Rent or Sell my house?

Asked by Kerri, Odenton, MD Fri Jun 27, 2008

We may be starting new jobs in North Carolina in August. Due to the possiblility of needing to get out fast, should I look into renting instead of selling? I'm in the Chapel Gate Duplexes - great unit - 2 floors, corner lot.

If I rent how should I calculate how much the rental should be so that I don't lose money?

Can anyone recommend a property mananger?

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, , Annapolis, MD
Tue Aug 19, 2008
Selling vs rent is a difficult to answer without knowing additonal information. Like, what do you owe, what is the condition, what is the market surrounding you doing, etc. If you do rent, would you qualify to purchase a home in NC.
I'd be glad to send you a market report of your neighborhood or a more comphrensive market analysis after looking at your home.
Renting a home can be difficult. Typical fees run 6 - 10% of the lease in addition to a listing fee. Then there are the tenants .... No one will care for the property as you do!
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J R, , New York, NY
Sat Aug 16, 2008
Are you prepared to be a long distance landlord? I think it's better to sell a house in good condition now, rather than try to sell a house with the wear and tear of a rental later, when prices may be even lower. You will also lose your primary residence capital gain. You can do a 1031 exchange later of course. You should speak to an accountant.
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Alaric Gothic, , Joppa, MD
Sat Aug 16, 2008
I do not believe anyone who really wants to sell a home should rent it out in the short term to wait out the market.There are lots of people trying this now and if prices rise a lttle bit these homes will hit the market driving prices back down.As for how much rent you should ask ,that is not up to you that is up to the market.Look around at with comps rent for and you bettter be pretty close.If your rent is less than your mortgage, well you lose money and that is it.There are way too many novice landlords coming on the market right now.Property manangers for one unit comissions will be more than you think and you will be surprised at the extras they will hit you with.Price your home right sell it and move on.
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Kim Mills, Agent, Crofton, MD
Fri Jun 27, 2008
Hi Kerri,
I could recommend a property manager. Call me at your convenience. The rent vs. sell is a personal decision based on you circumstances. Like Brian said, renting can lower your overall value but you need to weigh out everything. You may want to speak with your accountant about the tax laws concerning the sale at a future date ( capital gain) and about the maryland non-resident sales tax. Good luck with your new jobs! Kim 410-320-9683
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Brian Pakulla, Agent, Ellicott City, MD
Fri Jun 27, 2008

With this market, typically a home will rent faster than it sells. However, deciding to rent vs sell should be based upon a long term financial decision. Long term rentals can be great. Over long periods of time the housing prices generally goes up. Short term rentals can be tough. For several reasons....1) renters typically decrease your market value by several percent, sometimes 5-10%. 2) the market is depreciating right now, so home prices could be lower if you decide to sell in 1-2 years.

I would need a bit more info about your property to determine rental value. You should base your rental value upon other homes that have recently rented. Feel free to contact me about your property and I'd be happy to give you values.

Sorry, I don't know of any good property managers. A real estate agent can help you find a tenant, but if you are in NC, you probably want a full scale property manager. Be aware, the cost of a property manager can eat into your monthly profit.
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