Michael, Home Buyer in NYC Metro

Is it better to rent out my condo or sell it, given the current market conditions?

Asked by Michael, NYC Metro Tue Oct 2, 2012

If I were to sell my home, I would make a minimal profit (less than 5K); however, if I were to rent my home I would be able to cover my monthly carrying costs. What are the pros/cons? Any recommendations or suggestions?

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Answers

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Hi Michael,

I would first determine how this condo would affect you getting a mortgage on a new property. Banks will look at your debt to income ratio. It would make sense to speak to a mortgage rep before making any decisions. In addition, do you want to be a landlord? The condition of your condo will not stay the same once a tenant is in there. Also, what are your reasons for wanting to keep it?

I also saw you posted a question about towns in Bergen County. You can email me to discuss further. Good luck!
0 votes Thank Flag Link Wed Oct 3, 2012
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