Sell or rent? What should I do with my luxury condo when I move?

Buying a condo is very convenient, they are cheap and the space is enough for individuals and small families not to mention all the amenities you can find in a luxury condo. Most modern condos have an access to a pool, tennis court, golf course, fitness location and a clubhouse. When you work on a job that required you to move around or relocates, it is hard to keep up with the maintenance and the development fees in the community area.

The hardest part about owning a condo is when you have to relocate for either a job or your family.  Moving out will require you to make plans and find solutions beforehand. What make it even harder making the choice between selling your condo or renting it out. Your decision will be base on you, your condo association regulations and the local real estate market.

Selling the condo

When relocating, there is a lot you will have to look at and consider before selling the home. Owning a condo can be convenient until it’s time to give it up. Some locations have a slow market for a condo while in others; it can sell as fast as within two months. If you live in a slow market location, it will be harder for you to sell the condo, especially when the pricing of the real estate is high. Id the market is fast and you are looking to sell the condo, then you might have huge advantages.

Renting the condo

When the market is slow and you are having a difficult time trying to sell it, you have no other option but to rent it out. Selling the home can be quite difficult when the move is immediate and you have no time to prepare it for a sale. It may also e a good idea if you are looking to take advantage of the income potential of the condo and increasing the equity of the property.

If you are hiring it out, you would have to get a property manager or a landlord to take care of the property and the tenants. In this case, your finances will determine whether renting the home is right for you. Renting can also be a good idea when the income you receive will cover all the maintenance costs and still leave you with some profit. If you have the condo on mortgage, ensure the income also covers all the monthly payments so you won’t lose everything.

How to make the decision

Keep in mind that the homeowners association in your community may have strict rules about renting out your property. When you completely own the condo or don’t have any remaining mortgage to pay, making a decision to sell or rent may be easier. There are minimal financial issues holding you back from making a decision. Whether you decide to sell or buy it, ensure you have all the community association rules read out to your clients before they make the purchase.