Most of you know Joseph and I have been working on our renovations in hopes that we could list our house on the market by the end of the year.
When we invited our real estate agent to come take a look at what we had done, and explain what we had in mind for the future, we got very bad news.
The house was worth $20,000 less than when we bought it 3 years ago. Not quite the numbers we were looking for.
But hey! The housing market was supposed to be picking up – more people were buying, right?
Not in my depressed little area of NY. The stats aren't good.
Rent vs. Sell
We're no strangers to renting, but being an out-of-town landlord is last on my wish list.
Since we're already renting the bottom half, so we might as well go ahead and rent out the top too. Not the first thing I would want to do, particularly because we want to move out of state and cut the ties to this flood-invested place.
But alas, we frugals have to think money first, convenience second. That's where the renting comes in. I actually know quite a few people who have been forced to rent out their first homes when moving to another one. It's so hard in this depressed market to even get what you paid for the property.
You have to do, what you have to do.
So here's Plan B:
- Finish our renovations
- List out expectations for a property manager
- Find a property manager
- Apply for jobs in FL
- Find a tenant
- Move to the Sunshine State!
And since we still have family in the area, we'll definitely be back to keep an eye on this labor of love. Maybe in a couple years things will pick back up in the Bing-Hamptons again? Wishful thinking!
Are you still renting a previous home?
By the way, you can get FREE shipping on all orders of $75 or more through my Uppercase Living site from now until October 31st. A perfect way to knock out a bunch of Christmas gifts! Email your order to kalynbrooke (at) gmail (dot) com.