WWYD - Sell or rent it

sunmountain · June 2011

We are moving next week. I'm having serious second thoughts about selling our house. Just seems too permanent and cannot be "undone". We just remodeled the whole house last year and it's a great house. We will outgrow it eventually...maybe 8 years from now but it's perfect for us and w/ elementary aged kids. We will make money by selling it now, we are not underwater. I love this house, I bought it by myself when I was 27, its in a great neighborhood. I am gutted over letting it go - I cried ALL day yesterday. I have to leave all of my family, friends and network plus the house, it seems like too much to let go.

If we rent it then that's a big hassel to still manage remotely even if we had someone here to manage the property. Finding renters etc. but it gives us the option to move back if California doesn't work out in 1-5 years and not have to find another house. My husband claims we may not get as much for it if we sell say in a year or 2 when interest rates go back up.

WWYD?

Seattle_JiLLn · June 2011

I think I would sell it. You are so attached to the house that renting it will stress you out when the renters mess things up or don't keep it the way you want it. and it seems like no matter what, renters trash places eventually. So the house won't be "the house" in several years anyway. I would say the exception would be if you have a friend or family member who wants to rent it and would take care of it.

although there is a part of me that says to rent it out for 1 year so if California turns out to be a bad choice, you can come back. But after a year, sell it.

I'm sorry you're having such a hard time. I can't imagine uprooting and moving. You're going to be ok though.

sunmountain · June 2011

Thank you Jill! Those 'renters wearing it out' are exactly why we want to sell but my thoughts too are - rent it for a year then sell so that we can at least make sure this is what we want to do. We can get our mortgage in rent but it will cost us money to manage it. Neither option is perfect.

Seattle_JiLLn · June 2011

Gosh it's so tough... Do you have local family who could check in on the house and make sure the tenants are ok?

StellaZ · June 2011

I'd try renting it out for one year and see. If you did move back and bought another house not as good you'd kick yourself forever. But honestly I would send hubby ahead and do the long distance thing for a few months to make sure it was stable.

KNemo · June 2011

I think you need to rent it for a year, just for your own sanity. This house is your first baby. You love it. And it is hard to just let that go. Rent it for a year, see what that year brings, and then make a decision after that. A year flies by in the blink of an eye. You may find that you love Palo Alto, or you might find that you hate it. At least, this way, you have options.

Mama_v2.0 · June 2011

You really have to discuss with your husband and figure out if renting it is practical (as in you will easily break even, add on if you move back) or if renting it would be more for emotional. Most likely selling it is the best solution since you feel like you would quickly outgrow it if you return.

Zista · June 2011

I've been in this situation. First home I bought, a gorgeous brick and stucco with hardwood floors and a fireplace... I redid it (with my own sweath equity) top to bottom, gorgeous garden, etc. I oh so carefully selected renters, and gave them incentives to keep it nice.

It was an awful experience. They constantly complained, were late with rent, and I needed to manage all sorts of hassle from 4 hours away. And of course they left it filthy and damaged when they moved out. Maybe it would have been different had I been able to hire a property management company, but I don't think so.

A year later I realized I wasn't going back and I sold. And guess what? All that emotion just went away... I felt free. I realized that I loved the process of making a house my home, and couldn't wait to start on the next one in my new location.

I guess the question is... is it really a risk that this opportunity is unstable? If you think there is a chance of moving back in a year, then keep it. If it's 3-5 years down the line, save yourself the headache and heartache... just bite the bullet and sell it now. You'll find an equally good or better house when you move back.

SoDoMojo · June 2011

I don't really have advice but wanted to let you know I feel your pain. We have finally gotten our house just the way we wanted it and now are planning to leave in the next year. It sucks and I'm sure I'll cry A LOT once it all sinks in.

We do not have the blessing of making money on our house. If I were in your situation I'd probably sell. As PP mentioned renters are a lot of stress. I'd hate to see how other people treated my house.

GL!

sunmountain · June 2011

Thanks all - I appreciate the advice. Hard to do no matter which way. I wish it were just really clear one way or the other. I'll let you know where we end up with it.

arikaleeanne · June 2011

I would sell it now

We have had to rent out our house for almost 3 years now and it is now at the point I am so done with the house.

We moved and figured we would rent it out for a year and then sell it if we were happy in Eastern WA. We felt the same way about the house we loved the house, the neigborhood and put a lot of sweet equity into it.

But we had to move because the commute to our jobs was torture and I so wanted to SAHM and husband found a better job in Eastern WA.

We rented out hoping the market would get better and then sell obviously it has not, and between all the tenants demands and seeing someone else in our place it has been hard.Along with the hit financilly of not being able to get our whole mortage covered oover the last 3 years we are having to short sell the house were if we had maybe kept it on the market longer maybe we would have sold and not be where we are now with a short sale.

newmommy74 · June 2011

I know how you feel as my husband and I moved from Australia to Seattle and we agonized over selling our house or renting it for a long time! In the end though we sold it as we knew that no renters would ever look after our house the same as we ever would. And like you we knew that we were outgrowing the house also so it was only a matter of time before we would sell it anyway.

In the end it was the best decision we made. The market was really good when we sold, houses in the same street are now only selling for about another $10,000 more and that was 5 years ago!

I know it?s hard to leave a house you love but you will make new memories in another house. Good luck with your move. It?s never easy leaving friends & family but I am sure you will be making lots of new friends before too long. Trust me if it wasn?t for stupid government rules with working visas we would still be happily living in Seattle right now! Sometimes a change is good for all J All the best!

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