Doug, Other/Just Looking in White Plains, NY

i have a townhouse in white plains. would it be better to sell it or rent it?

Asked by Doug, White Plains, NY Wed Feb 13, 2008

it is in a nice quiet neighborhood. i am looking to buy a house on long island. should i rent it out or sell it?

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7
If you don't HAVE to sell, I would recommend renting the townhouse. Chances are, if you were to sell in the current market, you may not get the price you're hoping for since prices have dropped significantly over the last few months. Also, renting would offer you additional income which could prove very helpful in helping with mortgage payments for the two properties, the townhouse and your future Long Island home. Good luck! Kymie A. Cooksey, Licensed Real Estate Salesperson, Houlihan Lawrence, Armonk, New York.
3 votes Thank Flag Link Wed Feb 20, 2008
This is a question that should be addressed to several people.

1. Check with your HOA to be sure you can rent your property.
2. Check with a local Realtor to see what you can REALISTICALLY expect to get on a rental.
3. Check with your accountant and mortgage person to see how this will affect your taxes and your ability to get a mortgage on a purchase.

I for one, even as a Realtor, prefer to advise people to keep their properties as passive income if they can do it soundly and economically, rather than sell them. I believe in "buy and hold."

If you are coming to Long Island, I would be happy to assist you in your search for a home. If you are looking for a Realtor in White Plains to assist with the leasing of the property (and to have someone local to keep an eye on it), I can recommend someone there as well. I can be reached through http://GailGladstone.com for any further assistance.
Web Reference: http://GailGladstone.com
1 vote Thank Flag Link Wed Feb 13, 2008
Although this was posted a while ago, I am going to chime in...
White Plains is doing very well in the condo/townhouse area. Depending on the condition and location, you should be able to sell for more this year than last. We aren't getting 20-30% appreciation any more, but we are getting good sales prices and our inventory is low.

All real estate is LOCAL. Some markets are doing very well. White Plains is one of them.

You also have to ask yourself if you want the hassle and risk of being a LANDLORD. It's a lot more work than you think. You are also not going to be local - anything goes wrong - you have to tend to it.
0 votes Thank Flag Link Thu Mar 6, 2008
White Plains is booming right now, depending on your location, condition, etc you might get the price you are looking for. You should really check comparable sales in your complex or surrounding areas to see where you may stand. We are also entering the spring market, mortgage rates are good, conforming loan limits have been raised. These are all things to consider. If you decide to rent you now take on the roll of a landlord and it would be wise to stay local in case things go wrong. If you need anymore assistance or simply want to talk you can contact me directly on 914.406.9023 and visit http://www.ChristopherPagli.com
Legends Realty Group -914.332.6300 x107- Christopher Pagli - Associate Broker
0 votes Thank Flag Link Thu Feb 28, 2008
There are too few parameters to your question. I have a mathematical formula which I have reduced to an excel spreadsheet that will not answer the question, but will allow you to make the best, most informed decision.

Many folks make the mistake of X$'s in - Y$'s out = net. It isn't that simple.

If you, or anyone would like my spreadsheet, please send $......Naaa......just email me.


Gary De Pury
Broker-Owner
Bay Vista Realty & Investments, Inc.
Chairman, Communications Committee
Director, Florida Association of REALTORS.
0 votes Thank Flag Link Wed Feb 13, 2008
The short answer is speak to your accountant, check the by-laws to see if renting is permitted, and ask yourself if you want to be a landlord.
0 votes Thank Flag Link Wed Feb 13, 2008
Hi Doug:
Did you check with your association? Some By-Laws don't allow renting out anymore. As Joan stated, you should check with a local agent specializing in Condos and Townhouses in your area. Make sure that the total of your mortgage, taxes, insurance and association fee are in-line with what you can get per month.
If you don't need the money to buy, renting it out may be a good way to have an investment property without a lot of the hastle of maintaining it.
0 votes Thank Flag Link Wed Feb 13, 2008
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