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Additional Details
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Additional Details
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DanceHost | As a homeowner, should I sell the house of rent it out? |
I live in zip code 95132. Rents might go to $2000 for a 1790 sq.ft., 4/2 house. My property, unmodernized, built in 1965, might sell for $125,000 less than last year (now <$600,000) I have an interest only mortgage at 6.375% on $160,000 plus T&I. Mortgage payment is 90% of income from SS which is only $1350; I am a senior. I am also in earthquake prone area on the Hayward fault. No insurance for that. |
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teaser0311
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Unless you're in a position that forces you to sell, you should hold onto your property (and your mortgage) unless you have a guarantee of better, less expensive housing. The real estate market fluctuates in cycles. It always has. If you stay put, you will recover the equity you lost through devaluation. But, if you don't stay, you cannot recover your loss.
If your credit scores are great, you can contact a mortgage broker to learn if refinancing would get you a better interest rate.
I would not rent out the house, simply because you would then have all the same responsibilities of a homeowner, plus additional landlord duties, and the expense of alternate housing.
You've got 4 bedrooms, and an extra bathroom. Why not consider renting out a room, or two. I'm sure there are other seniors interested in sharing living expenses. Just be sure to have a written agreement that allows you to immediately evict someone you can't live with (legal if you also live in the residence and share a kitchen) and don't commit to anything longer than month-to-month.
As far as not having earthquake insurance in an area prone to earthquakes ... the truth is we cannot predict what will or will not happen that affects us in life. You choose to worry about what might happen, or you choose to not worry about what might happen. It's a hard lesson to learn. But, after relocating to Central Florida, and experiencing 3 hurricanes within an 8-week period, I finally accepted that certain things are beyond my control. And, it doesn't do me any good to worry about what might happen. You know ... I might step into the street tomorrow, and be hit by a bus.
If you really want to move, then do it. But, consider moving to a geographic area that you can better afford, without worrying about Acts of God that might come calling.
Good luck to you. |
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Doctor Deth
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you're probably better off selling it, pay off mortgage and move to a lot cheaper area/diff state - pay less on housing and taxes - have a lot left over to invest and supplement your income |
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mscarriem
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the risk with renting would be a bad tenant, lets say you rent it for the $2,000 a month and your tenant stops paying, now you still have to payyour mortgage and will have to pay money to get the bad tenant to leave the property , than that person most likely will do damage to your home. I would suggest you look at a reverse mortgage this way you stay in your home and get money everymonth instead of paying a mortgage, seems to me you have enough equity and a low income as long as you are old enough which sounds to me like you are this may be a good option for you.
You may be at a HUGE risk if yuo rent your home out, you can walk away with $400,000 or so, that sounds much betetr than loosing your house and having nothing |
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♥Sweet Girl♥
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With the economy, I would rent it out. But it could have financial downsides later on. |
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Al
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That's a very personal decision! Why? Look at the Pros and Cons. Do you want to be a landlord and all the responsibilities that go with that, repairs, maintenance, rent collection, legal issues,vandalism and even eviction procedures! You may want to let a professional real estate agency manage it, then you pay them.OR just sell the property and invest somewhere else, bottom line you decide! |
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mary k
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with the way eveything is going I would rent it out. how about rent to own option? |
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Mrs HarleyBrat
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ask yourself this - if you sell now - are you willing to take the loss in home value (of course meaning you net less) to walk away and have no worries about this property? OR would you rather put a renter in it to cover your costs (now you have to babysit someone) and is waiting really going to get you that much more in sale price later? (probably not since this market will bottom out then stay flat for a while before it makes a VERY SLOW climb) So unless you want to rent it out for several years - depends on how many more years you want to be tied to the property. Good luck makiing a choice. If you can afford to sell it outright - that's what I'd suggest so you can get on with your retirement and enjoy life -but that depends on how much you have invested in the property as well so only you can determine what's more financially responsible for you. |
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Service Providers Inc.
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In my opinion, rent it out while in the midst of making a decision. There is a website where you can have that listed that get lots of traffic, it's at www.apartmentlinks.com |
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Dale H
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It sounds like selling would be a good option. If you don't sell it, you need to get get earthquake insurance. If you cannot get it, I would definitely sell it.
You can move to Ohio and buy a mansion with your proceeds.
:-) |
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