Rent vs Buy in Oregon City>Question Details

Morladybug, Home Seller in Oregon City, OR

What are the pros & cons of selling a home vs leasing/renting it? The home in question is 4-bedroom, lots of RV space, 2-story single family.

Asked by Morladybug, Oregon City, OR Tue Nov 2, 2010

located in Oregon City, OR.

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3
Hi - The answer for you lies in whether you "have" to sell, and or are considering keeping it long term to be a rental property. Do you have the financial resources to move on to where you want to me with keeping it, knowing it will require time and some attention? So, pros of selling- immediate closure, payoff of the loan (if you have one) and ability to keep your life simplier without the responsibility of maintenance and landlord issues. Questions for you to consider - have you looked at what the market value is right now? Can you sell it for what you would like to get? How popular is the location, and what condition is the house in? With todays market, homes need to be priced correctly and in a clean staged condition for quickest sale. With renting/leasing you need to carefully screen applicants as the home can obtain excessive wear and tear depending who is living in it, and whether pets are allowed. Do you want to hire an agency to rent it and oversee all interactions? This would include maintenance calls, rule enforcement, general yard upkeep? When it comes time to sell in the future, at a minimum homes after rental often need cosmetic updates - flooring, paint and landscape sprucing up at a minimum. What are your longterm plans - to relocate close by, or further out - would also play part in the decision. Is the decision to keep it part of a financial retirement plan that banks on the property value improving over time? I hope this helps you with some things to consider and I am happy to meet in person to discuss options further or provide a complimentary market analysis- I work primarilly on the westside but have sold and will work on the eastside as well. My personal website is http://www.beautifuloregonhomes.com and testimonials can be found there. Don't hesitate to contact me with any specific questions, I'm here to help!
Thanks -
Sincerely,
Cindy Scott
Windermere Baldwin
0 votes Thank Flag Link Wed Nov 3, 2010
There are pros and cons to each situation. if you sell the home; then you have the finality fo it being out of your life. The burden of repairs, up keep, taxes are all lifted off of you. In addition, depending on your situation, you have the ability to walk away with some money in your pocket.

If you rent you are hoping to land a tenant that will pay on time, keep the place presentable, maintain the up keep of the house for you. Now, it is not as gloomy as people say. But, there is a lot fo work involved in renting. You are basically on call for any repairs that need to be done to the house. Make sure they pay the rent on time, and that they are keeping the place in reasonable good condition. I have had good luck with tenants like thsi in the past. However; I also have ahd tenants that were the opposite as well. The cost fo that at time s made me think if it was worth it. You have the issue if somethign happens and they do not pay the rent, while you are evicting them, can you cover that mortgage paymetn as well.

The choice is completely up to you. It depends if you are comfortable with the upkeep of being a landlord or not.
Web Reference: http://www.davedicecco.com
0 votes Thank Flag Link Wed Nov 3, 2010
Morladybug,
Selling your home is an action which can't change. It's over and done. You will lock in today's value and free yourself up to move forward onto your next purchase.
Renting may allow you to recover some value IF, you get good tenants who pay on time, take reasonable care and you are not surprised by any unexpected expenses such as leaky roofs or plumbing or failing water heaters, furnaces or other appliances.
Renting is a part time job and should only be considered if you are willing and able to do what it takes to maintain the property, screen tenants, demand rent and take action when/if renters fall behind or violate terms of your lease.
Talk to some people you know who have rentals to hear about their experiences and decide if you feel this is a good fit for you.
0 votes Thank Flag Link Tue Nov 2, 2010
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