Should I sell my condo or rent?
I bought a condo last year in NJ. I will be relocating to another state due to job. The company is ofering a relo package that would cover closing costs on the home sale but not loss on sale. However, the market hasn’t picked up, I will end up loosing money if I sell my condo now. I have to use the relo service within 12 months of my joining, if I want the company to pay closing costs.
I am in such a dilemma, should I wait for market to pick up and rent my condo and few years later sell the house or I should utilize the closing costs covered and sell the place? Please help me.
Probably best to bite the bullet and sell. Condo/HOA type atmospheres can be tricky to rent out, if tenants don’t obey the rules, you as the owner pays the price, from the tenants being loud and disruptive or not paying and everything inbetween – it’s a headache waiting to happen.
Now if it was a private dwelling, I’d suggest renting, you could hire someone to manage the property, but it being in under an HOA, sell it, spare yourself the grief. Especially seeing as you’ll be out of state, it won’t be as easy to monitor your tenants or comunicate with the HOA if there’s a problem with the tenants.
Probably best to bite the bullet and sell. Condo/HOA type atmospheres can be tricky to rent out, if tenants don’t obey the rules, you as the owner pays the price, from the tenants being loud and disruptive or not paying and everything inbetween – it’s a headache waiting to happen.
Now if it was a private dwelling, I’d suggest renting, you could hire someone to manage the property, but it being in under an HOA, sell it, spare yourself the grief. Especially seeing as you’ll be out of state, it won’t be as easy to monitor your tenants or comunicate with the HOA if there’s a problem with the tenants.
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