A MAIN REASON TO SELL — NOW
The local situation is a significant factor. Is the home in an area of economic stability and rising house prices or in a steadily decaying area? The fact that the home is in an increasingly unstable neighborhood is a strong financial reason to sell quickly. Should the value of the entire area have vastly decreased, it is hard to know when it will stop, or if it will stop at all. Consulting with a real estate agent who has experience and knowledge about declining neighborhood values will help you determine the best course of action. If the agent believes that the value is not going to go up anytime soon, it is best to sell your vacant home as soon as you can. Using a real estate agent to sell your vacant home will make the process go more smoothly, especially if you need to sell it within a short period of time.
ISSUES IN DECIDING TO RENT YOUR VACANT HOME
Some issues will determine whether you can, or should, rent your home rather than sell it.
Renting costs
Consider the costs of renting your home to decide if you can afford to go that route. Determine the going rental rates in your market using tools like the MLS listings, “shopper” guides, and online websites. Look for comparable properties in your neighborhood to estimate the monthly rent your home could bring. Note features such as square footage, number of rooms, and upgrades, including granite kitchen countertops. Take location and proximity to desirable schools into consideration while looking for comps. You can also consult with real estate agents and property
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