rent, sell or just close up

[2big4mysize]

if you had a big house that you can only visit a few days a month cause you are required to be elsewhere 24/7 and you have been told the issue causing this should only last 5-8 yrs would you sell your house. rent it out, or just visit it when you could and hope nothing breaks and floods, catches fire and burns down or gets broken into and stolen?

[cleochatra]

Re: rent, sell or just close up

With all your stress right now, would you really want the added responsibility of interviewing tenants and being called everytime someone floods the toilet with Legos?

Do you love your house? Can you afford to continue making payments and keep the home tended while you're busy? If so, keep your home. I don't want you to make a decision you could regret later.

{{{you}}}

if you had a big house that you can only visit a few days a month cause you are required to be elsewhere 24/7 and you have been told the issue causing this should only last 5-8 yrs would you sell your house. rent it out, or just visit it when you could and hope nothing breaks and floods, catches fire and burns down or gets broken into and stolen?

[MotherOfGizmo]

Re: rent, sell or just close up

Oh God don't rent it! Renters can be (not all, I'm a renter!) so destructive. My folks rented out their house when they went on a temporary assignment! It ended up costing them more in repairs than they took in in rent! It was horrible, and the people that rented were well off IBM'ers! My dad was also IBM so he thought he would get a family like ours in there that would take care of the place! They basically trashed it!

[2big4mysize]

Re: rent, sell or just close up

oh I own it outright. but it has a lot of upkeep with all the land to mow and gardens to keep and I don't think letting it become a meadow is in our zoning laws

I just don't see how I can physicaly maintain two homes right now for the next several yrs and being the stingy cheap person i am it galls me to allow somebody to get my free olymip mowing marathon exercise and have to pay them to do it too!

I was thinking of using a real estate company that manages realty for you.

[cmcole]

Re: rent, sell or just close up

I realize there are many horror stories about renters, and even if you have a property manager who will interview and collect rent on your behalf, things don't always go the way you wish.

However, I guess you have to evaluate:

- is this the house you want for the rest of your life?
- how is the market? can you afford to replace it if you sell now?
- does the age of the house make maintenance an ongoing expensive concern (and it may get worse if you rent, as they may not bring minor things to your attention, but wait until it becomes major)
- do you know any friends or relatives that would rent it and look after it like you wish (which may not always be the best option, anyway if things sour)
- could you afford to have someone drop in and check things over periodically, without renting it, or will the climate it is located in cause more problems because it is vacant/unheated?

[Barbde]

Re: rent, sell or just close up

2big. That was going to be my suggestion. A RE Management company. Good luck to you!!

[2big4mysize]

Re: rent, sell or just close up

it will not go unheated after seeing the damage done to one on my mother's street when a pipe burst in a late freeze and they didn't dicover it till July.

[MotherOfGizmo]

Re: rent, sell or just close up

Well, you can solve that by shutting off the water and draining the pipes! I'd shut off the water main anyway if I wasn't going to be there for while! Even a week! You never know when a pipe may give way.

[Desertthorn]

Re: rent, sell or just close up

2big, this is a good time to sell, but one problem is your age. You will need to pay taxes on what you earn if you don't reinvest it in something. I think you have about 6 months but I would talk to a tax or real estate lawyer.
So if you sell you need to reinvest in something, make it a condo without a lawn to mow.
Renting is also an alternative. Its a toss of the coin. One thing about real estate is that its a good investment for your retirement.

[2big4mysize]

Re: rent, sell or just close up

I have to roll the profits over or pay tax on the amount above the life time exclusion should I sell at a big profit.

[2chinsnomore]

Re: rent, sell or just close up

oh I own it outright. but it has a lot of upkeep with all the land to mow and gardens to keep and I don't think letting it become a meadow is in our zoning laws

I just don't see how I can physicaly maintain two homes right now for the next several yrs and being the stingy cheap person i am it galls me to allow somebody to get my free olymip mowing marathon exercise and have to pay them to do it too!

I was thinking of using a real estate company that manages realty for you.

I bet you have a "relative in need" we all do, someone who can watch your home/live there to maintain till you can get around to taking it back?

[sadie147]

Re: rent, sell or just close up

I have been in a similar situation, when i moved in with dh I had a home that i had inherited from my mother, and for sentimental reasons did not want to give up just yet.

My first tenant was a nightmare. A single mom with 2 kids and an abusive boyfriend. when i threw her out (which in itself can be a legal nightmare), she owed me $3000, i actually consider myself lucky.

I then rented to a friend in need, who is a contractor, so in exchange for work to the house, he paid very low rent. It worked out amazing. I ended up selling 3 yrs ago and buying a cottage, him and his wife now own there own house. they were able to save up a bit.

check your tax laws as deserthorn said, i rented my house under the table (and thankfully wasn't caught) if i had rented legit thru an agency, i would have had to pay huge capital gains tax when i sold.

[Lady_Hawke]

Re: rent, sell or just close up

If you love the house, keep it. Hire a company to cut the lawn and let the local police know its empty and to keep an eye on it. Pop in from time to time yourself and stay for a few days. Do you have good neighbors, someone you can trust to keep an eye out on it?
What kind of house is it? I picture a big victorian with a wrap around porch!
Good Luck!

[Desertthorn]

Re: rent, sell or just close up

Its a big decision, thats for sure. If you love it, keep it, if its investment, sell it and buy some rental property which like Sadie said can be a nightmare or the best thing you have ever done. I would get a condo, something that had no yard, little upkeep and OMG no neighborhood association to deal with.
One good thing is you don't have to sell immediately. You can think about it. YOu can wait for top dollar.

[2big4mysize]

Re: rent, sell or just close up

well I found a solution or rather my church found a solution. A group of memebers approached me about using my house to house the hurricane survivers they are sponsoring. seeems they need a big house that is child friendly and wheelchair accessible. Their teenageers will do the mowing and all I have to do is say yes and a group of volunteers will help me move any and all items I don't want out where they might get dammaged or broken and they will install a lock on my office and basement door so it will stay off limits. I can have access to the house any time I need to get something. Looks like a win win situation for me and a big blended family that is homeless.