Now is the time of the year when we begin to think about our goals for next year and to make resolutions. In the case of your real estate investments or even your personal residence you may be wrestling with buying another or even your first. If you've decided it was time for a change, you may be looking for your dream home, or even scaling down.
Either way, one decision is keep your current property or sell it. While this could be a complete discussion on the pro's and con's of being a landlord, I am hoping to just touch on the question of wether its affordable. We are currently helping a young couple who is upside down in their current home and can't afford to sell it. I suggested they RENT it, as they can exceed their current mortgage payment and continue to pay it down and write off the interest. A WIN! Then they can qualify for a new mortgage for a new home that meets their growing family. A WIN WIN!
In that case, they couldn't sell.
If you don't need or want to be a landlord and need the equity from your current home in order to purchase then SELL you must. (We have already discussed buy first vs. sell first in a previous post)
So, a choice between listing with a broker or the DIY approach. There is an old saying that if you ask a barber if you need a haircut, he is obviously going to say "Yes have a seat!" So the logic goes that if you ask a real estate professional if you should list or sell, well...have a seat.
Yes, it is what we do and how we make a living. That said, DIY is not for everyone, in fact, it is not for most folks. Not having to pay the commission seems like a savings. In some cases its tens of thousands of dollars. In most cases it saves about half of that if everything goes smoothly. The greater risk is that it could wind up costing you even more. How? Well simply, its typically one of the largest transactions you'll ever do and you are going to do it as a beginner with one shot. Very little margin for error, no? In fact, when a DIY is interviewed and asked if they would accept an offer on their home contingent on the buyer selling their home DIY, most admit they would not trust the buyer to do it on their own. Hmmm, wonder why?
Now the surprise...Gabrielle and I are as big of DIY'ers as you'll find. And we care about you and those you care about. I actually think you should try it. Under the right circumstances and only for a brief time. The market in Hampton Roads is tricky and timing and exposure is key. If you know you have a buyer, DO IT! No marketing, or no real negotiating necessary? DO IT! But we are marketing People and have decades of negotiating and contingency experience.
So, be it buying, renting, or selling, CALL US! Let us share with you a GREAT plan. You might be surprised!