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Hobotechnology
PEU bandit


Registered: 12/19/20
Posts: 502
Loc: In your bushes
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Should i sell my home?
#27810387 - 06/08/22 01:28 AM (1 year, 7 months ago) |
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Ok so i inherited a house from my dead dad.
Its in the south, and its nothing fancy. Just leveled it and redid some other stuff.
I just started school, for computer science.
Its actually being rented out now to my brother for only $400.00 cause he and his family where in need of a place to stay badly.
They actually just started paying me the 400.00 after two years of living their rent free. No worries he is family was glad to help.
Anyways im thinking i can sell this house to float me and live comfortably for the next couple of years till i get my degree and start making mad cash or whatever, but my moms says its better if i keep it and just rent it out.
Thoughts?
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nektar61
Into SporePlay



Registered: 07/04/20
Posts: 3,241
Loc: Cube Satellite
Last seen: 8 days, 6 hours
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How's the neighborhood? If it's safe to live there, I'd keep it.
A lot of cities are getting more and more dangerous, and in a few years, a house in a safe (or safer) neighborhood will be worth more. Even if the house isn't great.
What's that saying? "Land is always a good investment, god ain't making any more of it."
Make sure you're getting enough in rent to pay the property tax (and any mortgage) and pay upkeep though, even if it's your brother. If you lose money on it, I'd sell it now, since it's not a great investment. Maybe offer it to your brother first, if he can get financing.
If you break even on it I'd bet you can sell it for a good bit more in 3 to 5 years than you can now. Or live in it then if your current neighborhood goes to shit.
Do you rent or own where you live? If you rent, even more reason to keep the house you own. Owing a house is good.
Since it's in the south (and you had to level it, haha) I assume there is water there.
Water is becoming an issue in California, Arizona, Nevada, and part of Texas. In ten years, if that keeps up (it will), you can probably sell a 100k house for 1 mil if it's a place that has water.
Do you have homeowner's umbrella insurance on it? You should. If you don't, it's possible some kid can hurt himself there and sue you
-------------------- -NEW? Start here.
Edited by nektar61 (06/08/22 04:53 AM)
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Ahab McBathsalts
OTD Windmill Administrator




Registered: 11/25/02
Posts: 35,107
Loc: Wind Turbine, AB
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It's a pain in the ass being an out of town land lord.
If he would have left you the 100k or whatever it's worth, would you have gone out and bought a house in the south away from your home?
-------------------- "Nobody exists on purpose. Nobody belongs anywhere. Everybody's going to die."
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Asante
Mage


Registered: 02/06/02
Posts: 86,794
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Try to keep houses and other significant assets in the family.
-------------------- Omnicyclion.org higher knowledge starts here
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anatomality
Nothern Counterpart



Registered: 05/31/20
Posts: 1,354
Loc: North East
Last seen: 2 days, 2 hours
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Re: Should i sell my home? [Re: Asante] 1
#27810477 - 06/08/22 05:13 AM (1 year, 7 months ago) |
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I mean, if your only plan for the money is 'to float me and live comfortably for the next couple of years', I don't think I'd do it.
If it is rented, and the rent covers upkeep, it will quietly appreciate.
Land lording from far away is hard and complicated though.
If you do sell it, make sure the money is invested in assets that appreciate or yield a return. (stocks or anything really other than just floating you).
You sound like a very nice guy, I wish I could be so caring and trusting of family. 2 years rent free... who's been paying the utilities, insurance and maintenance?
-------------------- “The strength of a person's spirit would then be measured by how much 'truth' he could tolerate, or more precisely, to what extent he needs to have it diluted, disguised, sweetened, muted, falsified.”
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