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Rent a condominium or sell it on moving?
I own a condominium in downtown Chicago and may be moving within a year or two. I bought the condominium two years ago. It's in a very nice and developing area of Chicago.
If I move, does it make more sense to keep the condo as an investment and rent it out (thus dealing with the annoyances of being a landlord), keep it as a place to visit when I'm in Chicago (quite an expense), or sell it (after only a few years, when it won't have gained much in value?)
4 Answers
- butrcuppsLv 61 decade agoFavourite answer
I watch the Suze Orman show. She had a recent question similar to yours. Will you be taking a big loss? If so, she suggested they hold onto it for a few years when she feels real estate will go up again. Renting it out is quite risky (I have heard some real horror stories where people have absolutely DESTROYED the property. Especially when the owner is not local and unable to keep a close eye on the situation. If you're going to make a profit by selling it now, even if it is not a lot, that may be your best best.
- Anonymous1 decade ago
from what i've read, being a landlord is a hassle... the renters seem to have more legal rights than the landlords do... and they will mess your place up.
If you are leaving the chicago area, being a long distance landlord is even more difficult.
you may want to sell it and be done with it.
- 1 decade ago
Keep it and lease it if you can afford to. Hire a property manager or local Realtor if you don't want to hassle with it. Consider it part of your retirement savings. It could turn into a nice little nest egg for your future.
- Anonymous1 decade ago
the best advice ever " sell it " and you'll forget the headaches of rent
