Hey Marcus,
You're in luck. Two-fold.
Not only am I an established agent in Hyde Park, I also manage property for a few of my clients.
I no way, shape form or fashion, am I advising you to rent your property. You have to do what you feel is best for your situation. Keep in mind that if you rent, chances are you will be renting to strangers and you will always have your property somewhere in the back of your mind, whether it be are the tenants taking care of it?, will they be able to make the payment this month, or whatever, and we can all use a little less stress in our lives. A condo in Hyde Park shouldn't be too tough to sell, especially 2 bedroom and 2 baths.
Again, I would suggest you follow your first thought. Visit my website @ TimHaywood.net

A property management company can manage it in your absence. At the point you rent it out it becomes income property. When you go to sell you may have some tax consequences if you have lived it for two of the last 5 years. Connect with a local Realtor to determine what the market is like in your area for selling (average time on the market) vs renting it so you can make an informed decision.

Hello, there are many factors to consider, but let's stay on what you are asking. First, you need to contact an area specialist Realtor and see the demand in the Hyde Park area if you decide to sell. If there are many units like yours and selling it will take 6 to 8 months, then you need to see what your finances will be to cover those mortgage payments. Second, if you decide the rent, find a Realtor that specializes in Rental properties. This individual will check references, employment, credit, bank statements, and even a paystub to make sure that this person will pay you on a monthly bases. Real Estate Brokerage normally charge 10% of the monthly rental to collect rent, have repairs done to $250, any more than $250, they will have a few estimates done for your review. Real Estate brokerage sends you your rental payment every month. As far as damage, there will always be a few nicks here and there, but look at the bright side..if you rent for $1000 as an example for only 2 years, that's $24K that a stranger paid down your principle balance and maybe the market will kick it up an addtional 6% to 8% in value. As far as taxes, talk to your tax advisor and the deductions you can benefit on. It's never a wrong move to rent. If you can keep this property for 15 years, it might pay off and you have some good money for other investments and/or savings. If you need further assistance, do not hesitate to contact me via Email and/or telephone. All the best!

Ernesto Fraga
Realtor / Mortgage Broker

Hi Marcus,

I think its best to sell it. If you hold onto it, this now becomes an income producing property that you will have to pay taxes on. Additionally, you will be taking on a new job of being a landlord. You also run the risk of damage being done to the unit, as no one will take care of it like you would.

Melissa Mancini, Realtor, CBR, GRI

Good morning - a couple of things - first without knowing more about your specific unit( sq. ft, age, location, parking(y/n), condition of unit and building) it is hard to gauge appreciation. However, the buy,rent and property manage question I would tell you this - if you sell it and you have lived their for 24 out of the 60 months as your primary residence then any capital gains(upto $250,000 individual/$500,000 joint ownership) is tax free... if you rent (again not knowing what the current rents in Hyde Park are) you have the added tax on this income plus the concerns of taking care of the unit. Also make sure you can rent (alot of associations put a limit/restrict the number/percentage of units that can be leased at anyone time.