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Answers (2)
- Linda Slocum, "SantaClaritaRE"
- Contributions:224
This is primarily a financial decision unless you have other reasons for buying or selling your home. You'll need to take a look at all of the numbers in order to make an informed decision.
For example, would the market rate for rent cover your mortgage, property taxes, and insurance, or would you have negative cash flow each month? Would there be any tax impact of selling your home? What about the fact that you owe more than the house is worth - are you planning on covering the difference with cash out of pocket, or are you considering a short sale? If you're considering a short sale, are there enough other factors (job loss, income reduction, etc) that would qualify you for a short sale with your bank?
You'll need a Realtor or financial advisor who is good at calculating the cost/benefit of staying, renting, or selling to help you with this.
For example, would the market rate for rent cover your mortgage, property taxes, and insurance, or would you have negative cash flow each month? Would there be any tax impact of selling your home? What about the fact that you owe more than the house is worth - are you planning on covering the difference with cash out of pocket, or are you considering a short sale? If you're considering a short sale, are there enough other factors (job loss, income reduction, etc) that would qualify you for a short sale with your bank?
You'll need a Realtor or financial advisor who is good at calculating the cost/benefit of staying, renting, or selling to help you with this.
- Craig Lawler, "Craig Lawler"
- Contributions:238
kgdilao,
Every situation is unique and many factors should be considered to arrive at a solution that is best for you. A Realtor® should be able to help you by informing you of your options.
Please feel free to contact me if you'd to discuss your options.
Craig Lawler
Every situation is unique and many factors should be considered to arrive at a solution that is best for you. A Realtor® should be able to help you by informing you of your options.
Please feel free to contact me if you'd to discuss your options.
Craig Lawler
Should we hold on to our house, which is over mortgaged by a factor of at least 2, rent it out, or s
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