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| I just need to put it somewhere until my mortgage deal is over then I can pay off a lump of the mortgage. My ISA is full for this tax year.... |
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Most info = best answer:)
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followingmybliss | Should we keep our building and wait til the economy gets better to sell it? |
I'm curious. My sister and I own a commercial building. We moved our business out this year--the economy made it not fun. So it sits empty.
We have it up for sale, and I convinced her to lower the price $60,000. We also have a FOR LEASE sign up. We've had a gal interested in leasing it, and now I wonder if it might be a good idea to take the building OFF the market....lease it....and put it back up for sale in a year or so when the economy might be better?? (the lease will only pay our mortgage and taxes---no profit) |
 |
 
Tuff Girl
|
You will benefit on your taxes either way, assuming you haven't got capital gains, but the advantage to leasing is that you can continue to use costs associated with repair or upkeep or loss on your taxes year after year. |
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tinahdez@sbcglobal.net
 |
If you can lease it and cover the mortgage and taxes, that will buy you time. Time is what you need to ride out the downturn. Eventually you will make a profit. |
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Nikitaa B
|
keep it, youll be out some money |
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Ava K
|
keep it,
my dad always told me since he owned like 5 different lots and would buy them randomly and i ask why he said that
"property is like money in the back"
so keep it,
its good thing to have and then when the economy is better your gonna be happier you waited
also
if anything else you could rent it out so you still have money coming in until you want to sell it |
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**DPFS***
|
Can you afford it with out someone leasing it?
If its affordable without having to lease it, keep it. If not, than its a toss up, maybe going half and half on it. Only if its affordable for you. Realestate is worth it in whatever market if you can afford the payments.
The market most likely will not turn for the better til about 2010 or so. We haven't even seen the last set of loans adjust yet, so we'll being seeing another lil drop in housing.
Good luck:) |
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wnc817
 |
Now is a horrible time to sell. Let the renters pay the debt off, and bide your time. Once the building is paid off, you can borrow against it to buy more real estate. Leverage! |
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AayKay
|
the market for houses are more likley to become more elastic, in approxamately 10 years according to some economists
however, some predict that it could be 4 years till houses become higher in value,
pay attention to your countries Gross Domestic Product, GDP is the standard measure of the size of the economy. It is the total production of goods and services, in your case, within the United States. GDP is calculated quarterly, therefore, if there is a rise in GDP in two consecutive quarters then, you can bet your bottom dollar that it will fetch alot more than $60,000
as two consecutive rises in GDP will show that the economy is strengthening
however, you need to think whether its ideal for you to wait this long as you have stated that you need to pay off your mortgage and taxes. you will get more revenue in the long run, the value of your "building" will appreciate in the next few years.
i conclude by saying that you should hold it out for a couple of years |
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dwightbliechert
 |
depends on the location.if it is surrounded by foreclosure property, dump it quick |
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mlk682
|
Answer is YES, as long as the lease payments get made,and having a tennant can be expensive. Good Luck |
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nukemm33
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I would say definitely to lease the building now and then sell it once the economy picks back up. Really leasing is the ultimate option anyway, you get paid monthly and you still get to keep the building. You could make much more money off of leasing than you could just outright selling it. |
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Sir Economist
 |
Buildings are currently very low in price and continually falling. I'd say if you kept it for a good while and sold it in the future that'd be a better plan. You're looking at a good few years before you could sell it for a good price though. The economy will pick up again though and building prices will become higher than before. |
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