Updated almost 12 years ago on . Most recent reply
Looking For Options
When I first bought my home, I was under the impression that I would be able to rent it when I moved. However,I just did the calculations on my home and it is looking like i will not be able to rent my home out when I PCS without having to dump money into the property. This is mainly because property taxes jump from ~4% to 6% putting my annual taxes for the property around 3400/yr. This along with management fees, insurance, maintenance, it's just not going to happen. That also being said, where I am located the average time on market is 180 days or more. I am confident that I can make a little money from the sale of the home, however the 180 days of being on the market worries. I'd rather not have to float two mortgages when I move.
So my question is, are there any alternatives I should consider? I had thought about owner financing, but I don't know the in's and out's of that process and am concerned about forclosure/damage to the property in the event of a forclosure.
Other than that, I see selling the home as the only option to get out of this without much damage being done to my wallet.
Does anyone have any advice or alternatives I might look into?
-Drew