Home Selling in Williamstown>Question Details

Dannie Smith, Both Buyer and Seller in New Jersey

I have a 380,000 house 38,000 sq ft and a in ground pool .How much should i rent it for and is it a good idea?

Asked by Dannie Smith, New Jersey Wed Jun 11, 2008

to rent? I live in Williamstown NJ

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Answers

8
actually a question, is the house still available to rent, and if so would there be an option to buy? job relocation..
0 votes Thank Flag Link Wed Nov 19, 2008
When renting that large of a home you are only apealing to people who can afford to purchase. I'm sure your going to want to rent it for around 2,500-2,700. Then take into account the security deposit also. With our services we can sell the home for you and feature a virtual tour, home warranty, brochures, 11 different websites. Please call me if you have any questions.
0 votes Thank Flag Link Mon Jun 30, 2008
If you are still interested in renting your house, I am interested. Contact me at durangodreamer@msn.com.
0 votes Thank Flag Link Sat Jun 28, 2008
Dannie,

I believe you may have included an extra zero on the Gross Living Area of your home. It is more likely to be 3800 S.F..

Renting a home like that is likely to be difficult because the rent will have to be at a high level to cover your expenses and people with that financial ability are typically buyers rather than renters unless they have some unusual need to rent. Being a landlord takes quite a bit of effort and care in screening and managing the rental property. A bad decision along the way can threaten your property, your financial condition and some would say your sanity. Last year agents rented 8 homes with rents $2,000 and $2,800 a month via MLS in Williamstown and there are currently 5 available now and very probably are others available that are not actively listed.

Relative to selling the home, market conditions in your area for homes in your value range are pretty difficult right now. There is a 15 month inventory of homes available and that does not take into account new construction where builders are offering substantial incentives to purchase.

Despite both a difficult rental and sales market for homes in your value range and in your neighborhood you have some of the most aggressive and successful agents in the region close to you and operating in your market. I would recommend you interview them and see which one has a marketing plan that is creative, aggressive and outside the norm of what everyone else is doing. That "creative" and "outside the norm" is going to be essential in getting your home exposure to the broadest part of a very bloated market.

I would start with some of the "local" agents here and least call them and hear what they can offer you and if they sound good make an appointment and take it to the next level. The agents here on Trulia are already demonstrating that they are aggressive and are finding ways to find buyers and sellers that other agents have overlooked. Good Luck

Frederick R. Giebel, Jr
NJ Certified General Real Estate Appraiser
Preferred Appraisers, Inc.
Appraising Real Estate In the Same South Jersey Communities for 27 Years
856-232-0971
houseval.net
0 votes Thank Flag Link Wed Jun 18, 2008
Hello Dannie,
Well you have already received most of the basic information you need to know as far as renting your home. After detrimining comparables in the area and looking over your expenses we would be able to advise if renting would be a good idea for you. Just wanted to pass my information along since my office is right around the corner from you. Feel free to visit my website and give me a call if you would like to discuss further.
Thanks,
Cheryl Daigle
CENTURY 21 Abundant
416 Sicklerville Rd.
Sicklerville, NJ 08081
856-889-5571
http://www.CherylDaigle.com
Web Reference: http://www.CherylDaigle.com
0 votes Thank Flag Link Wed Jun 11, 2008
Dannie,

I service your area. Whether you should rent or not depends 1st on the numbers. This is the amount of potential rental income you can get vs. your currently monthly obligations. We look at this over a period of a year or two and we where your cash flow wil potentially be. And 2nd if you really want to be a landlord. You should be well informed on local and State's requirements. We also can do a complete background check for any potential tenant. We will assist you in establishing a criteria for individuals who would qualify to occupy your homes. I recently done a lease for a football player and we had this same discussion. For your info here's a link to what may be comparable homes that are now active and those that now have tenants occupying. http://www.trendmls.com/mls/Client/Email/EmailClick.aspx?s=3… Call me in my office for a free over the phone consultation. Information is free 856-685-1651
0 votes Thank Flag Link Wed Jun 11, 2008
Dannie,
I will certainly be happy to look at the properties that were leased in your area recently and can be compared to yours. As Gina answered in the previous post you should be looking to cover your expenses such as mortgage and taxes as well as built some reserves for maintenance and repairs. Typicaly you should be looking at receiving 20% more than you are spending. That is the cash flow investors are looking for in income producing properties. If you cannot recover at least your expenses I would suggest a sale of the property. I will be happy to give you a free market analysis. Just contact me with details about the porperty.
Williamstown is in my service area. My office is located in Mantua and we have a strong presence in Gloucester County. I will be happy to list your property either for sale or rent. Please contact me to schedule an appointment.
Good Luck!
Jitka McCabe
Century 21 Alliance
1107 Mantua Pike, Ste 712
Mantua, NJ 08051
Office (856) 468-7800
Cell (856) 278-6142
0 votes Thank Flag Link Wed Jun 11, 2008
Dannie,

I'm assuming since you are looking to rent your property - you own another home to live in? I'm not sure what your carrying costs are for the house (if you still have a mortgage, taxes, etc.) and if so, will you be able to recoup your carrying costs from the rental income? If yes, then it may be a good idea.

I'm not familiar with the current rental prices in your area nor am I familiar with the Gloucester market. You should contact an agent in your area (some agents may also respond to this post) to find out the rental prices. Again, you should consider listing it for rent with an agent. I'm not sure how rentals are handled in your county but in North Jersey it is typical that the renter pay the broker fee thus causing the landlord not to incur any fees to list a rental. Hopefully an agent in your area will shed some light on that issue.

If you do not rent it? What will you do - list it for sale? You can list it for both rent and sale and should it rent before it's sold - withdraw it from the sale market.

Good luck.

Gina Chirico
Prudential NJ Properties
973-715-1158 cell
973-239-7700 ext 132
GinaChirico@PruNewJersey.com
0 votes Thank Flag Link Wed Jun 11, 2008
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