Build home : Moving Out of State should I break contract or rent

[Ratan Lal]

Hi All,

Need your advise , I am based out of Indiana and is moving to Seattle for a better job opportunity .I recently signed a contract (Jan) to build a  home worth with Pulte group in fishers,Indiana . The purchased home is on there hot selling neighbourhood .My closing is in June’21.

So need an expert advise on should I

1/ Continue with the contract and take the house and rent it out using a Property Management company  

2/ Should I exit from the contract and loose my earnest money?

3/ Should I take the home and sell it immediately .

Few things to consider : 

- Pulte has increased its base price for the same type house by 14k in just 1 month .

- Earnest money paid :5k and need to pay rest soon.

- I am First time home buyer and have never been a landlord.

- Property Proce : 340k 

- Average Rent :2400 

- Monthy EMI - 1900 (including taxes and HOA)

Property Management Company Fee : 1k for new lease and 5% as monthly fees.

Please advise.