Your question is a very good one and deserves an equally good responce. However, to do so requires a great deal of information that needs to be considered before any sound decisions can be made. Depending on YOUR current and future needs/wants, there may be a number of solutions available to you that will work well.
The best advise I can give is to contact a knowledgeable REALTORÂ® that knows the market where you own the home and discuss the pro and cons of both actions. Consideration to both short and long term financial benefit and how each contributes to YOUR wants and needs is the ultimate goal.
It depends on what you want out of the property. Since the rental market is doing so good in this economy you have the opportunity to earn a good return on your investment.. But always remember you have to deal with maintenance issues. I would recommend having a market analysis done on the property for both sales and rentals and make your decision based on that information. Make sure you work with a Real Estate agent who can help screen possible tenants if you decide to go that route. I would also recommend that you talk to your accountant or tax person for guidance on any tax issues either scenario might produce.
If you need the assistance of an experienced agent I would be happy to assist.
Karen Paytas, GRI, CMS
Real Living Kee Realty
Real Estate One Troy
Cell (248) 882-5966
Office (248) 813-4900
It all depends on you financial situation and what you are looking to do in the future. In real estate everything is about leverage and prices and interest rates are at record lows. You can hold the home pull some equity out of it and purchase another place. It is hard to buy and sell in the same market. If you can hold on to it I would and if you need some money for another place borrow against it..
Best answer is talk to a qualified Realtor and financial adviser and see how the market is doing in your location. Like the weather the Real Estate market is local. I know MI has been hard hit with the job market so see what is best for you based on the advise you get from a good qualified Realtor. If you need to know one Let me know. I am CRS agent and would be happy to put you contact with a great agent. Good luck.
Sell it and it's gone.....you don't say what it's worth....but the safe play is get a high quality property manager and let the money roll....
In this market, if you don't have to sell to buy then don't. If you don't mind being a landlord then try renting. If you want to try to rent it but want somebody else to deal with it, then hire a property management company. However, keep in mind that renters dont value your space like you do and tend to live a little rougher.That is not coming from personal experience but from what I have been told by people who have rented. Their are great renters though!
If you want to sell, you would be selling in a down market. Get a market analysis of your home by a real estate agent to determine value. You have to keep in mind the flip side of things too. So if you selling in a down market, you are also buying in a down market. With interest rates where they are at, you can't go wrong.
I hope my answer helped!
it is a great time to sell either offering all the terms of sale, or seller financing for top dollar & max return.....
i'd be glad to help...
The correct answer for you depends on what you want to accomplish. Are you moving up? moving away? looking to invest in additional properties? Are you having financial difficulties?
There are positives and negitives for selling and leasing depending on what you want to accomplish in the long run.
Best of luck
Depending on you current situation and market conditions in your area you may have several options. If you are considering a move-up situation then this is a great time for you. Since your home is free and clear then you can use that for a larger home. The equity on a larger, more expensive home will increase more on a percentage basis than your current home. However, If you can purchase another home, and lease you current home then that would be the best option in my opinion. Most of my clients wish they kept all the real estate they purchased, but sometimes that is just not an option. So every situation is different, but since your home is free and clear, you are in a better situation than most.
Hope this helps
best of luck
Licensed Associate Broker
Accredited Buyer Representative
William Raveis Legends Realty Group
Good luck in making your decision,
Unwavering Commitment to Service
If you rent your personal residence out, then after a few years it becomes investment property (I think it is three years, not sure) and taxed as such when you finally sell. Personal residence property is not taxed at all.
Larry is not totally correct. I will explain. You can only have 1 home that is taxed as a homestead. If you lease your home, you will be changing the taxable status to non homestead which is taxed at a higher rate. It is usually about 1/3 higher. when you eventually sell it, the property transfer fees are the same. At this time they are $8.60 per thousand of the selling price. all expenses are tax deductable for a rental including the higher non homestead taxes.
I can explain further if you like. just ask me. I'm here to help you make the best decision for yourself.
You have received some good answers. I Beleive you should interview some agents in your home to help you figure out what you want to do & with whom. There are some other options. Selling on a land contract & also lease with opt to purchase. Those 2 options are doing very well now. Troy sales have been doing quite good & the intentory is down. You should do good with whatever you choose. You can check out my web site.
Hope this helps you,.
Have a wonderful day!!!
E-Pro & SFR Certified Realtor
The Rental market in Troy is very good. If you decide to go this route, you must have it approved by the city for rental. It also depends upon whether you need to sell or not. Selling prices are as you know are substantially down. I can provide a Market analysis on both sales or rentals. If you are interested, go to my web address for contact information. Thank You for your inquiry. Steve
Keep in mind that if you decide to lease your home then you are still responsible for maintenance of the property and well as keeping your home owner's insurance active.
Make sure that you screen any possible tenants thoroughly as you will want to have tenants that have good credit and will take good care of the home. You may have to go through the rental process every year so that is something else to consider.
I suggest that you speak with an experienced local agent to determine what the value is of your home currently to assist you in making a decision.
Prudential Connecticut Realty