Me and my wife wanted to move out of state from where we moved from, we currently are trying to sell the house ourselves cause of the expensives of closing cost and relators. We’ve had a few people look at the house but no offers that are for what we’re selling it for. Would it be better to wait and sell the house or rent it out to someone? I’d hate to be in another state and have a payment there and have a mortage payment here if someone “falls” through, I’d really love to sell quick. Any tips, ideas? It’s so stressful and I don’t want to live here anymore.
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#1 by dannad at May 20th, 2009
I would rent since your house would probably sell for cheap in these though economic times. If you are worried about people missing a payment there are companies who will do background checks on your renters for you making sure that you have good people who will pay.
#2 by golferwhoworks at May 22nd, 2009
lower the asking price to rock bottom
#3 by N.B. Jones at May 25th, 2009
You will have to do some math, and figure out if you can afford the mortgage with a renter, versus selling at a potential loss.
#4 by SmartA$$ at May 27th, 2009
If you can afford to hang on to the house and rent it out, now is a great time to do that. Rental rates are up and housing prices are down. If you sell it, you’ll be selling it cheap. If you rent it out, you can charge top dollar for rent, then sell it when the market is high. You’ll make an income from the rent payments and you’ll make thousands when the market recovers and the value goes up.
The key here is IF you can afford it. Do your research and figure out what a reasonable rent price would be. Then decide whether or not you can afford to rent your own place in your new area, and pay the mortgage on the house with the rental payments coming in. Keep in mind that you need to have enough money in the bank to cover a few months between renters and continue making the mortgage payments. Don’t forget that it can take several months to evict someone who refuses to pay rent, plus if something like the furnace breaks, you could be obligated to fix it immediately at your own expense.
The other factor to consider before you post the house for rent is whether or not your mortgage allows you to rent it out. Most mortgages are specifically for owner-occupied homes. Some do not allow you to rent it out, others will let you rent it out after you’ve lived there for a certain period of time. Make sure you understand what your mortgage allows because if the bank finds out you are violating the terms, they could sue you and call the mortgage due immediately .