? Take for sale house off the market to rent
My former house is in a slow sale neighborhood. We knew it could take 1-2 years to sell. We have caretakers that pay low rent to an agency in return for having the house show ready at all times and maintaining the yard and paying utilities.
If we can find a market value tenant to rent, it would take financial pressure off of us to sell the house. With the hope that the market will pick up in the future and the house may even go up in value. If rented, we will take it off the sale market.
Since there are only a small number of buyers in the price range (699k), if we rent and take it off the sale market, we may lose that rare buyer that would want it.
Would you keep it for sale waiting for the right buyer? Or try to rent it to get the cash flow now?
Negatives to renting: wear and tear, being responsible for major appliances and other repairs and expenses, missing a buyer, expense of carrying new house mortgage longer.
Positives to renting: Cash flow, market may improve and make it sell faster possibly for more $ in the future.
What would you do? What am I missing?
We already have a landlord type homeowners insurance on it, so our insurance costs won's change.
Realtors have given us feedback that it is priced well, even below what they thought it could sell for. Not my own realtor, several others who were not biased by having the listing.
I am aware of the tax effects of selling more than 3 years after occupying.
Thanks for your comments.