|
|
|
|
|
Forum
-> Household Management
-> Finances
amother
OP
|
Sun, May 08 2022, 7:22 pm
We bought a house OOT for very cheap and now it's worth about double what we paid.
We need to move back to NYC for a variety of reasons. I'm getting panic attacks about packing up our house to sell. But we could rent out part of the house and it would cover our mortgage while we figure out what to do with the house.
Does it make sense to rent out for now or put it on the market?
I highly doubt I would ever want to move back to this area.
| |
|
Back to top |
0
0
|
Wife1
|
Sun, May 08 2022, 7:29 pm
Sell it
You’ll then have money to buy a house in the new place
| |
|
Back to top |
0
0
|
amother
OP
|
Sun, May 08 2022, 7:30 pm
Wife1 wrote: | Sell it
You’ll then have money to buy a house in the new place |
It all will take time though.
And I need to move very quickly.
I have a job offer and they want me to start ASAP
| |
|
Back to top |
0
0
|
amother
Papaya
|
Sun, May 08 2022, 7:39 pm
Market isn't going anywhere, rent for now
| |
|
Back to top |
0
2
|
amother
Butterscotch
|
Sun, May 08 2022, 7:39 pm
Do you have money now to buy a new house without selling it?
| |
|
Back to top |
0
0
|
tryinghard
|
Sun, May 08 2022, 7:39 pm
Sell.
1) you don’t know what the market will do in the future
2) tenants rarely care for a house the way owners do, which will leave you in a worse position when you do sell
| |
|
Back to top |
0
3
|
amother
NeonYellow
|
Sun, May 08 2022, 7:40 pm
Never sell a piece of real estate if you can afford to keep it. Rent it if the rent market is decent.
Edited to add: that it does depend where that house is, how the market is there, and how far you live from that location or if you have someone who can manage it for you there.
| |
|
Back to top |
0
7
|
amother
DarkCyan
|
Sun, May 08 2022, 7:41 pm
tryinghard wrote: | Sell.
1) you don’t know what the market will do in the future
2) tenants rarely care for a house the way owners do, which will leave you in a worse position when you do sell |
I have heard many horror stories about tenants destroying property. I have a neighbor across from me who got sick and had a cat that she couldn't take care of. The entire place smelled of cat urine. Of course, this is an extreme case.
| |
|
Back to top |
0
0
|
amother
Tealblue
|
Sun, May 08 2022, 7:52 pm
tryinghard wrote: | Sell.
1) you don’t know what the market will do in the future
2) tenants rarely care for a house the way owners do, which will leave you in a worse position when you do sell | That’s a good point. Renting a house is work. Maintenance, making sure the tenant pays rent and what happens if you end up with a bad tenant that trashes the place.
I’m all for investment properties but you need to be ready to put in the work and preferably it should be local to you.
| |
|
Back to top |
0
0
|
Wife1
|
Sun, May 08 2022, 8:33 pm
amother [ OP ] wrote: | It all will take time though.
And I need to move very quickly.
I have a job offer and they want me to start ASAP |
Correct move to the new location first rent so you get a feel for the place but you will want to buy within the next yr or so no?
| |
|
Back to top |
0
0
|
amother
Pear
|
Sun, May 08 2022, 8:37 pm
feeling for you OP! We are in a similar situation (although the house isn't worth double what we bought it for and we can't afford to buy where we want to move to)... Thank you for posting your question and to all those who provided some insight!
| |
|
Back to top |
0
1
|
amother
OP
|
Sun, May 08 2022, 8:43 pm
Wife1 wrote: | Correct move to the new location first rent so you get a feel for the place but you will want to buy within the next yr or so no? |
It means I don't have time to pack up the house and get it ready to sell in a few weeks. I have a lot of junk and stuff that wont fit into a small apartment but don't have time to sort through it now.
If I rent out half the house it would cover the mortgage while we figure out what to do.
| |
|
Back to top |
0
0
|
amother
Alyssum
|
Sun, May 08 2022, 8:44 pm
sell.
wouldnt want to be landlord long distance and tenants can trash house. mortgage rates might also go up which might cause houses prices to go down....
| |
|
Back to top |
0
0
|
Related Topics |
Replies |
Last Post |
|
|
First Pesach Takeaway, Sell Soul for Program
|
29 |
Thu, Apr 25 2024, 5:48 pm |
|
|
Any restaurants that sell coffee open?
|
7 |
Thu, Apr 25 2024, 12:25 pm |
|
|
So excited to move into MIL for yt!!
|
28 |
Wed, Apr 24 2024, 9:36 pm |
|
|
“If you don’t sell Chametz Gamur”
|
4 |
Mon, Apr 22 2024, 1:36 pm |
|
|
Do you sell breadcrumbs and bags of flour?
|
21 |
Sun, Apr 21 2024, 4:19 pm |
|
|
Imamother may earn commission when you use our links to make a purchase.
© 2024 Imamother.com - All rights reserved
| |
|
|
|
|
|