What would be smart to do

A A couple months ago I purchase a 4 bedroom, 2.5 bathrooms, 2,138 sq ft. home. I was thrilled until I had a great job offer hours away. Now I have to make the decision to either put the home back on the market, look to rent it or suck it up for a couple years and have a 2 to 2.5 hour commute. We are fixing the kitchen and making the home even more attractive but is it a good idea to ut it on the market right away?

  • February 06 2013 - East Norriton
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Answers (10)

Profile picture for CallTheSisters
Consider you have added the cost of improvements.  Add the marketing costs and settlement costs. 

It is very difficult to turn a house around in this market in a couple of months.
  • February 27 2013
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Profile picture for MaryBeth Frye
They say timing is everything!!!  This is the spring market and the busiest time of year to buy and sell property!!!

I say, make it sparkle, and list....best of luck!
  • February 27 2013
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Byrne,

Looks like you know what your options are:
- Sale Property
- Rent Property
- Keep Property and Commute

Sale Property:
Even if you sale property now with updates more than likely will take loss with commissions and closing costs.Check with local realtor get solds within last 3 to 6 months. The least amount of months the better. Solds within .50 miles from your home with similar features (bedrooms, bathrooms, age, square footage and etc) . Judge if selling now is benefical.

Rent Property:
Consult with local realtor get rental analysis in area. Judge if rent with show negative, break even or positive cash flow. Consult with tax advisor if small or large negative will be benefical in your tax bracket.?

Keep Property and Commute:
Job are not easy to come by in this economic market. Personally have to decide job or making decisions with current home.

Same local realtor should be able to give rental and sold analysis. Consult with tax consultant. This is tough decision to make but hopefully professional tax consultation and real estate analysis will help you make a decision.
  • February 27 2013
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I can't tell you what is smartest to do. You need to decide whether your life style can take that long a commute. I can tell you that renters, in my experience on and near the Philadelphia Main Line as a full time agent, will not take care of a home as well as an owner.

That said, if you decide you want to sell, you should know that inventory is at a long tome low and clean updated homes are going quickly. Hope that helps.
  • February 27 2013
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There has been a huge increase in rental demand in the last quarter of 2012, compared with the same time last year.  The magnitude of rental demands has increased so much that is cheaper to buy a two bedroom home than rent one in most major US cities.  Explore all your options before make a decision.
Best of Luck,

Maria Cipollone
  • February 08 2013
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Profile picture for jmariano
I would be glad to meet with you at your home to discuss your options.  It makes it easier to make a big decision like this when you're working with current and relevant data.  I can help with that.  For example, it would be good to know how much cash you would walk away with, or have to bring to the settlement table to sell.  I can help with that.  We can also analyze rental value, costs, vacancy rates, management and risks.  I'm also a landlord, and I can offer some insight from that angle too.  We can compare the overall costs of the options along with projected costs of a long commute vs. living close to your new job. Good luck, and I hope to hear from you. - Jordan
  • February 08 2013
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Profile picture for Teri Arbogast
I agree, it depends on the strenght of your current real estate market. Renting it out might make the best sense.  Be sure to run a credit and background check on potential tenants, don't allow pets and check their job hhistory.
  • February 07 2013
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If your local market is on the upswing, then you may want to consider selling your home once you have finished remodeling it. You should simplify the upgrades however - not spend as much money - if you are going to turn around and sell it again. When making your decision, you should factor in the costs of selling. If you can get more money than what you bought it for, but only breakeven after costs, it still may be worth it to sell if you feel you will have a better quality of life living closer to your new job. If you don't get an offer that works then you don't have to sell. You have nothing to lose by trying.
If you decide to rent your home you should still minimize your costs in the renovations. You shouldn't include any high end finishes; tenants will never treat your home as well as you do. 
Ultimately, you have to decide what will work best for you. You may also want to talk to your accountant to determine what would make the most sense financially. 
  • February 06 2013
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I can not advise you this is a personal choice. You know your options:
- Fix and sell
- Rent
- Commute
I would check with local realtor and get an estimate of the home's current value and current rents in the area. With those money figures you can make a more informed decision.
Gail Mercedes Cole
  • February 06 2013
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Profile picture for blub blub blub
If you put the house on the market you are going to have to factor in the costs of selling.  You will have commission, closing costs, real estate tax credits etc.  You need to figure out how much out of pocket expenses you will have if any.

If you are planning to put the house on the market, I would put the brakes on any remodeling of the kitchen other than what is already done or what needs to be done to complete the finished look.  I wouldn't be putting in extras or high end items, as you don't always get your money back.  You could justify a higher selling price due to the remodel, but you may only break even on what you spent.

Renting it out is an option if you can get enough in rent to cover your mortgage or close to it without having to be too out of pocket each month.  However, you will now be a landlord, and 2 or more hours away.  It won't be easy to take care of any issues/emergencies that may arise.  Also, if you plan on purchasing another home where you are moving to, keep in mind that you will still have a mortgage out there and there may be concerns from the lender when trying to get another loan.

I would weigh out all options and see which option would end up costing the least and would allow you to move on with your life and be less stressful.

Best of luck
  • February 06 2013
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