Sell or Rent Out Condo

[singlemominmass]

A couple of years back I got a good deal on a 2 bedroom condo in an affluent suburb.  The amount I pay for my mortgage, taxes and fees is below rental market rates.  The only catch is it is a pretty far commute from work.  I'm considering moving closer to work to reduce commuting costs and make my life easier. 

I live in a HCOL area.  I think that home prices in my area are going up at a rate that is not sustainable and if I want to sell this place my best bet would be next spring. 

Do you think it would be better to sell this place or rent it out and hang on for the long haul while I rent closer to work?

[dandarc]

Sounds like you think it is a better idea to sell.  So doing that isn't a terrible way to go. 

You didn't buy this property with the intention of renting it out as an investment, so you probably didn't do the thorough investigation you would have if that was your goal.  So before deciding to keep the property as an investment, do an analysis of it to see if it makes sense as a rental.

[onlykelsey]

Make sure you look in to the requirements of your mortgage (and any other relevant document - condo bylaws?) to see that renting it out is allowed and see what insurance requirements, if any, you have.  Also be sure to factor in vacancy rates when you're running the numbers on whether it makes sense to keep as a rental.

[singlemominmass]

No, I did not buy it originally to be a rental.  I guess it may just be easier to sell.

[jim555]

I am in a condo, the people below me rented out to a family.  They trashed the place, brought in roaches, became totally annoying by blasting music.  They eventually left, the new owners had to gut the entire unit and start over.  Something to consider before becoming a landlord.