Debbie, Home Buyer in Portsmouth, VA

Bought brand new 2900 sq ft cottage in Deep Creek last year. Thinking of downsizing. Purchase was 427k. What should we do rent, sell?

Asked by Debbie, Portsmouth, VA Sat Jan 12, 2013

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Answers

5
If you would like to set an appointment with me, I could explain your possibilities.
Darcy Guethlein
Prudential Towne Realty.
757-478-4756
0 votes Thank Flag Link Mon Jan 14, 2013
It depends on what you are looking to accomplish. Unless you paid cash, or got a really good deal when you purchase, you will more than likely have to bring cash to the table if you sell. If you are looking to downsize for financial reseaon then renting the house wouldnt make sense. You are still utilimately responsible for all the expenses of the home monthy as were as repair. Then we hope that the tenants pays on time and does not damage to the property. Renting is all about cash flow. If the rent only pays for the mortgage with no cash left over than it is already not a good idea from a financial standpoint.

Download a free report from my website on how to sell your home fast and for the most money in todays low inventory market.
0 votes Thank Flag Link Sun Jan 13, 2013
Hi Debbie,

That is a good question and would require a conversation or more information before advice could be given. Do you want to buy another home? If so, can you qualify for another mortgage if you rent? I'd welcome the opportunity to discuss this with you, Please let me know if I can help.

Karen Archbell, ABR, SFR, GRI
Rose & Womble Realty Co.
Licensed in NC and VA
0 votes Thank Flag Link Sun Jan 13, 2013
Hi Debbie,
There are a few more things to consider on top of the CMA. Have you been a landlord before?
I can review the pros and cons of renting and selling,of course this all depends on your realty goals.

I look forward to reviewing these options with you.
0 votes Thank Flag Link Sun Jan 13, 2013
I need more info as to your address to do a proper market analysis for you ... Contact at dougluke@vetizon.net or directly at 585-4321
0 votes Thank Flag Link Sat Jan 12, 2013
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