Free Rent in Bad Neighborhood vs. Moving to a Safer Area and Paying Rent?
I recenlty inherited the home where I have been living all my life and taking care of an elderly relative, I don’t have to pay rent, but I do have to pay all the other expenses: insurance, water, sewer, trash, etc. Problem is, the neighborhood is run-down, and has gotten bad,. In fact there was a huge fight of about 15 people a few doors down TODAY. Also, someone got shot as a result of a huge brawl , down the street just a few months ago. Cars race through here on a regular basis, radios thumping and blaring. I am absolutely sick of it and am ready to move. I can get small apartment for about 1-200.00 month more than I am already paying in monthly expenses
( insurance, water, sewer, etc). A couple of my friends think I should stay cause I have ” free rent” and property ownership, but, I value my safety, and I don’t feel safe in this neighborhood at all, and am longing for a quiet area without all the radios thumping and gunfire. . What’s your opinion? Thanks!
I am so fed up with this area, and since the housing market is in a slump, I am thinking about just calling one of those real estate investor companies to possibly purchase ( even at a loss) it just so I can get away from here. Opinions please. Thanks!
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Tags: Moving, Property Ownership, Quiet Area
rent property | , 24 Mar 10
By schazjmd, March 27, 2010 @ 6:30 pm
I’d go with safety and peace of mind, no doubt. It’s a matter of what’s important.
By RobinGD, March 29, 2010 @ 11:44 pm
The stress of living where you are is not worth the savings if you can afford to live somewhere better. I would meet with a realtor to get it sold. No matter what you sell it for, it will not be at a loss as you say, because you did not buy it, it will be pure profit. Even if you sell it for less than it’s worth, it will still be a profit.
By onparadisebeach, March 31, 2010 @ 2:44 pm
Live where you feel safe. Its not worth the stress of living in an undesirable spot to save money (money won’t help you when you’re in the grave).
Those home buyers will send you for a HUGE loss – but since the house was free – then anything you get is more than you had.
By jenesuispasunnombre, April 1, 2010 @ 10:56 pm
What about renting the place to someone else so that the bills are paid and you could move into a better area then?
By John H, April 4, 2010 @ 12:48 am
If you stay for 2 years you will not have to pay capital gains taxes when you sell. But since you inherited the property, everything you walk with is profit, I would sell at the first reasonable offer. Don’t appear too anxious and use a real-estate agent you can trust.
Have the agent, or yourself, research economic development plans that the city may be considering.
By Byron, April 6, 2010 @ 9:03 am
In response to your question…
I don’t know if the following will be of some help to you. Go to CBMall, it’s the #1 info-product resource on the Net.
When you go there look for the search box in the upper left corner. Type in the word real estate and see what comes up. You could probably type something else to see what comes up
By rainydaze, April 8, 2010 @ 3:27 am
Your safety and sleeping well at night is priority. Sell to the highest bidder. Or stay and spend a lot of money on an alarm system. Personally, I would leave asap.
By sparkles, April 11, 2010 @ 1:39 pm
Get several evaluations for sale from different realestate persons. Pick the one you are most confortable with and that has the most reasonable evaluation according to comparable comps. Even if market in slump you will still get peace of mind and a little money to reinvest in some other type living environment. Too much money and you may have tax consequences. Check with a reputable real estate person. Get out while you are still alive and safe.