Re-rent out or sell?

[PocoGirl]

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...

[Ken7]

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...

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

[Bsuds]

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.

[Catsumi]

Sudsy

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

The grandkids will also love it.

[jasond_71]

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:)

[dontrump]

First thing comes to mind is rent is way too cheap u should be at $1650-1700;;;;;;;;;;;;;;;;;;;

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...

[PocoGirl]

Well, one less rental property on the market. My tenants gave good notice and sold the unit for $419,000. Paid $320,000 two years ago and downpayment of $70,000 I decided to take the money and run. I don’t trust the current Federal or Provincial governmnts. Sorry rental people. There are good ones out there. Personally, I’m not willing to take the risk again

[Jflem1983]

Well, one less rental property on the market. My tenants gave good notice and sold the unit for $419,000. Paid $320,000 two years ago and downpayment of $70,000 I decided to take the money and run. I don’t trust the current Federal or Provincial governmnts. Sorry rental people. There are good ones out there. Personally, I’m not willing to take the risk again

The way things have gone. U made the right choice. Sorry i did not see the government attacking u . Had i forseen that i woulda said sell . Glad u made out for the better

[dontrump]

Well, one less rental property on the market. My tenants gave good notice and sold the unit for $419,000. Paid $320,000 two years ago and downpayment of $70,000 I decided to take the money and run. I don’t trust the current Federal or Provincial governmnts. Sorry rental people. There are good ones out there. Personally, I’m not willing to take the risk again

wow 419k for a 10 year old condo #1500 sq ft ? you did amazing ; My buddy just bought a Brand New 2000 sq ft condo Plus double garage in a place called the oaks for $430K