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Old 03-05-2008, 03:27 PM
 
1 posts, read 2,225 times
Reputation: 10

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Hi,
I own a 3BR/2BA full basement w/2 car garage house in Smyrna outside the city limits near the covered bridge. Nice neighborhood - my house is the crappiest. It's been rented for a couple of years but now my tenant is moving out.

I have no intention of living there again so I'm wondering if I should sell. There are several more expensive homes on the market in the neighborhood so I could undercut their prices. I have quite a bit of equity and am 5 years into a low fixed-rate mortgage.

In terms of selling, it would need some work - new kitchen counters, replacment window, carpeting, paint. So I'm leaning toward renting. Is the rental market still good there?

Anyone have any advice?
Thanks!
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Old 03-05-2008, 06:37 PM
 
Location: Orange, California
1,576 posts, read 5,968,467 times
Reputation: 745
It's a buyers market right now. Not the best time to sell, but it might make sense if that is a better option to you than renting. But given that you have been renting it out for awhile, it wouldn't seem to be a big hassle for you to keep renting it out. In this market, if you want it to sell, you will either have to fix up all the "problems" and then price it reasonably, or else forego fixing it up and offer it at a fire sale price. Personally, I would not sell in this market unless I had to. You have to figure it will get better 2-3 years down the road. But who knows, right.
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Old 03-05-2008, 07:20 PM
 
Location: Atlanta
67 posts, read 218,829 times
Reputation: 15
I hear the rental market is doing well since it is harder to get qualified for a loan now that a lot of the "alternative" loans have gone away.
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Old 04-14-2008, 06:13 PM
 
Location: Smyrna Vinings
27 posts, read 146,293 times
Reputation: 15
You mention that you have rented for a couple years, so I'm assuming that it was your primary residence prior to that point. If you have quite a bit of equity in the property due to price appreciation, then you may want to sell due to beneficial tax treatment. You can sell your home and not pay tax on the gain if it is your primary residence. This is defined as your primary residence if you have lived in it 2 out of the last 5 years. So in this case if it was a primary residence prior to renting the last couple years, you may want to take advantage of selling now and not paying tax when you don't have to. This is one of the few opportunities in the US where you can actually sell an appreciated asset without paying taxes.

The flip side to all of this is that it is a good time to have rental properties. Vacancy rates have dropped at apartment complexes and I've even heard that some apartments are becoming so picky that people are having trouble leasing.
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Old 04-14-2008, 06:57 PM
 
28 posts, read 200,251 times
Reputation: 24
The rental market is not very strong, the complexes are offering all sorts of deals for people to move in... In my opinion you would have to be offering something really good for someone to choose your home over a complex that has a pool, fitness center, tennis & more... Make the necessary repairs and sell.
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Old 04-15-2008, 11:58 AM
 
44 posts, read 195,808 times
Reputation: 24
I may be looking to move this summer and I was wondering exactly what condition the house was in. I currently rent a house on the other side of Smyrna (near 285) and I'd like to move to the other side to get my son into a different middle school district. Here's what I'm looking for:
3 bed/2 bath, fenced in yard (I have two small dogs >10lbs), preferable a garage. If you were to rent, how much would you ask monthly?
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