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Rent or Sell?

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Money Talk > Real Estate

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MJ2001SE
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Rent or Sell?  Reply with quote  

Here is the story, my wife and I own a 1 bedroom 1 bath condo in Chatham NJ, which is a very desirable town and the complex is also very desirable. Now we are going to live with my parents for about 2 years while we both finish our masters degrees. We looked at recent sales of condos in our complex and what that actually sold for. If we sell we would net over $105K after all is said an done. We dont know if it would be better to sell and take the profit or rent it. Rentals are going for between 1400-1800 a month which is more then our mortgage, (our mortgage is $1170.) But we plan on buying a house in 2 years so do you think the housing market in 2 years in Chatham NJ will be any better where would would make out alot more if we hold it or should we take our 100K now and invest it into something else for 2 years?
Post Wed Aug 08, 2007 3:33 pm
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teksty32
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the risk of not knowing is the biggest in that kind of cases.
Sad
Post Wed Aug 22, 2007 11:47 am
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austin
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Rent or sell  Reply with quote  

Its hard to know whats going to happen in 2 years. When you run the numbers make sure to take into account taxes, vacancy, repair costs and property management fees. I wrote a whole blog about it over here.

http://activerain.com/blogsview/136744/Run-the-numbers-before

If you take your money and invest it in a savings account with a 5 percent return that is a little easier to figure out. You should get $5000 a year or $416 a month.

The big factor in all of this is whether you will net more or less in 2 years. And for the most part no one knows for sure the answer to that.
Post Sun Aug 26, 2007 6:32 am
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rodonmory
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There is special reason to inflate home prices more quickly in future, and certainly not where you live in the city, even if you are going to buy a new home, yet you left to rent out, essentially that you think would not be selling is not what this heroic assumptions once appreciated I'm sure, but it requires also the almost rationalize the decision for your friend..
Post Mon May 09, 2011 1:14 pm
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ericsimpson
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Its depend on your needs if you need monthly income and you don't need your capital back soon then do renting. And its also profitable that the rate of your property also increase as tine passes.
Post Fri May 20, 2011 5:29 pm
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dapirus
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You received some good advice already. I will like to add that if you were to go the rental route would you be able to pay the mortgage if you lost your tenants or they stopped paying their rent.
Post Mon May 23, 2011 9:34 am
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Eric80
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Rent or Sell?  Reply with quote  

It depends on your situation. You could take the money now and have less risk in the future but what do you invest it in? And if you keep it in the bank, interest rates are low. If you rented it, you would be making more then the loan payment; which you could pump the remained into the mortgage and when you come to sell it you would have paid more off your debt and hopefully house prices would have risen. I am not an expert but I have read that in two year house prices may fall a further 20% it depends how risky you want to be and I suppose maybe contacting a specialist as it is a big decision.
Post Fri Aug 26, 2011 1:51 pm
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BibiDimi
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Most recent market changes  Reply with quote  

I believe it is not a good time to sell at this moment, however 2007 may have been a good year to sell. I'd love to know what you've done about it, if you don't mind.
Cheers
Post Tue Jul 17, 2012 9:59 am
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kennygrint
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Predictions are not really accurate so no one knows what exactly would happen the next two years in the market, I think it would better to rent it out just make sure that the renters can be trusted much better if you know them personally
Post Thu Aug 09, 2012 9:25 am
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robinson1983
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I think you should hold that property then consult experts like Ed Butowsky for better Investing plans,thus if i were you,I'd rent that property.You'll gain better.
Post Tue Aug 28, 2012 8:45 am
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protectingtheus
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The original question is from 5 years ago. I think it may be a bit outdated by now.
Post Wed Aug 29, 2012 1:52 am
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JamieSpruson
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hi  Reply with quote  

How do you decide when to rent or when to sell?
Post Mon Sep 17, 2012 7:05 am
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amandaambers
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I don't think so that property needs too much expensive for out the approach of poor peoples.

Its not good for all the countries. But unfortunately in the coming days property rates are increasing so rapidly.
Post Tue Sep 18, 2012 3:33 am
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Tylertim
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don't sell your home!  Reply with quote  

Where do you invest after selling home? Banks or stock market? interest rates are low and it is risk to invest in stock. i think your life is going peaceful by taking profit from rent. it is hard to make that $1400 a month from 100k.
Post Fri Sep 21, 2012 7:36 am
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