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Re-rent out or sell?

Re: Re-rent out or sell?

Postby PocoGirl » Jan 16th, 2018, 6:58 pm

Ps it’s also nice to come on to a forum and not have questions, comments or points taken out of context resulting in some of the negative, mean spirited conversations etc... okay... :topic: :D

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Re: Re-rent out or sell?

Postby Ken7 » Jan 16th, 2018, 7:11 pm

PocoGirl wrote:Ps it’s also nice to come on to a forum and not have questions, comments or points taken out of context resulting in some of the negative, mean spirited conversations etc... okay... :topic: :D


The best advice is speak to your tax people, I would also speak with a Real Estate Agent that you know and who has been around a while. Not for direction, but what their views on the market are.

Keeping in mind they want to sell your home, or rental. The points made get some good dialogue on your position which is good as there may be something you had not considered. Good Luck, let us know what you learn
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Re: Re-rent out or sell?

Postby Bsuds » Jan 16th, 2018, 7:14 pm

PocoGirl wrote: I don’t plan on selling until I can’t walk up the stairs lol


My plan is to get one of those stair climbing seats but could be pricey with a 4 level split. :200:
Nowadays it's almost rude to ask a question without Googling it first!
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Re: Re-rent out or sell?

Postby Catsumi » Jan 17th, 2018, 7:07 pm

Sudsy

You might want to snap up an escalator system. Maybe Sears ?

The grandkids will also love it.
nothing wrong with being open minded as long as your brains don't fall out.
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Re: Re-rent out or sell?

Postby jasond_71 » Jan 19th, 2018, 7:40 pm

The "experts" will tell you the same thing. What is your tolerance for risk?
Vacancy rates are extremely low here. That is a good price for rent, you will get your pick of tenants. We have a place in Red Deer that didn't rent for a month but it eventually rented in a much higher vacancy rate market.
You have to fix it up but it also appreciates in value and you live close to keep an eye on it. I say keep it or sell it to me:)
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Re: Re-rent out or sell?

Postby dontrump » Jan 24th, 2018, 3:28 pm

First thing comes to mind is rent is way too cheap u should be at $1650-1700;;;;;;;;;;;;;;;;;;;
PocoGirl wrote:I have a 1570 sq foot, 3 bedroom, 2 1/2 bath townhouse (2008) that I own with the bank and rent it out to a great family who will probably be moving in 2019 with notice. It’s a unit in a good complex only a 12 minute walk to Kin Beach. I bought in Feb 2016 for the going rate of $320,000 and downpayment of $70,000. The last unit that sold in September of 2017, sold for $385,000 at asking price in two weeks. It was an exact same unit that I am renting out except I also have put in a fence at minimal cost. I can write it off and is a good resale value. The rent has been $1,450 going up to $1,475 in March due to strata, property taxes and fence installation to cover cost increases without gouging. I knew going in when buying that I’d have to repaint, put in better carpet and underpad and eventually replace the appliances if I was going to sell or rent out again. The one and only renter I have is awesome! Large family and only living wear and tear which I expected. I’ve only had to have the furnace fixed and minor plumbing to address ie $800 in two years. My dilemma is when the current tenants move out, do I
A) Sell with doing upgrades in paint, somewhat decent appliances (working but not in good condition... previous owners did the damage, and contracor grade to begin with) and put in a half decent carpet and underpad
B) Sell as is when tenants leave taking a bit of a hit because it won’t ‘show’ well and leave it to buyers ‘vision’
C) Rent, with a repaint, carpet replacement and replace the appliances. The current ones are original low grade Frigidaire and not in good condition when I bought

Interested in hearing opinions...
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