My friend who is leaving New York for good is leaving their house behind. It’s not a good time to sell, thus, they decided to rent it in the meantime, until the housing market bounce back.
Having said that, since there is no one occupying the house yet, they had to ensure that all the door locks are efficiently working. In fact, they had to replace a couple of them as they are not confident that they are secure enough.
It’s all now in the hands of the agent to find a reliable lessee. I’m just hoping that they will be lucky enough to get a responsible family who will love their home just like they did. I would hate to see that house go down the drain due to misuse and irresponsibility of the people who will rent it.
Personally, if I was in my friend’s shoe, I would rather sell the house even at the lower selling price rather than rent it out. But of course, my friend is not me. I don’t think I’ll be a good landlord. Knowing that I’m a control freak, that role is definitely not for me.
How about you, what would you do?
I would recommend renting if they can afford to maintain two houses. Eventually the market will rebound and they say property is always a good investment.
This is a tough question. After renting for just a short time, I came to the conclusion that I am not cut out to be a landlord either. Even just the fact that my renter smoked really bothered me and it’s a lot of extra work keeping up two houses. I decided I’d rather just put money into the one where we live. Here’s a link to the post I did about making this decision when my dad died: http://karenzemek.blogspot.com/2009/06/to-sell-or-not-to-sell-thats-big.html
@ riches corner
that is what they decided to do: rent their NY home until the market is better. the house that they bought in Brazil is paid up as well as the NY home so they are not worried about mortgage.
@ Karen
thanks for sharing your post. and yes, it’s not easy being a landlord. I’m probably like you. Even if I haven’t tried being a landlord, I don’t think I’m cut out for it.
I prefer to rent it. I think house is one of the best investment.
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