Is it realistic to think we can rent our house?

It looks like we might be relocating to another state. If it happens, it will likely happen within a few months.

We've been in our house almost 4 years. We've put about 20K into it for things you can't see (efficient CAC, blown-in insulation, redid wood floors and the whole house is original wood floors). We were just starting to work on the inside this spring. We would definitely lose money on the house if we sold now. We wouldn't owe to the bank but we wouldn't get all of our down payment back either. Also, house needs cosmetic work (paint and furniture) which is what we were finally getting to.

We wouldn't look to buy in our new state right away just bc we'd rent and check out neighborhoods, etc. Is it at all realistic to think we could rent out our house? On LI with the cost of real estate plus outrageous property taxes, can you even find someone to pay what it would have to rent for?

If we held off on selling maybe the market would pick up a little and we'd recoup some of our costs. Plus, it seems scary to try to sell so fast. IDK.

Looking for some realistic advice/opinions. It's a colonial with 3 bdrms, formal dining and living, 3 season room,etc.

Re: Is it realistic to think we can rent our house?

i think it depends on where you are located. I personally wouldnt want to pay anymore than $1800 a month plus utilites for a 3 bedroom house but those were hard to come by.

When i was looking to rent i usually saw house for $2000+ not including utilites so while i wouldnt pay it i assume some people would.

Is it realistic to think we can rent our house?

Realistically, you can't assume someone will pay the mortgage and taxes in rent, plus utilities. Also, people who have the means to afford to rent houses for $2k+ are hard to come by. I think if you understand that there will be a loss to be taken on your part (whether you sell or rent), you'll do what you have to do to rent it. Good luck!

Is it realistic to think we can rent our house?

I think it really depends on how much you need to ask and the location of the house. We rent our condo in Coram (2 bed, 1 1/2 bath) for 1600 and we are on the low side for our complex. We rent now a 3 bedroom in a different location and pay 2500 a month. All the houses that we liked in our area for rent or comparable to what we rent now were close to 3000 a month. Location is key.

Re: Is it realistic to think we can rent our house?

I would be in the same position if I were to sell today to relocate (we put money into the house and it would def not sell for what we bought it for, we would lose down payment money)... but that being said I think I would just take my loss and relocate so as to not deal with the headache of trying to rent it out... that is just me though...

Re: Is it realistic to think we can rent our house?

Houses around me (southeast Nassau - Merrick, Bellmore, Wantagh, Seaford), routinely rent for well over $2000. I would say $2500-$2800 is the norm, and a truly mint, large home (a colonial, splanch, or split) could rent for well over $3000/month.

But PP are correct that location is everything - out in Suffolk, it will be different.

But I know that demand for rentals is always pretty high on most areas of Long Island, especially post-Sandy. A lot of people are still displaced b/c still repairing/rebuilding their homes or looking for something else. So assuming you are asking for something realistic in terms of monthly rent, I am sure you'd rent it quickly.

FYI - It is common for the tenant to pay all utilities in a whole house rental. So you wouldn't need to cover utilities at all, or even be involved. The tenant would set up their own accounts with local utility companies. So that should be a non-issue.

But just keep in mind - - renting can = a lot of wear and tear on your property, so you may have to do even more work post-tenants to get the home ready to sell. It's also hard to be an out-of-state landlord, unless you have someone local who can check on the property for you and handle issues that may arise (you are still responsible for home repairs that may arise, etc.) or hire someone to do so.

I think being a landlord is not for everyone, so I would think carefully about what it would entail, and consider selling it outright, esp. if the rental income won't fully cover your existing mortgage and taxes. I know it is tough to not get back what you've put in, but if you are able to sell and satisfy your mortgage and walk away even or with a little cash to put toward your next purchase, then that's not so bad (and better than what a lot of people can do). And the market is coming back -- buyer demand is high and inventory has gone down a lot. So you may get more than you think, esp. if you can do some quick and cheap cosmetic upgrades to make it show really well (e.g., fresh paint).

Good luck, and feel free to contact me if you have further questions about renting or selling!

Is it realistic to think we can rent our house?

We had to move to CT last year for DH's job and we are renting out our home in Wantagh for over $3k and the rent covers our mortgage and taxes.