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Answers (7)
- DebJacobs
- Contributions:13
I would defintely hold the house and rent it if you can. Selling in this market would be the worst time to do it.
- John Taylor, "JohnATaylor"
- Contributions:17
Selling vs Renting your home is a tough question. However it comes down to a few things 1. Do you need the money out of the home to use on your next purchase. 2. Would you like to be a landlord and have a monthly cash flow that will pay the mortgage on the property and maybe some additional money?
If you rent you are now responsible for TWO properties . If anything needs done on your rental you must take care of it. It comes down to preference and need most of the time.
In regards to selling your home the quickest way is to price it based on comps to your home. What has sold in the past 12-18 months and where you want your property situated among the others that are being sold in regards to positioning and making your property price attractive.
If you rent you are now responsible for TWO properties . If anything needs done on your rental you must take care of it. It comes down to preference and need most of the time.
In regards to selling your home the quickest way is to price it based on comps to your home. What has sold in the past 12-18 months and where you want your property situated among the others that are being sold in regards to positioning and making your property price attractive.
- Tom Matthews Joanne Taranto, "TomAndJoanneTeam"
- Contributions:528
Hutt14:
The conversation of renting versus selling comes down to one thing and one thing only: CASH FLOW. Can you generate enough revenue to cover your expenses of holding the property? If you can cover you PITI (principle, interest, taxes, and insurance) then why not rent. If you are going to lose money every month are you at a tax bracket where the loss makes sense? I would sit with your CPA and come up with a strategy that makes sense financially both short term and long term. Best
The conversation of renting versus selling comes down to one thing and one thing only: CASH FLOW. Can you generate enough revenue to cover your expenses of holding the property? If you can cover you PITI (principle, interest, taxes, and insurance) then why not rent. If you are going to lose money every month are you at a tax bracket where the loss makes sense? I would sit with your CPA and come up with a strategy that makes sense financially both short term and long term. Best
- Nicholas Ribeiro, "NicholasRibeiro"
- Contributions:1807
The Real Estate market right now is really tough to sell in. Here in berks in the month of December there where 3320 homes on the market for sale and 249 homes that sold. This tells us buyers more then command the market.
I always recommend to anyone considering renting to also look at the possibility of doing a lease/purchase. This is a far better deal for the seller then renting the property because the deposit is so much larger then a security deposit and in most cases the home sells for much higher in a lease/purchase then it does in the fair market. Make sure before entering into a deal like this you have an agent who is experienced in this type of deal as it can be very challenging. Best of Luck!
I always recommend to anyone considering renting to also look at the possibility of doing a lease/purchase. This is a far better deal for the seller then renting the property because the deposit is so much larger then a security deposit and in most cases the home sells for much higher in a lease/purchase then it does in the fair market. Make sure before entering into a deal like this you have an agent who is experienced in this type of deal as it can be very challenging. Best of Luck!
- PukonYukon
- Contributions:173
Renting is not a bad gig.
Check into average rents in your area. How quickly homes are rented. In addition to looking at data on rental listing sites, just find the paper and call on a few that are comparable to yours, are they already gone? Call a local agent that sells and tell them you are looking for rentals, do they have any? see what they say. Let local agents know you have a rental, when they get that call they can give our your number.
Rentals go fast here. so it makes it easier to be particular about the creditworthiness of renters.
Check into average rents in your area. How quickly homes are rented. In addition to looking at data on rental listing sites, just find the paper and call on a few that are comparable to yours, are they already gone? Call a local agent that sells and tell them you are looking for rentals, do they have any? see what they say. Let local agents know you have a rental, when they get that call they can give our your number.
Rentals go fast here. so it makes it easier to be particular about the creditworthiness of renters.
- Robert Dandi, "BobRealEstate"
- Contributions:74
Top notch rental management is the KEY to making a rental pay for you over the long run. You are facing the same situation that many are in the housing market today. First step-get a free professional estimate from our office of what your home would likely sell for. Take that versus what the likely net rent would be after management. Then make a decision. Regardless, knowing how to get and manage the right tenant is the most important part of the process.
Where are you moving to by the way? Are you buying another home or relocating? That would factor into the equation as well...
Where are you moving to by the way? Are you buying another home or relocating? That would factor into the equation as well...
- Tom Hoch, "Tom Hoch"
- Contributions:1
Thank you for submitting your question, I do appreciate the challenge of the decision you're facing. It's the age old question - should we sell our home or rent it out? The current market notwithstanding, the age old answer is renting is great way to generate income AND maintain equity in your property as long as you find the perfect tenant. All you can do is thoroughly check, re-check, and verify the required information the prospective tenant submits via a rental application. I use the rental application written by PAR (PA Assoc. of Realtors), it's a very comprehensive document. Ultimately, it's a difficult decision for you to make as you're evaluating someone "on paper."
With respect to selling, it's no secret the market is still challenging. There are areas in Berks County that are stronger than others. Much of this depends upon the current listing inventory in a specific location. My recommendation is to obtain a CMA (Market Analysis) on your home. You should also ask the Realtor to provide a Rental Analysis on your home, i.e. determine the rental value for your home. Make certain that you select a Realtor who is well versed in sales and rentals. That way, you and your wife can "crunch the numbers" as you compare the financial aspects of selling vs. renting. I offer this serrvice at no cost to folks. Best wishes in your decision making!
With respect to selling, it's no secret the market is still challenging. There are areas in Berks County that are stronger than others. Much of this depends upon the current listing inventory in a specific location. My recommendation is to obtain a CMA (Market Analysis) on your home. You should also ask the Realtor to provide a Rental Analysis on your home, i.e. determine the rental value for your home. Make certain that you select a Realtor who is well versed in sales and rentals. That way, you and your wife can "crunch the numbers" as you compare the financial aspects of selling vs. renting. I offer this serrvice at no cost to folks. Best wishes in your decision making!
Renting my house vs Selling my house
I think we are better off renting it, long term and short term, with the market the way it is.
She is concerned about the value of the home dropping if we rent it, thus not getting what she paid for it if we were to ever sell it.
My feeling is that if we put it on the market in the next 18 months to sell, we will be sitting, waiting for it to sell for 12+ months.....
Advice?? Thoughts?? Thank you from Reading, PA
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