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.
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.
Legends Realty Group -914.332.6300 x107- Christopher Pagli - Associate Broker
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
Bay Vista Realty & Investments, Inc.
Chairman, Communications Committee
Director, Florida Association of REALTORS.
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.