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Updated over 8 years ago, 06/07/2016

User Stats

35
Posts
2
Votes
John Cashin
  • Greenwood, IN
2
Votes |
35
Posts

Selling my personal home ...or not?

John Cashin
  • Greenwood, IN
Posted

I'm relocating from Ohio to Indiana and was selling my house through traditional channels.  However, today I started wondering about other options.  I'm already in the process of buying my new home but I've been starting to consider if renting my current home makes more sense than selling it.  We've had some interest but no offers yet (one buyer is "making a decision" tomorrow) and if it doesn't sell, I'm not sure I care.  

The home value is in the $300-$330k range and from what I can find so far, rent would go for $2000-$2800 but I'm struggling to find comps.  How do you find rental comps?  What are the recommended tools besides craigslist / trulia?  Also, the RNC this July is also throwing things off with people trying to rent their homes out for $10k+ for the month (!!!).  That's not really an option for us anyway since we'll be moving just after that.

My property doesn't meet the typical 1% rule, but I'm not sure it's a bad decision.  Mortgage & insurance is about $1800/mo but that's on a 20yr mortgage and I'd likely re-fi into a 30 to get my equity out (decent amount).  Maintenance in the next few years should be low considering I just fixed everything in order to sell, and appliances have all been upgraded in the last couple of years.  The house is about 17 years old so a new roof should still be a ways off.  How should I estimate maintenance in this situation?

Has anyone else done something like this?  Thoughts?  Things to consider?

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