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beehappy01 | Should I rent out my house or sell it? |
I have a new house in North Dallas, TX. I built it and moved in Sept 1 2006. Now I want to move about 2 hours away for a job and I don't know if I should rent my house out for a year and see what happens, or just go ahead and sell it. Any advice please? |
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dogmom
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I would rent it for a year or two before trying to sell. It is highly unlikely that you will be able to break even at this point if you use a realtor. And, trying to sell it yourself would complicate matters when you are getting ready to move 2 hours away and focus on a new job. Also, depending on your loan, there may be a penalty for paying it off before a certain amount of time has passed (usually 1-2 years).
A property manager would probably charge you somewhere between 8-10% of the rent to recruit and interview tenants, collect rent and deal with any issues that might be difficult for you to attend to being so far away.
You'll have to run the numbers both ways and see what makes the most sense. But, without knowing more about your situation, my guess is you'll be better off renting it out for now. |
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Richard W
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If you sell your home now, and make a profit, which I assume you will want, you will pay short term capital gains. That is, more taxes than necessary. You should wait the full two years from the date of purchase before you sell it. However, when it comes to renting, you must declare your rent as income, but you can deduct any expenses that you have for the house like paint, new carpet, grass seed, etc. You will want to check with your accountant. Additionally, you need to check with your mortgage holder. Some mortgages do not allow you to convert your property to a rental property or require a higher interest rate. |
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Ken
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There are a lot of variables here. What is the rental market like, are you prepared to be an absentee landlord, how much security does your new job offer . . . lots of things to think about. Personally, I would rent it if I didn't need the equity to purchase a new home. Someone else will be paying the mortgage for you while the house continues to appreciate in value. Being a landlord is not easy though. |
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Kati
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I definitely think you should try and sell it. I have rented out a house in the past and the people did not take very good care of it. I ended up having thousands of dollars worth of damage when they moved out. They had good credit when I checked it before they moved it, they just must live a rough life. |
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Timmy K
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Well that sort of depends on the situation you have with your current house. If you fully own your house, with no mortgage, I would strongly suggest renting it. That will provide you with a steady stream of income during the transition phase, and as long as the tenants are trustworthy individuals could continue to provide income into the future.
If you have a significant mortgage against your home, rent charged could be used to pay the monthly payments, but there are strong risks with this. I'm assuming you will be taking out a mortgage against the home you plan on moving into in the future. If that is the case, having TWO mortgages at once is a strain on your credit. In addition, if the tenants miss a payment or two, then you are stuck making mortgage payments on two properties.
If you fully own your current property, I would strongly recommend renting it out. You can always sell it off later.
If you have a significant mortgage out on your current property, I would recommend selling it and paying off the mortgage and just starting off fresh.
Best of luck! |
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lizzgeorge
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I live in Dallas, and I'm familiar with the rental market here. If you just built it and moved in 7 months ago then you will probably lose money if you sell this year (after commissions, etc.). On the other hand, I doubt you can make it cash flow (ie, rent it out for more than your monthly costs). Whether you sell or start renting now, you'll still be taxed on every dollar of profit when you eventually sell, since you didn't personally live in the house for more than 2 years.
You have to check around and see what a home like yours can rent for. Add up all your costs--property taxes, insurance, mortgage, etc--and see if you can bring in more than you owe each month. If you can't and you're way off then you should just cut your losses and sell. |
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kboyaloha
 |
Renting is the number one concensus here. If you don't need the money in the bank then let your investment grow. One possible option would be to Vacation Rental it out through a company. These management companies will not only oversee your property's health but send over a plumber or appliance specialist when needed. These are things you may not be able to do (or even want to do) at the drop of a hat. These companies will also provide discounted pool/bug/security services which will further insure your investment. Lastly, and most importantly these companies will advertise your house and fill your vacancies for you. Yes they will want their cut but just make sure your mortgage and home owners insurance is covered then sit back and relax. You won't even have to move all your furniture out. just leave the basics like a bed and normal 'hotel' accomodations. Since your house has a kitchen, basic utensils and a couple pots and pans are required but not the good china. Pack away all the things you want to keep in storage. You can do it. |
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CINDY G
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Two scenarios: you get a great renter, who pays on time and keeps your house well. You can use that home to refinance. Or, you get a renter that trashes the place cuz you can't visit or conduct inspections enough and you need to evict and put thousands of dollars in to repairs. If you need the refi opportunity, rent. If not, sell. |
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Kathy
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If you can afford it I'd rent it. Having lived in it for less than 2 years you will have to pay nasty capitol gains. If you keep it you will have the write off for your taxes. My only recommendation is that you look into property management laws. Make sure you know what you are doing when renting. These days the renter has more rights than the property owner....you can get really screwed financially. Know what you are doing and you shouldn't have any problems. Good luck. |
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debbie2243
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they'll tear it up..then you'll have to put out thousands to repair it. I have rentals and no one respects anyone else's property.
And what happens if after a month you want to come back? What if they won't get out because they have a lease?
u have a big decision. |
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TeacherMan
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The biggest variables here are... is it possible you will want to move back, are you going to rent or buy at your new location and do you have the funds to do so... what is the current debt service on the house and can you get it to cash flow by renting it out... and most important...
Will your lender allow it... alot of secondary market mortgage companies maintain the right to forclose on the note if you are not the primary tenant... so you need to check and see what your mortgage says... |
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mitsu
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i think u better rent it out rather than sell it...some people make lots of money from this business...it's better for ur future too..=) |
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Costa Financial
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I would look to the market first. In a lot of areas it is a horrible time to sell residential real estate. If that is the case you could check to see if current rents will be enough to cover your mortgage and expenses with the hope that you can get some positive cash flow. And will you need to pull equity out to cover the purchase of your new home?
Don't forget your taxes if your home appreciated, you have lived there less than 2 years so cannot claim the $250k deduction on capital gains. |
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Whisper from the Myst
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Well, should you? |
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