Per your question on Trulia > Should I sell or rent my 1 bedroom condo?. If I sold the condo I would walk away with approximately $5K. If I rent it I would have a positive cash flow of only $100 per month.
I live in zipcode 33304 and know this area well. There are several things to consider
Contact me 'Lynne Knapp' (954) 647-5335 Cellular, or email me the best number and time to call you to chat!
Lynne Knapp, Realtor
ReMax Consultants Realty 1
Ft Lauderdale FL
I always tell my clients if they do not have to sell to buy why would you sell. Rents in Cambridge are constantly going up and if the property is cash flow positive why sell ?
Only 2 reasons to sell:
You need to sell the condo to purchase another home or you have no desire to be a landlord.
As already stated, if depends on your current financial situation. If the condo remains empty for a few months, where will that leave you? Keep in mind that you will be paying taxes, insurance and maintenance, so if by some chance you do not rent your condo, or if the tenant is not reliable in paying rent on time ( which can happen ) how will that effect your financial situation?
You will also need to maintain the unit, and make any necessary repairs.
Maybe make a list of the pros and cons of renting and selling, and see if that helps you come to a decision.
Best of luck!
Stefanie Cohen, PA, ABR, SFR
Prudential Florida Realty
If you own the condo outright, you're just paying maintenance and taxes. If you have a mortgage, you have that additional monthly expense.
If you purchase another home and keep the condo with the purpose of renting it, can you afford to carry that condo for a month or two without a renter paying you?
Consider what the condo cost you in the first place and what the return on investment will be at $100 per month. Also, are you likely to have to make repairs of any kind during the year to that condo? What are those expenses likely to be?
If you need to use the services of a realtor to rent your condo and you have to pay one month's rent in order get a tenant, does your profit margin remain the same?
Do you need the $5,000 you will net from the sale in order to purchase something of lasting value?
These are some of the questions to consider before you make your decision.
Marc Jablon, The Jablon Team
Re/Max Complete Solutions
When you're ready to make your decision, please keep me in mind. I would love to work with you.
It depends on your pesronal preference and current financial situation. Selling will allow you to cash out of the property based onany equity you currently have, while renting in your case will net you roughly $100/month in positive cash flow before any unforseen repairs, assessments or updates needed in the future. The main questions you would want to ask yourself would be 1) do I need to sell to pull money out to purchase another property or use for a more profitable investment 2) do I want to be a landlord and take on the additional risk invloved (ie. potential repairs, non-payment, legal fees, evicitons, etc.). Let me know if you would like for me to research your property to determine it's current value for sale and rent to help make your decision a bit easier.
Ryan Hanrahan, PA
Christopher White Group
How urgently do you need, or could you use, the $5,000?
How likely is it that property values will increase in the area? (You've got barely break-even cash flow. But if property values have a decent potential for increasing, then it could make sense to hold onto it.)
Do you plan on buying another property? (If so, you may want to sell.)
If you rent it, are you prepared to become a landlord?
Those are some of the things to consider. There's no simple, clear answer.
Hope that helps.