Michelle and I can't seem to agree on what we should do. So I thought it would be fun to conduct a poll and see what y'all think.
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Ty - n- Michelle Clan
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6 comments:
Take it from someone who has had not one but TWO renters trash our place. I'd sell it.
Just my two cents!!
-B
Isn't it a little different when you are planning on keeping it as a rental? I realize you had 2 renters trash your place, but you are planning on moving back. If I rent it with the understanding it is an investment, not my home, I don't know if I would get all bent out of shape if it got trashed. We did have some renters that took pretty good care of it already. Not all renters will Trash the place.
i'm into lists
pros on keeping it:
-you will make some money off it each month it's rented because you'll probably charge more than what you would be paying on it monthly, right?
-it's in a GREAT location, so you will most likely be able to have it rented all the time
-people that rent it from you know you are close, and that may keep them from not totally trashing it because you could come by any time (i know that with us, we get stressed when our place is messy because the owner comes by all the time for random reasons and i want her to see that we are taking care of it)
-housing values are constantly going up, and having renters you'll keep paying down what you owe, so your equity will continue to rise. the housing market is REALLY good, so if it ever became a burden, just go ahead and sell it. even if you just keep it one year, your equity would go up, probably.
-if you decide to rent it... and you hate it... sell it! no harm, no foul.
cons for renting it
-it could get trashed
-you'd have to fix everything
-even though the market is good, the house could lose value.. it most likely WON'T, especially in orem, but it could...
-renters who don't pay
-hmm.... can't think of any more..
PLONNIE'S VOTE ---- Keep it and rent it. there is a risk.. but if you feel that it's becoming a burden, sell it. and always... pray. He'll tell you what to do.
I tends to agree with Plonnie, but of course it depends on your financial picture. There will always be repairs needed to maintain your place even with good renters. Appliances go out, the average life of dishwashers, washing machines etc. is 10 years or less. So you need to take that into consideration. With the price of property and homes in the Orem, Provo are it will probably rent well and you probable won't have too much worry. If the finances are very tight then I would sell to relieve the anxiety.
Will you guys have enough money to make a down payment on your new home if you don't sell the house?
well, i heard you're selling it!! that's exciting!!!!! even though it wasn't my official vote... selling will be good too. no stress about renters and all that extra cash you'll get right off the bat. AWESOME!
love you guys. congrats on everything!
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