Rent vs Buy in 02492>Question Details

Trulia, Both Buyer and Seller in 02492

When relocating is it best to sell your house and buy or rent out your house and rent where you are going until you know the area better?

Asked by Trulia, 02492 Wed Jun 9, 2010

We are relocating from the Boston area to the Annapolis/DC area.

Help the community by answering this question:


Paula Callanan’s answer
Your current house in Needham will always sell better with your possessions in it than if you wait to sell it when someone else is renting it. And the market is good right now so I would not hold on to it if you are moving out of state. As far as Annapolis goes, do you know family or friends that live there? If you had a personal contact who could steer you to the right school district and give you the inside scoop, interest rates are so low it would be nice to take advantage of buying and moving only once. I personally moved my family from Needham to Tampa, FL in the early 90s and there were a ton of executive single family rentals in great neighborhoods and there was so much building going on we weren't sure where to buy. Turns out that was a smart decision because the area was so overbuilt with new construction we would have lost money if we had bought a house because we were transferred back 2.5 years later and could just walk away. Renting with an option to buy could be a possibility if the market was oversaturated with listings. Do you mind packing and unpacking? How long will you be in Annapolis? Lots to think about but it is exciting to move and discover new places and Annapolis is sooo beautiful! Best of luck Paula
0 votes Thank Flag Link Wed Jun 30, 2010
Both options are viable. The decision that will work best for you will depend upon your goals.

Another option that you might want to consider is an exchange (or swap). Essentially, you'd agree to buy someone else's property provided s/he also agrees to buy yours.

A third option is a lease-option (aka rent-to-own). This way you could try out a neighborhood and home to see if they're a match, and you could close on it later if it is, or move after the lease ends if otherwise.
0 votes Thank Flag Link Wed Jun 9, 2010
Hi Trulia:

They are both good areas that you are moving from and to.

Surely, you understand there are tax consequences associated with making your principal residence
a Rental. However, it maybe prudent to check out your area first in Annapolis / DC before taking the steps
of selling it.

For a few months you can keep it closed or a few months rent it out.

Once you get a good property management company, renting the property will be easy.
From my experience I have learnt that when you rent to folks with good credit 720 and above you
dont have much issues.

Web Reference:
0 votes Thank Flag Link Wed Jun 9, 2010
Dear Trulia,

If you don't have much equity in the home you are currently in, and the rental market is strong enough for you to not only be able to rent but also cover your mortgage ~ then renting is an option for you. Where you are relocating to you might find there are advantages to renting -- as you said to get to know the area better is a consideration.

Another thing to think about as you weigh your decision is --- how far away are you relocating to? You'll have to think about whether you need a property manager to oversee your home and unexpected repairs if you are far away.

I wish you the best of luck as you compare the pros and cons.


0 votes Thank Flag Link Wed Jun 9, 2010
I sold my home before moving. Especially if you are moving fairly far. Otherwise you have to figure a way to manage the home or pay someone to manage the home for you. I have heard of a lot of bad experiences with people renting from afar. My parents did a few years back and they did so much damage to the house. Sure home prices are low, but so are interest rates and there are a lot of buyers out there. Once the rates go up, some of those buyers will disappear.
On the other end, I rented for a year and spent most of my weekends researching neighborhoods, looking at houses, attending local events and meeting people. It has worked out really well.
0 votes Thank Flag Link Wed Jun 9, 2010

I suggest you talk to a Realtor in the area that you are thinking of moving into. I used to live in Northern Virginia area and depending on your home needs there are so many neighrborhoods inside the beltway or out in the suburbs. If you are moving closer to Annapolis, this is a whole different area, on the north side of the beltway, If you will be communiting to work, I would move as close to your office as possible because the traffic can be a nightmare at rush hour. Rent for 6 months or so to get a feel of the area, then purchase in the area you like.

Good Luck!
Carrie Roberts
Michael Saunders & Company
5100 Ocean Blvd
Sarasota, FL 34242
0 votes Thank Flag Link Wed Jun 9, 2010
If you are not selling your home - check to see how renting it out may affect your ability to get financing. The way they calculate rent - and qualify you has become more stringent over the last year.

If you can afford to do so - and your home in Boston is in a good neighborhood - why not keep it? Generally - it is better to sell when the market is strong. A few years down the road may be a better time.

I lived in Annapolis for years and know it well. You will LOVE the area and surrounds. If you need assistance - feel free to contact me,

Good Luck!

Gerard Dunn
Licensed in MD, Virginia and D.C.
0 votes Thank Flag Link Wed Jun 9, 2010
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