Should I Sell or Rent My 1 Family Home and Primary Residence in Queens, NY?

SHOULD I SELL OR RENT MY 1 FAMILY HOME AND PRIMARY RESIDENCE IN QUEENS NY? –

MANUEL VARGAS: Hello, my name is Manuel Vargas with Xzeller Realty in Queens, New York. And I have  32 years of experience in the real estate market in Queens. And today, I’m going to answer one of the most common questions,  I get from home owners. Should I sell or rent my one family and primary residence in Queens, New York?

DISCLAIMER: First, let me give you a disclaimer. All the information that you are about to hear is a product of my experience of 32 years in the Queens real estate market and also my education. I do have a bachelor of science in real estate from NYU Magna Cum Laude and that’s all expertise and education and experience that I’m going to share with you, for your benefit.

 So let’s get into our subject matter. What is better to sell or to rent one family home  in Queens, New York? Okay, there are five major considerations that will help you decide what is better for you as the owner if whether to sell it or rent it.

  1. The number one consideration is that there are capital gains tax implications. You know this is an important part of the equation. We are not tax accountants. You have to talk to your tax advisor. But we do have knowledge of the basics of capital gains and there are some implications that you should consider before deciding if you should rent your home or you should you should sell it.
  2. Number two, being an absentee landlord, you know, and the management of a home where you are an absentee landlord, those implications are also important to help you decide. Maybe this is something that you can tackle. Maybe you have some assistance from a relative or local handyman, but this is something that you have to consider before deciding to sell it or rent it right.

 

  1. Number three, in the future, if you rent your property, what is the difference between selling a rented property versus selling a home where you live or a home that is vacant because you moved out? So there are selling and showing implications when you have a tenant in the home and you later on decide to sell it after having decided to first rent it.

 

  1. Number four,how does selling or renting your home impact your order decisions meaning opportunity cost? What would you do with the money? what would you buy? Where would you go? Where would you invest the money? How would you use this money? Or how much rent can you collect from your property? And what is better for you at a certain point in your life?

 

  1. That leads me to the last point or the last consideration that will help you decide what is better if to sell it or rent it and those are your own personal reasons. What life events are triggering you to wonder what is better to sell or to rent the house where you’re moving out. Maybe you are downsizing. Maybe you are looking for more space. Maybe you have children that could operate your home or occupy your home or own your home. So there are personal life events that are important and sometimes take precedence over the economic reasons. So it’s not only about the money, it’s also about  what you need to do in your life and the personal reasons and your family reasons to sell your home or rent it. Right? So those are the main five points of consideration:

 

  • Tax implications
  • Absentee landlord management implications
  • Selling a house in the future that is rented vs. a home owner occupied house.
  • Opportunity Costs
  • Personal Reasons.