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Should we sell or rent our house out?


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#1 strawberrycakes

Posted 08 February 2013 - 03:44 PM

Dh has accepted a new job offer & is due to start in May, we need to move.

We are so confused as to whether we should rent our house out or sell it.
We can list numerous pros & cons to both scenarios but being on a time restraint is making our choice difficult.

One of the cons of selling is that of course if our home doesn't sell in time to when we need to move we face DH going alone & leaving DD & I behind for goodness knows how long until the house sells. We really want to afford seperating the family.

One of our cons to renting is that we are facing having to spend alot more money on the house to have it at a rentable standard where as we realistically could sell as is without having to do extra work.

Through past silly mistakes we have also gotten ourselves into a bit of personal debt, if we sell the house we can clear all our debts & still have a decent deposit left over to buy another house.  If we rent we are stuck with debt which is only going to add up with all the work that needs doing to the house etc.  We are looking at years of repayments to clear it sad.gif

One idea we've had is to refinance our mortgage, extend the loan & clear the debts that way & have the mortgage paid with the rental income.  Problem is that we are going to be on one wage again for awhile until I find a new job & we just can not afford to pay the mortgage unless it's interest only but we have already been on interest only for coming up three years, we aren't sure whether banks would allow us to refinance on interest only.

Any tips, advise or simialr experiences anyone can share would be most helpful.  If we are going to sell we NEED to have our house on the market by the end of the month at the latest to have any chance i would imagine of selling by May with the market in the slump it is.  There are 3 other houses on our street that have been for sale now for atleast 6 months, we're scared that will be us to.

We are also scared of renting because if something goes wrong eg their is a plumbing or electrical issue we don't know how we would afford to fix it.

WDYT?

#2 The Awesome One

Posted 08 February 2013 - 04:21 PM

In your situation I think I'd sell

#3 mmuc83

Posted 08 February 2013 - 04:31 PM

In your situation - sell...

#4 emnut

Posted 08 February 2013 - 09:14 PM

QUOTE (strawberrycakes @ 08/02/2013, 04:44 PM) <{POST_SNAPBACK}>
We are also scared of renting because if something goes wrong eg their is a plumbing or electrical issue we don't know how we would afford to fix it.

WDYT?


As someone who has rented a house with a landlord in this position who refused to do VCAT ordered urgent repairs, you have no right to be a landlord if you can't afford required maintenance therefore you really don't have this choice.

#5 Just Another Cat

Posted 08 February 2013 - 09:28 PM

From the information you've provided it seems you only have one option. Sell.

#6 ~kacee~

Posted 08 February 2013 - 09:33 PM

From recent rent vs selling threads that I've read, the best advice is that if you are to rent, you need to have at least 3 months (but better to have at least 6) rent up your sleeve for if it's ever vacant, or you get bad tenants. Then there's a need to have access to quick cash if something goes wrong in the rental.

It doesn't sound like that's where you're at, so I'd be selling.

#7 FeralLIfeHacker

Posted 08 February 2013 - 09:34 PM

Sell. Not sure where you are but in SA houses are not moving very fast atm so a lot of people I know have had their homes on the market for a while and have just decided to rent them out instead.  If you decide to sell I hope it sells quickly for you.

#8 MrsNorthman

Posted 08 February 2013 - 09:35 PM

You need to sell.

#9 censura carnero

Posted 08 February 2013 - 09:46 PM

We were in the exact same situation.  Timing was the stressful thing.  We chose to rent our house because we didn't think we could sell quickly and we would have made a 10 percent loss on the the price we paid.  We rented our house but there was very little to do.  And the rent after tax paid for the mortgage.  Your situations seems quite different though.  Could you put the house on the market and stay with family until it sells.

#10 censura carnero

Posted 08 February 2013 - 09:46 PM

We were in the exact same situation.  Timing was the stressful thing.  We chose to rent our house because we didn't think we could sell quickly and we would have made a 10 percent loss on the the price we paid.  We rented our house but there was very little to do.  And the rent after tax paid for the mortgage.  Your situations seems quite different though.  Could you put the house on the market and stay with family until it sells.




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