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Updated over 12 years ago,

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19
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0
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Raghu Kota
  • Dallas, TX
0
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19
Posts

Struggling to decide: Sell vs Rent out my home?

Raghu Kota
  • Dallas, TX
Posted

Hi all,
I am not an real estate investor, but do own a home in Fort Collins, Colorado area (2009 built; 3520 total ft2; 2350 finished ; full basement - unfinished). I have an out of state job offer and trying to decide whether to sell or rent out my house.

Preliminary sale estimate from my real estate agent suggests that it could sell for 315k, but with commissions (6%) and fees, I'd be left with $292k (3 k less than what I paid for the home : $295k). Also, house is in a great new neighborhood with excellent schools. So I am tempted to keep it for now and rent it out. It would also be a nice option to have a home back here in colorado, if the new job offer doesn't work out.

Having done my research, I believe I need to hire a property management company, since I will be out of state and there is no one to help here in Fort Collins.

With this back ground, could someone please help with the following questions :

1) Is renting out your home when living out of state a huge deal ? In terms of maintenance etc ?
2) What are the tax implications if I have rental income in Colorado but live in state that doesn't have state taxes ?
3) Any recommendations for a reputed property management company in Fort Collins-Loveland area ? I am reading mixed reviews for all of them online. Any recommendations on how to choose a property management company ?

4) I am not hard pressed for cash even if I don't sell my home. Is there any strong reason for me to sell my home rather than rent it out ?

Thanks Much,
Raghu

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