I am in a very difficult situation..please ..your opinions are welcome..

posted 1 year ago in Money
Member
216 posts
Helper bee

Although it is nice to have your family’s imput, this decision is between you and your husband.  Keep talking to him about it and work it out together!  I really have no opinion about whether you should keep or sell the house. Good luck!

Member
4076 posts
Honey bee

My parents have rental properties, so I would say your ability to make this work depends very much in your ability to find quality tenants. Get the wrong people in there and they may destroy the house, get behind on the bills and need to be evicted, get pets and destroy all the flooring, or they may be awesome.

Tenants will never be as careful as the owners at keeping house and protecting the house since they don’t own it. Unless they pay all utilities, those bills may go up if the new tenants like to keep the heat up or take long baths daily, etc.

Just some things to think about!

Member
4867 posts
Honey bee

It’s you and your DH’s house, not your family’s! By family I assume you mean your parents…I think that once you’re married your husband is your main family and the one who should be considered when it comes to big decisions, especially ones like this that affect him financially and your parents not at all. If you work in real estate it seems like you’d actually be the best judge of what would be the right decision here, but as far as the positive income from rent goes…what about the positive income from selling the house?

DH and I had a similar dilemma a few months ago, and like your husband we decided the stress of renting it, being a landlord (so doing repairs, renter’s insurance, etc.), just wasn’t worth it and we’d rather sell and get some money from it now.

Member
3249 posts
Sugar bee

I’d sell. Being a landlord is a headache.

Member
498 posts
Helper bee

Ditto to PPs who said its a decision for you and your husband to make. 

Also, if you sell now and invest the money you will get some return on it – rent isn’t the only way to get income there. It will probably be less than rent, but you also won’t be paying for upkeep on the home through maintence and repairs. 

I’d also consider who you plan on making any needed repairs? Do it yourself or expect your husband to do it? I know in my relationship, it would probably fall onto SO so I’d feel like it would be unfair for me to say I’m ok with the extra stress because it would really be his thing to stress about. 

Member
744 posts
Busy bee

@ddsfam:  Keep it! Not sure about the tax laws in your locality but in Australia you get tax breaks for owning an investment property. If you don’t want to deal with the tenants yourself, get yourself a property manager. Most real estate agents will have a property management business unit.

Member
9082 posts
Buzzing Beekeeper

With 500/month postive net income, I wouldnt even consider selling it! 

Member
8754 posts
Buzzing Beekeeper

Something to consider is the housing market where you are.  Do you think you could sell it for more if you waited a while, or is the market at the peak right now?

Personally, I wouldn’t want to deal with being a landlord, but that’s just me.

Member
8754 posts
Buzzing Beekeeper

@ddsfam:  If he is the one who will be taking care of the house, and he doesn’t want to deal with it you’re probably just better off selling it then.  Forcing someone into a business they aren’t interested in probably isn’t going to go well.

If it’s something that is important to you, you need to take care of it and/or hire other people to help you out (even a friend who can do the repairs).

Member
1016 posts
Bumble bee

That’s up to you.  If you rent, you have to think about the property taxes that you will have to pay and any costs for repairs or replacements. Is it really worth the hassle? What if something costs more than $500 to replace in that month? 

Does $500 a month cover property taxes, school taxes, money set aside for repairs, overhead costs – that may leave you with very little in your pocket. May not be worth it.

Member
1016 posts
Bumble bee

..and no offense but “I usually listen to my family more than him.”  That’s not good in a marriage….jmo

Member
10697 posts
Sugar Beekeeper

We are in a similar situation. I’d sell our house in a heartbeat if we could break even or make anything off of it.  Unfortunately, we aren’t in that position so we have to rent it out.  Being a land lord is a headache.  It can be reduced if you hire a property management company to take care of it, but that’s obviously extra cost and there’s always the risk you might have difficulty finding a tenant.  I’d only rent if you are able to pay 2 mortgages every month.

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