We are in a situation where in a few months to a year, we have to decide if we're going to rent out our house, sell the house, or leave it empty (which really isn't an option financially).
If we sell or rent, there are some improvements that need to done to make it marketable. Before this "opportunity" (that's what my wife calls it) came about, we were going to do a whole master bath remodel (replace tub with a walk-in shower, remove small shower stall and turn it into a closet, and re-do the double vanity, but now I'm thinking to just replace the shower stall and call it a day whether we sell or rent. What do you think?
If we sell the house, I don't see the need to replace the fridge, gas range, washer, or dryer--do you? I just replaced the water heater this year. If we rent the house out, I think we will need to replace the fridge (which is what I've been wanting for a while) as well as upgrade the washer and dryer to something more modern. The current washer/dryer were there when we bought (10 years ago) and probably came with the house (18 years old) and work fine, though. We have some new apartments built down the street which we'll be competing with if we rent. They don't have as many bedrooms, yard, and garage, but I just don't know what renters are looking for. There's also the age of the HVAC system to consider which I don't think renters will consider.
I also have to finish replacing some siding on the house and finish painting it so these are additional expenses.
This "opportunity" will have us return to this area every so often so we do need a home base, but not necessarily a house. Although we bought at the peak in 2006 and our house isn't worth as much, we are hopeful in the long run that we'll be back or even better than where we are. We live in the DC metro area so housing is pretty expensive here. If we sell and came back later, I doubt we could afford to.
Finally, if we rent, we'll be using a property management company. Any experience there? For example, let's say our heat dies in the winter. Who is on the hook for the repairs and potential temporary housing? Do most management companies include that kind of coverage in their agreements or am I paying them to just do background checks and that's about it?
Thanks,
Paul
If we sell or rent, there are some improvements that need to done to make it marketable. Before this "opportunity" (that's what my wife calls it) came about, we were going to do a whole master bath remodel (replace tub with a walk-in shower, remove small shower stall and turn it into a closet, and re-do the double vanity, but now I'm thinking to just replace the shower stall and call it a day whether we sell or rent. What do you think?
If we sell the house, I don't see the need to replace the fridge, gas range, washer, or dryer--do you? I just replaced the water heater this year. If we rent the house out, I think we will need to replace the fridge (which is what I've been wanting for a while) as well as upgrade the washer and dryer to something more modern. The current washer/dryer were there when we bought (10 years ago) and probably came with the house (18 years old) and work fine, though. We have some new apartments built down the street which we'll be competing with if we rent. They don't have as many bedrooms, yard, and garage, but I just don't know what renters are looking for. There's also the age of the HVAC system to consider which I don't think renters will consider.
I also have to finish replacing some siding on the house and finish painting it so these are additional expenses.
This "opportunity" will have us return to this area every so often so we do need a home base, but not necessarily a house. Although we bought at the peak in 2006 and our house isn't worth as much, we are hopeful in the long run that we'll be back or even better than where we are. We live in the DC metro area so housing is pretty expensive here. If we sell and came back later, I doubt we could afford to.
Finally, if we rent, we'll be using a property management company. Any experience there? For example, let's say our heat dies in the winter. Who is on the hook for the repairs and potential temporary housing? Do most management companies include that kind of coverage in their agreements or am I paying them to just do background checks and that's about it?
Thanks,
Paul
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