Connie, Both Buyer and Seller in Red Bank, NJ

WE WANT TO MOVE & DONT KNOW IF WE SHOULD SELL OR JUST RENT OUR HOME AND WAIT UNTIL CONDITIONS IMPROVE

Asked by Connie, Red Bank, NJ Wed Feb 18, 2009

WE HAVE A GARAGE APT AT THIS PROPERTY THAT IS CURRENTLY RENTED WHICH COVERS PROERTY TAXES

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Answers

4
Connie, here are a couple of suggestions:
1. if you plan on selling, then have pre-listing inspection, and here's why:
Just like a pre-certified automobile commands a better price, so can a pre-listing inspection.

Most potential homebuyers want to purchase a home that is in tip-top shape, no matter the age of the home. That's why having a pre-listing inspection make complete sense.
Here Are A Few Of The Important Benefits Of Having The Home Inspected BEFORE It Gets Put On The Market:
1. Helps buyers feel immediately more comfortable with the property.
2. Increases the homebuyer's perceived value of the property - Plus, think about the auto industry and pre-certified-inspected cars. Buyers pay more.
3. Gives the seller the opportunity to eliminate certain defects before the buyer's arrive.
4. Allows the sellers the proper time to make any needed repairs in order to more effectively
market the home in the most positive light.
5. I have a network of trusted professionals to help with the repairs.
6. Reduces the likelihood that buyers will hire their own inspector but of course they will.
7. Reduces the likelihood of costly surprises being found by a buyer's inspector after the sellers
thought they had a firm offer.
8. Virtually eliminates emotionally and financially draining renegotiations. Who wants the home to sit on the market 6-9 months, then an inspector discovers a major item which could have been repaired a long time ago? Then the house is up for sale again-so eliminate the "been there, done that" scenario.
9. Increases the likelihood that serious offers will turn into closings.
10. Reduces the buyer's negotiating leverage regarding the existing property conditions.
So let's review the facts: Having the home inspected before the first buyer shows up will allow
the home to be sold for more money, reduce the cost of the needed repairs, and minimize the
frustration with the entire sales process. So where's the down side to getting a Pre-Listing
Inspection?

2. If you plan on renting, then have the home inspected for safety issues to reduce your liability. You can also make repairs in the process, so you can get the home in tip top shape to get a higher sale price. This way you are building value for the sale.

Call Peter Bennett 732-245-9817
You can review more information about me and my services at http://wwwafullhouseinspection.com
0 votes Thank Flag Link Fri Jan 29, 2010
How long do you want to wait? Opinions are that the market will not turn for 4-5 years at this point. What condition is the house in? Will you have to constantly put money in to keep it up to par for your tenants? Do you have a years' rent in the bank in case your tenants default and you have to evict? Will you have to supplement the rent with your own money, or will the rent cover the mortgage? Will you qualify for a new mortgage without selling your current home? There's a lot to consider. (The tax write-offs are good!) I own several properties, have seen through many of the pitfalls of being a landlord and would be happy to answer any questions you might have. You can reach me through my website or Trulia.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Thu Feb 19, 2009
Since you're already familiar with the responsibility of being a landlord, and if you don't need proceeds from the sale to purchase, I would wait to sell. That being said, if you plan on relocating out of the area, I would be very careful in choosing tenants. You'll want someone to take very good care of your property.

Another thing to consider is that since the property has tenants, it might be more attractive to a potential buyer. That could swing the other way if there is a lease on the garage apartment.

Laura Giannotta
Keller Williams Atlantic Shore
0 votes Thank Flag Link Thu Feb 19, 2009
Hi Connie. If you are able to get by financially by renting your home out than that is probably your best option. There are also many people out there who are trying to do rent with option to purchase and not many owners who are financially capable of offering this so that's something you should consider. If you'd like to get cash for your next home purchase, than you should sell. I'd advise you to discuss financials with a mortgage representative and go from there.
You can also call some local realtors to give you a comparative market analysis of what your home's worth and see how that number works for you. Just remember, if you sell low, you also get to buy low. If you wait to sell high, than you also buy high. Best of luck!

Jillian Mason-Sales Associate
Direct: 732-586-5488
E-Mail: jillian@jillianmason.com
Web Reference: http://www.jillianmason.com
0 votes Thank Flag Link Wed Feb 18, 2009
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