The past couple months several people moving out of Tucson asked, "Should we rent or sell?"  Though I have personal options about each - my best answer is, "Whichever one you can afford."

And when I say afford, it's not just the "face value" picture - it's long term, short term, and everything in between.

These are some questions you should ask yourself when considering renting or selling:

·        Would you ever want to move back into the home?

·         If you do, could you accept that fact that tenants may not *baby* your home the way have?

·         Would rent cover your mortgage payment?  If not, can you afford and are you willing to offset the balance?

·        Could you handle being a landlord?  If not, would you be willing to hire a property manager?

·         Could you handle a month or two without rental income, AKA - vacancies?

·         Is your long term goal for your home to eventually sell and have money left after the loan is paid?

·         Could you afford to make repairs to the home if needed?

If you answered yes to all or most of these questions, consider renting - especially if you cannot or do not want to sell your home!

If you answered mostly no's, consider selling first. Make sure to talk with an accountant (especially if you need to short sale), review your selling goals and talk with a real estate professional to get a good idea about what your home might sell for in today's market!

Buying or selling Tucson real estate, Mt Lemmon, Tucson bank-owned homes, Tucson rental homes, or Tucson lease option homes? Visit www.KGCPropertiesLLC.com!

                                     

 

This blog is written with my opinions and my opinions are presented with accuracy but not guarantees. Please talk to a professional before making any real estate, financial or agency decisions.    Gabrielle Kamahele Rhind - 2011. If you want to reprint parts of this - just email me for my permission:TucsonsRealEstate@gmail.com.

 
Post is included in group: LATE NIGHT - EARLY MORNING AT ACTIVERAIN
Post is included in group: The Optimist
Post is included in group: WeBlog Anything (almost)!

6 Comments on Rent Or Sell: The Long Term, Short Term And Everything In Between.

OCT
06
2011
251,039 Points 26 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

I ask my clients to do the math as well.  Also I do not paint a cherry picture what rental risks are involved.  They have to be prepared for some holding costs and bumps if they opt to lease.  I have more this year than many years combined offer a listing for sale and/or lease at the same time.  All instances it leased.  Right now is a great market and a nice way to build wealth for real estate investment.
10:45am • #1
422,572 Points 7 Featured Posts Called Shot Master
Good advice Garbielle; sometimes a short term loss is better then a long term bigger loss.
2:33pm • #2
1,327,357 Points 37 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Gabrielle

That's also a challenging question to answer because it: depends.

Good luck and success.

Lou Ludwig
4:33pm • #3
877,113 Points 48 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Go, Go, Gabrielle! I like the simple list. Sure, there MAY be an 'it depends', but mostly it's a yes or no. So overall you should have your answer.

If you have more 'it depends' then yes or no, then you are not being honest with yourself. 
5:56pm • #4

Great questions to help get prepared for the transition. Thanks!
7:11pm • #5
OCT
07
2011
668,926 Points 8 Featured Posts Outside Blog Hit Router Called Shot Master

As always a good subject and better answer/questions
6:41am • #6


What does the graphic say?
Leave a response…

(optional)
Spam Prevention:
 
20130205_083835 Rainmaker_large

Gabrielle Kamahele Rhind, Broker/Owner

Tucson, AZ

More about me…

KGC Properties LLC, Tucson Property Management & Real Estate

Address: PO Box 18621, Tucson, AZ, 85731

Office Phone: (520) 245-0242

Cell Phone: (520) 245-0242

Email Me



Listings

Links

Archives

RSS 2.0 Feed for this blog

Find AZ real estate agents and Tucson real estate on ActiveRain.