Updated almost 13 years ago on . Most recent reply
Sell or keep renting?
Our tenant just gave us notice that she will be moving out of our 5 bedroom house in 30 days.
We have owned this house for 10 years and have used it as a rental for the last 5. When we moved out, the market for selling was horrible so renting it out was the better choice at that time.
The market has turned in our area and houses are selling good and often times with multiple offers. I'm debating putting this house on the market instead of renting it out again.
We refinanced it not to long ago and are sitting at $198,000 on a 30 year mortgage. The house (with the exception of needing new carpet) is nice but outdated. It is in an upper income area where a similar out sold for $350,000.
The tenant who is leaving was paying $1750 per month.
Need advise if it makes more sense to keep renting this out or take advantage of the market picking up and sell it?