and an Accountant to see which is a better scenario for you .Depending on your monthly expenses, income,vacancies , and money for misc items that come up with carrying the home,you can see if keeping the home is a better option. It may be worth 10,000 to get road of it,only you will know that with the proper information. Will the home will need repairs down the road? Do you have reserves to cover the home if the tenant stops paying? Do you have rental restrictions in your community? I have had some single family homes have rental restrictions! Does keeping the home limit you in any way when you move? Collect as much information as possible. The weigh them out financially, emotionally and logistically . Is the cost a benefit in your life or a value down the road.? Once you sell..it is done and gone . Obligations are met and you are free to pursue whatever opportunities show up in your path. For some ,that freedom is worth way more than being tied to a investment that could be one month away from really breaking you pr budget if the tenant doesnot pay. There is no freedom in financial stress. If you are still considering holding it,there is some other reason,and only you know which is better...there is no guarantee a tenant pays or the home is rented all year. Plan for all scenarios. Best wishes Suzie
  • June 13 2012
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Profile picture for JimTrueblood
There are many things that going into renting a home.  I would contact a local property management company to find out exactly how much you would net each month.  If you are actually getting positive cash flow out of renting the home, it can be a great investment in the right circumstance.
  • May 11 2012
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If paying less per month will relieve your stress of having to make that monthly mortgage payment, then I would say yes, it's worth paying $4k to sell your home.  The savings of $600 per month will offset this amount in a few months.

  • May 07 2012
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Profile picture for Ofe Polack
It all depends on your finances.  Discuss your specific situation with a lender.
  • May 04 2012
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