Free Rent in Bad Neighborhood vs. Moving to somewhere safer 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!
After today’s brawl and all this noise, I am more than ready to get away from here. I am considering calling one of those home investor companies to make me an offer, even at a possible loss. It’s nice having the extra savings, though, but my safety is important to me also. Thanks!
PS Sorry I posted this twice, the first I made a mistake and was on a different Yahoo Answers. Dont know if it made a difference or not. Sorry for an incovenience.
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Tags: Home Investor, Small Apartment, Yahoo Answers
rent property | , 15 Nov 09
By Melissa M, November 16, 2009 @ 11:49 pm
Can you sell the place that you inherited and use the money as a down payment for a place in a better neighborhood? That way, you’re in a better neighborhood, but you’re not throwing away your money for rent. Just because you inherited the place, doesn’t mean you have to hang onto it for sentimental value.
By artwhiterealtor, November 20, 2009 @ 5:34 am
There’s an age old question posed by bandits and robbers, but also very appropriate in this circumstance: Your money or your life? Either way you pay, which is more precious? Move out and move on. Nothing is free, you are paying a kind “sweat equity” premium but it fear not effort that is causing that perspiration. Sell the house and move on.
By L L, November 23, 2009 @ 9:58 am
Your wellfare is priceless, I’ll definitely take he second option. Plenty opportunity come in diferent time, shape and form.
Keep practicing and learn how to recognize it and be ready for it.
I always follow my own destiny, don’t wait for luck, butI make my own luck.
Once you know how, then share with others too!
By towanda, November 24, 2009 @ 2:47 pm
Don’t get in a rush now. You’ve been there all your life. Try to sell it and take your time so that you get the most for your money. Then take that money and move to a better neighborhood. Safety first. You can move before you sell. . .
By I_Love_McRedneck, November 27, 2009 @ 1:44 am
If you inherited it but don’t want to live there, you could possibly rent it out. You could actually get someone else to effectively pay your rent. It’s perfectly legal – so why not!
You would have to deal with someone who might not pay their rent or who might trash the place, but there are always downfalls to every bright idea I guess.