Home
Log in / Sign Up
    Private Messages   Advanced Search   Rules   New User Guide   FAQ   Advertise   Contact Us  
Forum -> Household Management -> Finances
Have to move: rent out our house or sell it



Post new topic   Reply to topic View latest: 24h 48h 72h

amother
OP


 

Post Sun, May 08 2022, 4:22 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

Wife1




 
 
    
 

Post Sun, May 08 2022, 4:29 pm
Sell it

You’ll then have money to buy a house in the new place
Back to top

amother
OP


 

Post Sun, May 08 2022, 4:30 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

amother
Papaya


 

Post Sun, May 08 2022, 4:39 pm
Market isn't going anywhere, rent for now
Back to top

amother
Butterscotch


 

Post Sun, May 08 2022, 4:39 pm
Do you have money now to buy a new house without selling it?
Back to top

tryinghard




 
 
    
 

Post Sun, May 08 2022, 4:39 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

amother
NeonYellow


 

Post Sun, May 08 2022, 4:40 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

amother
DarkCyan


 

Post Sun, May 08 2022, 4:41 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

amother
Tealblue


 

Post Sun, May 08 2022, 4:52 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

Wife1




 
 
    
 

Post Sun, May 08 2022, 5:33 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

amother
Pear


 

Post Sun, May 08 2022, 5:37 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

amother
OP


 

Post Sun, May 08 2022, 5:43 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

amother
Alyssum


 

Post Sun, May 08 2022, 5:44 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
Page 1 of 1 Recent Topics




Post new topic   Reply to topic    Forum -> Household Management -> Finances

Related Topics Replies Last Post
Budget for 500k house
by amother
34 Today at 8:57 am View last post
House rental for Pesach. 5 Yesterday at 5:47 pm View last post
S/O no-shoe house
by amother
6 Tue, Mar 26 2024, 4:30 pm View last post
Shoes in the house
by amother
35 Tue, Mar 26 2024, 11:51 am View last post
Looking to sell my hardly used Doona 6 Mon, Mar 25 2024, 9:05 pm View last post