engprodigy
Recycles dryer sheets
- Joined
- Jan 15, 2011
- Messages
- 66
I know this isn't a great time to be trying to sell, even with low interest rates there just doesn't (at least in my area) seem to be a lot of buyer demand.
My wife and I were ready to move though, we wanted more land and more separation from our neighbors and the move was going to put both of us closer to work so we bought some land and are building and will be moving in Oct.
I've put our current house up for sale by owner and have gotten decent traffic, just no legitimate offers. Once we close on our new house and we move I plan to just rent our current house instead. I figure I'll outline all the specifics and just get opinions about if that is a good idea or if I should keep it listed for sale. I've gotten calls of people wanting to rent it, I wouldn't have trouble at all renting due to the area.
-Realistic sale price would cover closing and mortgage pay off only
-Realistic monthly rent wouldn't 100% cover monthly ins, tax, mortgage
However, my best estimates of all the tax deductions (property taxes, ins, interest and depreciation) when combined with the rent income for the year I think the cash flow would be positive.
I've tried to do all the calculations about what sale price is the minimum I should take before it is better to rent, what are some considerations I might be forgetting?
Even though I wont have positive monthly cash flow but due to lowered taxes at the end of the year does that still make renting viable?
THanks
My wife and I were ready to move though, we wanted more land and more separation from our neighbors and the move was going to put both of us closer to work so we bought some land and are building and will be moving in Oct.
I've put our current house up for sale by owner and have gotten decent traffic, just no legitimate offers. Once we close on our new house and we move I plan to just rent our current house instead. I figure I'll outline all the specifics and just get opinions about if that is a good idea or if I should keep it listed for sale. I've gotten calls of people wanting to rent it, I wouldn't have trouble at all renting due to the area.
-Realistic sale price would cover closing and mortgage pay off only
-Realistic monthly rent wouldn't 100% cover monthly ins, tax, mortgage
However, my best estimates of all the tax deductions (property taxes, ins, interest and depreciation) when combined with the rent income for the year I think the cash flow would be positive.
I've tried to do all the calculations about what sale price is the minimum I should take before it is better to rent, what are some considerations I might be forgetting?
Even though I wont have positive monthly cash flow but due to lowered taxes at the end of the year does that still make renting viable?
THanks