Skip to main content

Help! Don’t Know Whether to Sell or Rent New Jersey House

Good day. I’m looking for some advice and insight. I’m a first time owner of a home that is paid off in Central New Jersey: split-level 4 bdrm and 2 baths. Kitchen, dinning room, living room, 1 full bath and 3 bdrms all upstairs. Family room, 1 large bdrm, 1 full bath, utility room, laundry room and attached garage downstairs. This is a property that I inherited and once the property was legally transferred into my name I decided to redo the kitchen and 2 baths.

At first I was going to flip it (redo the kitchen, 2 baths, paint job, change outdated lights and closet doors) to sell at a premium especially since homes in New Jersey have been selling way over asking due to market demand and low inventory. This past Spring prior to starting my renovation project, I spoke with a realtor who sold a house in my neighborhood that had been abandoned for years (I’m assuming the owners passed) and was flipped by investors and sold for around $450k. This was in Summer 2022. I told the realtor about my reno plans and what the house would likely be worth afterwards. The realtor said that I could rent it out for around $3k-$3,250, lowest $2,750 (but I believe anything 2k given my renos, mortgage rates and demand is too low). I estimate my house will be worth anywhere from $500k to $575k, possibly hovering around $600k once the total redo is finished. I plan on confirming this with the realtor and will likely get a second opinion from another realtor that my family knows.

My question is: should I rent or sell? Just to add, I’m likely moving abroad this year so if I were to become a landlord I would not be in the area and would definitely need to hire a property management company. I’ve worked in property management before for foreign investors so this time I will be in the driver’s seat.

If I decided to rent, the passive income would definitely be a nice cushion once I settle abroad. A potential con could be the time it would take for me to find a suitable renter, in addition to the fact that although my area is in a great, quiet location to access places like NYC, Philly, Jersey Shore, it’s not really a heavy renter’s market. Most of the homes I believe are owner occupied, but I believe this may be changing given the rising home prices and mortgage rates.

The other part of me wants to sell high, take my cash and leave. Just weighing some options and any advice would be appreciated! Thanks!

submitted by /u/m00bs4u
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/15cu1ir/help_dont_know_whether_to_sell_or_rent_new_jersey/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

Pool fill without engineer oversight

We are in the process of purchasing our first ever home in CA and we just discovered in the disclosures that the new build property we are purchasing previously had a swimming pool which was filled without an engineer onsite to approve the work (details from disclosure below). Is this something we should be concerned with or not? Is it something we should have additional inspections conducted on? We are originally from the UK and not really sure what to do with this information and if it is concerning or not. A POOL DID EXIST PREVIOUSLY. COPING, TILE, GUNNITE AND REBAR WERE ALL REMOVED AND DIRT AND CLEAN DRAIN ROCK WERE USED TO FILL IT IN. COMPACTED FILL WAS NOT USED AND NO ENGINEER APPROVED THE DIRT AND DRAIN ROCK FILL IN submitted by /u/tommot82 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/dpyzw8/pool_fill_without_engineer_oversight/
Post a Comment
Read more

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/
Post a Comment
Read more