(Closed) What would you do….

posted 8 years ago in Home
  • poll: Would you move now, or wait?
    move now, sell now : (8 votes)
    29 %
    move now, rent now : (17 votes)
    61 %
    move later, rent later : (0 votes)
    move later, sell later : (3 votes)
    11 %
  • Post # 3
    Member
    11325 posts
    Sugar Beekeeper
    • Wedding: February 2011

    If you can find a place you love to move now and rent out your current place for 800/mo more than you’re paying on your mortgage, that kind of sounds like a great investment! 

    Post # 4
    Member
    14657 posts
    Honey Beekeeper
    • Wedding: June 2011

    Agreed.  If you can make $800 more than you pay for it, I’d keep it regardless of how much they sucked.  Thats a really good investment property.

    Post # 5
    Member
    13096 posts
    Honey Beekeeper
    • Wedding: July 2010

    Move and rent!  As the PPs have said, making $800 a month over the mortgage is an awesome investment.

    Post # 6
    Member
    3762 posts
    Honey bee
    • Wedding: May 2010

    The problem with renting this unit out is that you are still going to have the headaches with the building owners that you do now.  Even though you are renting it out for $800 more, will you really be making that much money after all the extra expenses and headaches that come with renting?

    I personally would not want to be alone and have to deal with a rental unit.  If my husband was around that would maybe be one thing.  Since your husband is going to be gone, I think you should just try to sell. 

    Post # 7
    Member
    5977 posts
    Bee Keeper

    I know it seems like it would be one of the worst headaches, but making an extra $800/month is pretty awesome! And though all the expenses associated with the condo are considered a tax write off, just be sure you’re putting money away to pay the taxes on your extra income each month. B/c whatever you receive in rent is considered taxable income for you.

    Post # 8
    Member
    2321 posts
    Buzzing bee
    • Wedding: July 2011

    Hmm… this is a toughie! I would say to look for another place for yourself. The amount of time it takes you to find one, use the same amount of time to sell the condo. If you find a place you like, but condo hasn’t sold, then rent it out.

    Being a landlord comes with many headaches, but being a tenant in that building right now is a headache of its own that you obviously don’t want. Selling it is a good option too but in your particular case, renting sounds better.

    Tenants should not be THAT difficult either, especially if it’s a nice ‘hood.

    Post # 9
    Member
    5262 posts
    Bee Keeper
    • Wedding: June 2012

    I’m in the minority, but I’d sell it/buy a new place right now. 

    There’s a place down the street from us that is historic and hard to keep up. Condo management basically ran it into the ground with poor upkeep/high association fees, and now they’re broke. All the owners are trying to sell, and no one’s buying because it’s falling into disrepair. $800/month is nice, but if you think there’s even a possibility of not being able to sell it if things get worse, I’d list it now. 

    Post # 10
    Member
    1537 posts
    Bumble bee
    • Wedding: April 2011

    Ugh we’re in the same boat! I hate our condo 🙁 I think it would be easier on you to buy later/sell later though. If you can put up with the headache for a little while longer you’ll be able to have your down payment AND get rid of the place! I wouldn’t want to be a unit owner for a sucky management company any longer than I’d have to.

    Post # 11
    Member
    141 posts
    Blushing bee
    • Wedding: July 2011

    This is a great time to buy a home especially when you don’t need to worry too much about selling your current home. Because you want out of the poorly run condo, I’d start the selling process now to at least see how it goes!

    Post # 12
    Member
    10366 posts
    Sugar Beekeeper
    • Wedding: September 2010

    Is it $800 more than your mortgage alone, or $800 more than your mortgage + all your condo fees? Because if it’s just the mortgage, that isn’t worth it to me. Just because it is a write off doesn’t mean that it’s free. You’re only getting, at most, around 35% of that money used for condo issues back in saved taxes. You have to spend money (a LOT of it) to get some back. Not worth the hassle, IMO.

    Post # 14
    Member
    6661 posts
    Bee Keeper
    • Wedding: May 2010

    I agree about renting it, but you can always just put it on the market and see what happens. It sounds like you want out regardless because of the mismanagement and you never know, it’s in a desirable location and you’ve put $ into the unit, so maybe it will sell.

    The topic ‘What would you do….’ is closed to new replies.

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