Really Blue. I'm Selling My Family Home
Dear everyone,
I'm selling my family home, the one I grew up in.
My wife and I got it a few years back. Now we're going to sell it.
After all is said & done, we'll walk out with 25k.
I'm very sad. I don't have to sell it, but I don't want to manage it from across the country (we're moving from WI to VA).
Oh, I don't know. I love that house & that area.
I'll pray about it.
My dad's near by. He said he'd collect & manage it. I'd pay'em for it. Maybe I'll do that.
Could you do me a favor? Grab a beverage, sit down here next to me, and talk to me about what you think about this, eventhough I've given you little info.
Thanks much, guys,
OnTheWater
If it means that much to you, maybe you can allow your dad, or even hire a real estate manager to take care of it for you. Rent it to a family. Maybe by the time you decide to move back home it'll be paid for in full.
Good luck, whatever you decide.
[addsig]
Would you rather rent it out to people who will trash it or sell it to some people who will care for it?
OnThe Water,
A year after my father died, my stepmother decided to sell their house. I handled the transaction, since I'm a RE broker. They'd lived there over 20 yrs. Although I hadn't grown up in the home, there were many, many memories within its walls and ties that I felt very strongly. I have some appreciation of what you're feeling.
If I were in your shoes, I think I'd ask myself if I really wanted to move away. In other words, suppose you were living in another house--not the one of your childhood. How would you feel then about moving to a brand new area? Do you have some doubts about whether this relocation is a good thing for you and your family? Or are you excited at the prospect of having a "clean slate" somewhere else but just very sad to be leaving your home?
Nancy
Are properties in the area appreciating at a good rate?
If so, KEEP IT. If you screen your tenants VERY carefully, and your father is there to drive by and see how things appear every now and them, you caould not only have a steady income maker, but the property could continue to appreciate in value (build equity).
AND, you will probably need to check on it periodically which will make the trip home tax deductible.
I think there is a reason you are having reservations, and feeling sad about selling it. Follow that gut feeling,
I'm agreeing with the majority here. If it makes you sad to sell then don't sell. There are two possible outcomes,
1)you will rent it to someone who takes reasonably good care of it. They will pay off the remaining debt. You will know that if the VA thing doesn't work out you can move "home" (as soon as the tenants lease expires). As 64ford pointed out all the trips back to WI are now tax deductable business expenses which means you are more likely to visit dad and the old stomping grounds.
2) It will become a thorn in your side which is always a nagging hassle. As this goes on your attitude toward the house will change from fond memories of the family home to "I just wish this thing would go away." If that happens you can sell it then. Over time the hassles will fade from memory and you will have the fond memories back again.
So, unless you really need the money don't sell it-- rent it out.
Dear OnTheWater,
I'm super sentimental about some things. If I were you, and if I could, I'd not make a decision right now. You are having to make so many decisions right now. Go ahead and move and get settled. Then see how you feel. If you can wait and not make such a heart-rendering decision while under other pressures, it will probably be easier to wait a bit no matter what you decide later. And you'll be more likely to not regret it either way.
Good luck with your move and I wish you peace in whatever you decide.
Terry
you said you didn't have to sell and that {reading between the lines} you really don't want to sell. all these reasons say "don't sell". is the real reason your selling yours or your wifes decision?.....kenmax
p.s. if you do sell it will be okay. time heals all. i had a 'home' on the lake it has been the only place i've lived that really felt like home. my wife died there it really hurt to leave but it was for the best i was able to start over. i still love the place that was 15 yrs. ago........kenmax