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Not a realtor but the answer would depend on your situation. I would recommend an appraisal to see where you really stand, it may not be as bad as you think. If you find you would take a loss, can afford to make the mortgage when no tennants are there, and don't mind someone else living in your house, renting might be the right thing for you.
However if none of the above appeals to you, or you find you can sell and still make money, selling may be the better option.
Of course you should consult a realtor for your specific situation. But in general, home prices are down, and the basic rule of investing says "buy low, sell high". So no, now isn't a good time to sell, all other things being equal. That's assuming you're looking at it as an investment. There are many other reasons to sell, and again your specific situation will vary depending on a number of factors like:
--How much equity you have in the home.
--Maintenance/upkeep costs as a rental property.
--Your home's desirability vs. other available rental properties.
--The pool of potential renters.
--the hassle of dealing with renters.
--the nuances of your local market.
--etc., etc., etc.
It really depends. Me and a friend put our houses on the market at the same time. Mine sold and while I lost a little from paying realtor's commission and closing costs for me personally it was better than dealing with renters. When talking with companies about how much I could get for rent while it was covering my costs I felt like it wasn't much of a cushion in case an emergency were to happen.
My friend and her husband decided to rent their house. So far the property management agency has done a good job at finding tenants.
Talk with an agent and some of the property management companies and compare which will be the better option. Plus you have to decide if you want to deal with the risks of being a landlord.
Good for you! Thanks for your comments. I own my home outright and so really want to get the cash.....suppose the appraisal will decide rent vs sell. And my great neighbor may be interested in leasing, so I would feel a little better if I have to rent it.
Home values are down so much here...what is your advice re rent vs sell at this time? Any realtor/financial advisor advice especially appreciated~
I do a lot of work for investors & real estate management firms. If you do rent. have it through a managerment company. Yes they do charge. Find a good one. Small is sometimes better as they can watch your property better. A few dollars now will save you hundreds in the future.
I do a lot of work for investors & real estate management firms. If you do rent. have it through a managerment company. Yes they do charge. Find a good one. Small is sometimes better as they can watch your property better. A few dollars now will save you hundreds in the future.
Do you know of good rental companies for Winston-Salem? I feel like Baldwin has the market cornered, but I would like to know of other reputable ones in the area.
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rent vs sell
