Should my fiance and I sell, rent, or, keep her one bedroom condo. If we sell it she's going to lose a lot of money. If we keep it and rent it out the rent she'll get won't cover the mortgage, and if we keep it, it means selling my larger, almsot paid off with a smaller mortgage condo. What should we do?
2007-06-13 09:47:00 · 8 answers · asked by goo 6 in Business & Finance ➔ Renting & Real Estate
sell it, you might lose money, but in the end you wont lose as much.
2007-06-13 09:57:07 · answer #1 · answered by CASSIE 3 · 0⤊ 0⤋
Rent out the larger condo for a couple of years,and live in the smaller condo,until you can pay some more off on the smaller condo.Plus a few years from now the market should pick back up giving you both equity in both condos.At that time I would then sell both condos,and buy a nice house together! Goodluck
2007-06-13 10:08:14 · answer #2 · answered by Gin 3 · 0⤊ 0⤋
Maybe the bank will allow her to do a "short sale" where they accept a lesser amount than owed so as not to let the people go into foreclosure. If you live close to a college campus you could probable rent it out to a couple of students, as sometimes the rent that each will pay will be more in aggregate than what it would be if it was rented to only one person. Your girlfriend might choose to rent at a loss and subsidize the rent until the market prices pick up. This way, at least most of her mortgage would be covered. Preferable to having to ante it all up by herself. If you sell yours, that may also be okay. Maybe the best bet. Hopefully you won't have to part ways with each other and then have to find a new place where you'll have to pay more than you are now
2007-06-13 10:02:21 · answer #3 · answered by sflrealtor 2 · 0⤊ 0⤋
The real estate market is flattening out or going south and will take several years to recover. So take todays sale price and calculate the $ amount she'll get even if she suffers a loss on the total investment.
Calculate what she will lose over two years if she rents it out and she'll have to sell it for today's price + the two year combined loss just to break even. In the meanwhile there will be wear & tear on it by the renters and it most likely will need some sprucing up after renting it adding to the cost of maintaining it..
The net conclusion is unless you expect a dramatic upturn in the market in a couple of years you are better off selling it and investing perhaps in a single family home that you can start a family in
2007-06-13 10:06:02 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Rent it out and wait until the market hopefully gets on the "upswing." Look at it this way: for maybe $200-$300 per month you will have another asset. Lots of folks blow that on a depreciating car loan or worse, and inflated car lease!
You'll get tax benefits, rents will no doubt rise over time, and eventually the home will appreciate. Don't make any rash choice to sell the home you actually want to occupy. Think outside the box and see that the glass is still sort of full for you.
2007-06-13 09:59:17 · answer #5 · answered by R.E. Advice 3 · 0⤊ 0⤋
Sell the larger condo. When you are together, make extra mortgage payments to pay off the smaller condo as soon as possible.
2007-06-13 09:57:35 · answer #6 · answered by regerugged 7 · 0⤊ 0⤋
Sell.
2007-06-13 09:51:59 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Sell it you might lose money but you won't have the payment
2007-06-13 09:54:34 · answer #8 · answered by ja man 5 · 0⤊ 0⤋