I would like to know if it is advisable to rent a house while trying to sell a house?
April 18th, 2010 by admin
I would like to get moved before the heat of Summer sets in, and we still owe on the house we live in now. It has been on the market for 2 years and we still haven’t got it sold. We get SSI and Social Security says we can only own one house. Can we look for a house to rent so this one will be empty and have a better chance of selling, or should we wait it out?
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Paying for two houses (mortgage on 1 and rent on another, plus utilities and upkeep for both) isn’t likely to be affordable. I would ask for a realtor to give you candid advice on what you can do to make your house more attractive to buyers. If it is some cleaning and cosmetic changes, use the money you would have spent on rent to do these changes instead. If it is lowering the price, consider doing so, especially if it will let you get out of these payments. Or, see if your bank will allow you to do a short sale to stop paying on this mortgage.
the heat shouldn’t even be a factor in making this decision, because it’s your cashflow you need to pay attention to.
if real estate sales haven’t been picking up in your area the past 2 years, don’t move out in the hope of being able to sell your house soon just because it’s vacated.
if your cashflow can allow you to rent an apartment while getting your house prettified to suit modern tastes, then do so. but make sure you can afford rent for the next 3 years — just in case you’re not able to sell it within the next 2 years, and you’ll have an extra year to decide whether to move right back in or lower your price.
good luck
life is to live conveniently.
if you can manage sufficient funds to cater the rent and the loan installment, you better move to rental house.
do not rent,you need to be in your own home to show it , not leave it empty.