Profile picture for kasey1953

Should I sell or rent.

Three years ago I purchased my first home. My children bought in a town 30miles from here. I need to now move closer to them and the grandchildren. To move i would either have to rent my current place or sell.  I would prefer to sell and buy in the new town. Am I making a poor choice?
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July 01 2012 - Bel Aire
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Answers (7)

Do you want to be an investor and manage real estate? If not, it's time to sell. You don't need to over think this one. Either you are ready to be a property manager and deal with tenants or you move on with your life closer to your family. Good luck!
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July 15 2012
This is a personal decision that only you can make.  If you rent your home, you become a landlord which means the tenant will call you if the refrigerator breaks, the air conditioner breaks, etc.  There are management companies as well as service contracts to deal with this.  

Your other option is to sell your home, move closer to your children and move on with your life.  This is not a poor choice if it works for you.  It may just be the right choice for you.  

You need to weigh the pros and cons of both.  I'm sure you'll come up with the right answer.  Best of luck to you!
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July 15 2012
I can't say whether or not you are making a poor choice but I can say being a landlord is not for everyone.  In theory it's great but the minute things go south, you can be in for a major headache and financial suicide. Even if you hired a property manager, it's still your problem.  Discuss it with your children and decide on your risk tolerance and capabilities.
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July 13 2012
First- is this a financial or quality of life decision?
To consider the financial ramifications of your choices, consult a local real estate professional who can provide current market data on the market value of your current home and the net proceeds you can reasonably anticipate from the sale of your current home. Also-find out the rental rates and risk factors if you decide to keep your current home as a rental.
Then consult a real estate professional in your new area (if the areas are very different) to determine what the actual costs to purchase and live in a home will be. Your financing options will be key-are there owner-financed opportunities? Would an owner finance a portion so you can avoid PMI? Consult a recommended lender to discover your more traditional financing options.
The last piece of information you need  is the rental rates near your children.
Once you have all the information, financially evaluate your options.
But...is this only a financial decision? What is it 'worth' to be closer to your grandchildren?
Best wishes- good luck!
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July 03 2012
Unfortunately, your question does not provide the right info to provide an appropriate answer.
 
In general terms this market is good to keep properties as rentals and buy another home if your situation allows it. 

According to many finances experts, the best thing you can do with your money today  is invest in buying homes and renting them.
Best of luck 
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July 02 2012
Profile picture for kasey1953
all good points you make, and not enough detail in my original question,
yes, there is a mortgage, and no i couldn't carry two at the same time..
and yes it is a need, not a want to make the move...thanks for your input
i will need to look into getting more information from bank, and investigate the rental questions.
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July 01 2012
Profile picture for wetdawgs
This is an impossible question to answer without knowing more about the details of the situation.

You write "I need to move closer...".  A very parental type question:  Is this a "need" or a "want"?

Keeping that in mind, some things to consider:

Do you have a mortgage on your house?  Are you underwater?

Do you have experience in renting properties in the past (as the landlord, not tenant)?  It is not easy, and adding 30 miles to the rental would make it tougher.

Can you afford to carry the mortgages for both properties at the same time?
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July 01 2012
 
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