After relocating for a new job, we put our home up for sale. However, it has been on the market for more than 100 days with only one offer that was significantly below our asking price. My monthly mortgage payment is around $2700, while I could potentially rent it out for roughly $1900. Although I can manage an $800 deficit each month, I’m not inclined to take on the responsibilities and risks of managing a rental property. Should I withdraw it from sale and turn it into a rental instead?
Hey Sam, I’ve been wondering if hiring a property manager might ease the rental hassle despite the loss. Would device such a system give you more breathing room? Curious what you think about balancing costs against less direct management, or are there other angles you’ve explored?
Hey Sam, your dilemma got me thinking. Perhaps a short-term rental could be a compromise until the market turns? It might let you test the waters without a long commitment. How do you feel about trying out flexible rental options before making a full jump?
hey sam, maybe hold off renting if the hassle ain’t worth it. consider keeping the listing while making minor tweaks instead of jumping into a rental loss if that doesn’t vibe with your comfort zone.
Your issue seems to center on balancing the financial loss with the potential for future market improvement. I have encountered a similar situation where the decision was difficult due to the ongoing costs associated with holding the property. In my case, after careful evaluation, I chose to rent it out while enlisting the help of a professional property manager to minimize stress. Although it resulted in a temporary financial burden, I found that it provided flexibility for a more favorable selling opportunity in the long term. It might be helpful to analyze your risk tolerance and future market expectations before making a final decision.
My experience with a stalled property sale taught me that every option carries its own set of challenges. I once had to decide between lowering my asking price and converting to a rental, which meant enduring a temporary loss while dealing with rental management issues. I ultimately chose to adjust the market price, which eventually led to a satisfactory sale without the complications of rental management or additional uncertainties. It is essential to evaluate your risk tolerance, the current market dynamics, and the long-term financial impact before committing to a rental arrangement.