Recently, I finally bought a house. will move from my condo. I want to sell the condo. But there is a condo above me, same exact condo ( size and layout) has been on sale for 6month, last week lower price 5K. I will be willing to sell for 30K less, since my is one story lower. should I sell? or should I rent it out for a year or so. let the above guy sell his and then I will sell mine? or price at 30K lower and let it compete? I do not want to do long term rental for sure. also afraid the renter damage the condo after a year or so. I want to sell, but directly compete of the same condo, would it a very bad thing?
Do you have mortgage? If you do, what is the interest rate?
If you have secured a low interest rate mortgage, I would suggest you think twice before putting it on the market. It is quite unlikely you would get the same low cost financing at any time soon.
If you have low interest rate mortage and rent would cover your monthly due and the expenses associated with the condo, maybe you should keep it as a rental property.
if the upstares one not for sale, I'll sale mine. but now
But now the upstairs one has been on market for almost 6 month. not sure what price I should set and if it is effect upon the sale. can not make the decision.,
another thought is: the mortage rate is coming down soon, maybe the housing price will go up. so rent out for a year, by then, the upstairs one should have been sold and the rate will be down and the price will be up. then go for the sale. of course, the assumption may not happen and the renter may damage the house....
I was in similar situation. The other unit is better
layout and preferred model. My realtor said not to wait. I cleaned it up nice - repainted whole unit, changed carpet and a couple of light fixtures. Even the unit is dated, sold in 4 days. I priced a bit lower than the other.
I would buy the other unit myself, but you never know.
Recently, I finally bought a house. will move from my condo. I want to sell the condo. But there is a condo above me, same exact condo ( size and layout) has been on sale for 6month, last week lower price 5K. I will be willing to sell for 30K less, since my is one story lower. should I sell? or should I rent it out for a year or so. let the above guy sell his and then I will sell mine? or price at 30K lower and let it compete? I do not want to do long term rental for sure. also afraid the renter damage the condo after a year or so. I want to sell, but directly compete of the same condo, would it a very bad thing?
Please help me out with the decision.
Thank you so much
If you have secured a low interest rate mortgage, I would suggest you think twice before putting it on the market. It is quite unlikely you would get the same low cost financing at any time soon.
If you have low interest rate mortage and rent would cover your monthly due and the expenses associated with the condo, maybe you should keep it as a rental property.
But now the upstairs one has been on market for almost 6 month. not sure what price I should set and if it is effect upon the sale. can not make the decision.,
another thought is: the mortage rate is coming down soon, maybe the housing price will go up. so rent out for a year, by then, the upstairs one should have been sold and the rate will be down and the price will be up. then go for the sale. of course, the assumption may not happen and the renter may damage the house....
so there are always some condos on the market for sale.
Just put it on the market to see if you can get a satisfactory offer.
and you would miss, or the price does not go up then you have to let your money sit on a "dead" asset.
So you can do this: does rent cover all the expenses and give you a yield no much off the treasury yield? Or even better?
layout and preferred model. My realtor said not to wait. I cleaned it up nice - repainted whole unit, changed carpet and a couple of light fixtures. Even the unit is dated, sold in 4 days. I priced a bit lower than the other.
I would buy the other unit myself, but you never know.