Rent vs Buy in 19904>Question Details

Bettyronston, Home Buyer in Hampton Bays, NY

I live in DE (low taxes) & my house is paid off. Recently became a widow & I want to move back to NY - should I sell my DE home or rent it?

Asked by Bettyronston, Hampton Bays, NY Sat Feb 25, 2012

I have funds to pay cash for a NY home. My 4 children & grandchildren are in NY.

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In order to rent your home in Delaware, you would need to hire a property manager as you will be residing in another state. There is a cost associated with that property manager. There is never a right or wrong time to sell. It would be completely up to you to weigh the pros and cons of holding on to that house. If I were in your shoes, I would sell the property to liquefy my assets, move the NY, and use the liquid assets to spoil or set up my children and grandchildren, and to use to cover my expenses in the future.
1 vote Thank Flag Link Sat Feb 25, 2012
Hello Betty, many questions and concerns need to be answered and evaluated. Fortunately you are financially secure, therefore, the decision needs to be what serves you and your children best. A couple of real estate questions....what is the age of your home:? The location of your home? How much rent will the property bring? What is the value of your home currently? Are many homes in your "neighborhood" currently rented? Obviously you will be an out of state landlord which requires the need for a property manager...I would be happy to talk with you anytime. The very best of luck to you. My gut thought is to sell your home and enjoy your family! Certainly is less to worry about!
1 vote Thank Flag Link Sat Feb 25, 2012
I manage and own over 40 rental units in Delaware. Rental properties can provide a great source of revenue when managed well. Give some thought to your future financial goals and talk to an experienced property manager.

Quick Tip:
Requiring and verifying a positive credit history is the best way to select a reliable tenant.

Best,
S. Walton Simpson
Keller Williams Realty
302-242-5146
0 votes Thank Flag Link Wed Dec 10, 2014
hello, i am looking for a home to purchase for my father and i we are trying to relocate from ga. to be closer to family as my father is ill and wants desparately to move a. depending on the area and asking price. email address is diamondanayah@yahoo.com
0 votes Thank Flag Link Tue Feb 28, 2012
There are many variables to your question including neighborhood, type of house, size, etc... I currently own over 100 rental units and manage another 30. If you want someone to talk to with relevant experience please feel free to call me at 302-670-2300.
0 votes Thank Flag Link Sat Feb 25, 2012
Hi Betty, That is a many layered question and I am not sure if a realtor is able to fully answer that for you. What I do suggest is that you sit down and let's talk about the layers I mentioned. I do think that even though having an investment property is a good thing, is it going to fit your lifestyle and your ability to keep it up. If you are recently widowed, Ms. Betty, well that is a huge change in your life and it may not be wise to make huge decision just yet (another factor to consider) If you would like to sit down and talk, I would be happy to do so. We can discuss the many layers and address some of your questions and concerns. But ultimately I believe that you and your children should talk this through. Feel free to contact me if you like.
0 votes Thank Flag Link Sat Feb 25, 2012
Betty,
That depends on so many factors. The big question - do you want to be a landlord? Do you want to get the call when the furnace goes and needs to be replaced? Do you have the funds to be able to be a landlord and deal with that type of thing? Also remember that you will most likely use a property manager since you will be out of state.

Good luck and have fun with your grandchildren whatever you decide!
0 votes Thank Flag Link Sat Feb 25, 2012
Consider consulting with your tax professional and or financial planner, and see what's best for you....
0 votes Thank Flag Link Sat Feb 25, 2012
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