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I may have a job offer several thousand miles away but I own a condo that cannot be sold at this time.
Would you:
-Hire a management company to rent out and maintain your property until the market improves.
-Sell at a steep loss
-Not take the job (...and you really like the job offer and new location)
Just a general question to get some ideas.
Thanks a lot!
Can you afford to keep the condo if it doesn't rent?
Can you afford to take a "steep loss?"
Be very careful selecting a management company if you decide to rent. Have a local attorney review the lease.
This also depends no only on your location, but that of the condo development. Are there any association rules that either prevent rentals or demand a minimum rental term? Do they require a rental application and fee? Check your association rules or contact a board member.
I'm sure a realtor will pop in with some additional points for you to consider.
If I really wanted the job and like the new location, I'd find a way to make it work. Good luck!
rent the condo if you can then take the job you want and will like. Heck, it it does not work out
you will still have a condo. You also could use it as tax deductions.
I would not turn down a job I liked in a location I liked just because I owned a condo in another place.
I would select a management company and try to rent the condo. If no one wanted to rent it and I didn't feel I could afford to keep it, I'd sell it at a loss fairly quickly to avoid paying the HOA fee.
What they all said. We may be doing something similar next year, and there's no way the property will hold us back. I also think it's worth paying a bit more for a reputable property mgr. I made the mistake once of using one who charged less commission and also provided lousy service. It wasn't worth it in the end.
Congrats on the job offer!
We were in that situation once. its is a tax write off, and if you rent for less than your payment, the loss is also a write off, look into those angles, too.
Take the job! Try to rent the condo month to month maybe while keeping it on the market????
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