It depends on what you want to do, the good thing about renting ( If you can get insurance ) is that you have a monthly income but if the tenants don't pay or don't take care of the home it can become a huge headache if you wont be around locally. If you can take that money and invest it where you are going it may be a good idea but once again it all depends on what you want to do.
If you have any questions please do not hesitate to call me.
Lazaro J. Rovira
RE/MAX Along The Way
Hi, my name is Jennifer Johnson with South 2 Real Estate, a local Real Estate company here in Gulfport. I agree with Bill on seeking insight from a professional Realtor. We are also a property management company as well so we have the expertise of both sides of the field you are concerned about. I would love to have the opportunity to sit down with you and go over any details that you may be concerned about or have questions about.
You can reach me at my office at 228-832-8863 or on my cell phone 228-697-6448 or shoot me an email firstname.lastname@example.org.
I look forward to talking with you!
South 2 Real Estate
With more and more foreclosures, people need a place to rent. Also if you allow small pets it puts you above the rest including apartments
Margie McFarland,Agent/Owner The Real Estate MarketPlace
are astounding. I would contact an tax accountant and go over the pro's and con's of renting this property.
Second you need to find out the tax liability because rental income is taxable but rental payments are not tax deductible so find out first if benefits you for tax reasons to hold the house or take a hit.
Third talk to a realtor about the time on market - if it seems like it may take a while to lease or to sell - you may jeopardize any job opportunities if you don't know the time on market for your area.
Depending on your risk tolerance this sounds like a scenario where selling the home would make the most sense. If you decided to keep the home it sounds like (at best) you could find some way to insure the property but that the "what if's" will continue to linger in your mind. Given the current market conditions in real estate in most areas, you may have to take less that the ideal price for your home, but you'll have a great buying opportunity after you sell the house and liquidate the cash.
You require the insight of a local real estate professional. Someone that knows the area well and has a realistic understanding of the marketability of the home and how much it will bring in today's market.
With accurate sales information it will be easier to project the net difference between selling at a lower price and renting.