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We have a condo apt in Jersey City, and we can't decide whether it's better to rent it out or just sell it under current economic situation. What is your opinion?
Also, does anyone know a good real estate firm/agent to recommend? Thanks.
Currently, I would not be selling any type of real estate in this current market. Bargain hunters are hawking in on people selling real estate in a low price margin just to rid themselves of the property after trying so hard to sell it in the first place.
For example, my folks just sold their old house that they purchased for about 200,000$ in 1994, with a selling price of 175,000$. The property had been completely redone after refinancing, and I mean the works: finished basement, finished attic, completely modernized kitchen, leveled the back yard and redid the walkway, erected a new wood fence around the property with a interior bolting gate, and had the city OK the leveling of the sidewalk to create a rain drainage system that empties straight from the roof to the street via an underground canal.
If anything, buying is the thing to do, rent that property out while you gauge the economic climate until you are ready to take a loss on the property, which will happen no matter what.
Many property owners are renting their homes out after trying to sell for months. I have been asking my sellers to list theirs homes for rent and for sale. You could also rent with the option to purchase, this works well for some who may not be able to purchase at this time. DM me if you'd like more information.
Many property owners are renting their homes out after trying to sell for months.
A friend of mine moved out to NV in August of 2007, house in Montville still hasn't sold. Finally started renting it in September 2008. I would think a condo in JC would be much easier to rent out than a house in Montville anyway, so go for the rental.
We have a condo apt in Jersey City, and we can't decide whether it's better to rent it out or just sell it under current economic situation. What is your opinion?
Also, does anyone know a good real estate firm/agent to recommend? Thanks.
Sell it, you will not regret getting rid of it.
If you rent it, you may regret it. If you end up renting it for 3 years you likely will regret it, in the cost of bringing it back to the condition you left it in, and if you happen to have any gains on it, in the taxes you then get to pay on all of the gains.
If you decide to sell it, be sure to price it 2 to 3% lower then the market, it will likely sell as it will be the best value of its type and will get the most attention right away. The highest price you are going to get for your condo is from a offer you can draw in the first 30 days on the market. Pricing it so that you can do price reductions is old school and only gets you less, and takes longer to sell. Oh, and don't bother trying to FSBO it, in this market that stuff isn't likely to fly.
We have a condo apt in Jersey City, and we can't decide whether it's better to rent it out or just sell it under current economic situation. What is your opinion?
Also, does anyone know a good real estate firm/agent to recommend? Thanks.
Depends.
I'd imagine you live in the house now?
If you move out & rent it, how far are you going?
You have to consider whether you will be a local landlord or non local.
If you will not be local, I suggest just selling it.
Being a landlord is not for everyone. You need to consider things like appliances, who fixes what if it breaks then collecting rent. You should also be up on landlord laws in NJ. We had a tenant that never said anything about the roof leaking until it did a ton of damage; they also did not open a window when showering so there was mildew all over. They were also behind on their rent, checks would bounce.
If at some point you decide renting it out isn't working and want to list it, did you include that in the rental agreement? Will the tenant be ok with showing the apartment? You wouldn't believe how many aren't. Then what condition is the place when it's for sale, is the tenant picking up and helping to keep the place looking good? Do you need to give them 24 hours notice?
I can't count the number of posts I've read from landlords who had various issues selling while it was being rented.
We have a condo apt in Jersey City, and we can't decide whether it's better to rent it out or just sell it under current economic situation. What is your opinion?
Also, does anyone know a good real estate firm/agent to recommend? Thanks.
A freind of mine owns a few multifamily buildings in JC and she is doing very well with keeping them occupied - rented out! The market is there for renting. I think owning a condo in JC is a great investment in the years to come. My vote is - rent for now and when the market picks up, then sell.
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