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Rent It Or Sell |
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I am curious if you can provide any general advice or "rules of thumb" on when renting out a first home is better than selling. With the current real estate market and very little equity built up (so far) in our first house, both my husband and I are at risk for losing our jobs due to industry consolidation. As a result we are planning to relocate to another city/state with a better job market. We have a mortgage that we can make comfortably (as long as we are employed) and can probably afford either a small second home or a liberal rental situation (that will allow pets). In addition to all of these factors, we have a brand new home in a small development that has 7 out of 35 homes currently for sale. Understanding that this is ultimately a personal decision (whether to rent/buy), it would be useful to hear your thoughts based on our current reality and the current market. Thank you. |
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You don't tell me how much is for rent in your neighborhood, and how much average rental figures are. You would certainly need to take that into consideration. But in any event, it's really asking for trouble to try being an absentee landlord -- or an amateur landlord altogether. If you're really going to move more than an hour away, I'd certainly recommend selling.
Of course I don't know the figures involved -- how much you could get for your house (no matter what the market is like, anything will sell if the price is right) or how much you owe. As you say, it ends up being a personal decision. |
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Edith
Originally published on July 15, 2008 |
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