Should we lease our home out?
I need advice on this issue. We are relocating to Raleigh in the Spring. We currently own a home in Black Jack. When we purchased the house it need a little work. We have been here for 7 years and have made many improvements, but not enough (I feel) to compete with other homes in our neighborhood. We need cosmetic work on both bathrooms and our driveway is shot. Our family room needs to drywall.The entry foyer needs to be updated. The basement floor needs to be resurfaced or repaired. Some of the updates we have made are not visible (electrical, new ac, new hot water tanks). With this being said I just don't think our house will sell if we tried to put it on the market. I am afraid if we invest the little money we do have in getting all these items up to par, it won't sell and we will be unable to relocate.
My neighbor has a beautiful home on the market and it has been sitting for about 6 months, as for other homes near us. Her price is fair for the present market. I feel if her home can't sell we will encounter the same.
I thought about leasing our home out. My husband, however, has owned rental property before. He owned a two-family property and one tenant did not pay rent and moved other family members in without his knowledge. So we are familiar with all the possibilities. I also understand some of the items will have to rectified before leasing.
I cannot let this house keep us from relocating. Does anyone have any suggestions about leasing or other ideas? Please share them with me.
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