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I am trying to decide what would be best to do with my 4 Bedroom, 3 bathrooms home in Kokomo, IN. Should I sell it or would it be more advisable to rent it out? My family and I are moving to Maine. I will live in an efficiency provided by my employer until I find adequate housing to move them here with me. Thank you for your suggestions.
If you are going to be an absentee landlord then I would recommend you hire a Property Management company to manage the property. They can be set up to collect rents, do repairs, find you tenants to fill vacancies, etc.
In terms of what is best for you whether to sell or rent only can decide passed on how the numbers work for you. But I will add, if the numbers do work and you have positive cash flow coming in, why not rent it out.
Thank you for your thoughts. As I would want to be a good and responsible landlord I am leaning towards perhaps selling. This does not sound too bad with the possibility of the prime interest rate being reduced this afternoon therby reducing the mortgage rates.
RoaminRed is Wise! Having an absentee landlord is candy for renters. If they think you aren't watching... (read horror stories posts). Our town had a obituary for a man with the same name and close to same age as me. At least 1/3 of my 39 tenants didn't pay rent that month. Sell it, move on.
Wether you rent it or sell it depends on many factors. first, your local housing market. Things are very different in different areas of the country. Are prices dropping or staying the same?? Can they drop more? Who knows! Next of course you have to consider what your mortgage payment is VS expected rent. There are other tax advantages to consider as well that I'd suggest talking to an accountant about if you are not familiar with them. Also your hold time is an important thing to consider, and it is a poor time to sell. Another thing to consider is the price range. The lower end homes seem to sell decently if they are agressively marketed, show well, and are priced right. Lots of variables to consider!! Talk to a real estate agent, especially a property manager if you end up renting it out, as managing a property living in another area can be very difficult!
Thank you for your thoughts. As I would want to be a good and responsible landlord I am leaning towards perhaps selling. This does not sound too bad with the possibility of the prime interest rate being reduced this afternoon therby reducing the mortgage rates.
all I can go on is my experience with this:
1. Our neighbors rented out their home when they moved down to florida and the people who rented- while initally nice- trashed the place. So, after they managed to move them out the owners had to spend a nice amount fixing up the place again.
2. We just faced this choice ourselves when we moved to Texas and had a house up in Carmel, IN to sell. We chose to get it ready, put it on the market and wait it out. Initially it was priced too high and did not get many showings but as we dropped our price the number of showings shot up and our closing should be next month. My feeling now is that, since we needed the house gone and the market is so sad, we should have listed it at or below its apparaised value, sold quickly and washed our hands of it. It is very stressful being far away and waiting for your house to sell. Get a GOOD realtor! One who communicates well and is willing to check on the house will make your life so much easier.
Also, be prepared to spend a little bit on getting the house looking good if it is to go on the market empty. And then, of course, spend again after your buyers have their inspection and want little inconsequential things fixed
In my opinion the market is awful right now and predictions have been that it will get worse before it gets better and I'd rather not take my chances with that being true. Just get rid of it so that you will be free to focus on your new life.
Being a paranoid-neurotic, I'd be terrified to rent out a $200,000 (or whatever) house. What happens if the tenants burn it to the ground? What if they trash the place and steal all the appliances, cabinets, and fixtures?
Based on the number of properties that I've seen offered for rent, many people aren't too concerned about having their house destroyed, but if I were the owner, I'd be worried about it every minute.
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I am trying to decide what would be best to do with my 4 Bedroom, 3 bathrooms home in Kokomo, IN. Should I sell it or would it be more advisable to rent it out? My family and I are moving to Maine. I will live in an efficiency provided by my employer until I find adequate housing to move them here with me. Thank you for your suggestions.
