I am planing to move to GA next year. Should I sale my house in NY or just rent it out until the market goes?

Asked by Mavi, Lawrenceville, GA Sun Apr 6, 2008

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Keith Sorem, Agent, Glendale, CA
Sun Nov 23, 2008
Mavi
Renting a property is a long term project. There are tax consequences of which you should be aware, so my first piece of advice so speak with a CPA regarding what will happen when you sell. You are assuming that housing prices will go up. They may, but what if they don't. If they do, what will that mean?

What condition will your home be in after renting it for a year or two? How much will it cost to bring back to market standard?

I would be happy to refer you to a Realtor in your area that can help you analyze your options.
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Stephen Maha…, , Valley Stream, NY
Sun Nov 23, 2008
I agree that you should put your house on the market as living so far away can cause complications for the "unseasoned" landlord. Please feel free to give me a call and i would be happy to give you a property evaluation. You can also visit my website at http://www.stephenmahabir.com
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James Dudley, Agent, Suwanee, GA
Sun Apr 6, 2008
Mavi,

If you have a year prior to your move here to Georgia I would try my best to sell. If your move here is going to be permanent I would not want any anchor in NY.

I would love to help you start looking for a home here in Georgia.

Let me know how I can help.
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Donna Bruno…, Other Pro, Briarcliff Manor, NY
Sun Apr 6, 2008
Since you are moving out of state, it's probably best to sell your home if you don't have anyone to keep an eye on it.

There are lots that can go right with renting and lots more that can go wrong.

My best advice is to liquidate the property so you won't have any strings when you move ot Georgia.
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Judy Aselton, Agent, Blue Ridge, GA
Sun Apr 6, 2008
Your best source on information on this subject might be your accountant or tax advisor. Renting opens a whole breadbasket of "opportunities" for you-higher insurance rates, additional income to be reported, depreciation, expenses, possibly commission to property manager, maintenance, etc. If you can't afford to buy in Georgia without selling it, (banks are real right on the Debt Ratio number now, even with a good Loan to Value Ration provided by a big downpayment). Do you have someone you can trust to "monitor" your rental? We haven't even begun to think about the buying side of life-are you transferring your job, moving for other reasons and have to find a job, know what area of Georgia you are focusing on, etc. On the positive side, renting can be an advantage, tax wise, if set up and reported properly. Just know that there is a recapture of any depreciation when you sell unless you have rented for a long, long time! Not trying to be a wet blanket, just letting you know that it is always "buyer beware" and you need to do your homework on both sides of the issue. Good luck to you. Hope you come and visit us in the beautiful mountains of Blue Ridge and North Georgia when you get here!!
Judy Aselton, Blue Ridge, Ellijay, Cherry Log, Ga.
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Julie Starli…, Agent,
Sun Apr 6, 2008
rent it! unless you know it will move. Call me and I will help you find a great home anywhere in Georgia!!!
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Eric Reid, Agent, Duluth, GA
Sun Apr 6, 2008
Sit down and meet with your lender... have them run the numbers with selling the house and buying a new home and one renting and buying the new home. Remember that yes...The rent is great income but the cost of a higher mortgage rate on a second home could out weight the benefit of holding on to it.
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M, , Florida
Sun Apr 6, 2008
Mavi,
Are you in Lawrenceville NY (minutes from PA)? How is the housing inventory there? If the inventory is low and you can afford to keep your existing home and rent it, it may be a good time to hold it. Some indicators are saying that the market should start turning within the next 24 months. Some areas are already beginning to show improvement (for example the Treasure Coast of FL).
Tell me about your housing requirements in GA. We have good ties to GA and may be of help to you.
Best of luck.
Marian Schaffer
The Schaffer Realty Group
http://www.marianschafferrealty.com
terry@marianschaffer.com
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Joshua Jarvis, Agent, Duluth, GA
Sun Apr 6, 2008
Mavi,

Depends on your financial situation, the rental market in NY, and how much you could potentially "lose" vs. how much you would gain by selling now.

There's a lot involved in that decision, but if you have the funds to buy what you want in Suwanee and the NY rental market is strong, then I say, RENT it out. Otherwise, you should sell first and then buy.

Good Luck
Web Reference:  http://www.gahomedigest.com
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