Sunday, July 17, 2011

We may need to rent

We haven't sold our house yet. Unfortunately it doesn't look like a good time for people selling. I think the entire economy of the world makes everything so uncertain. People are just waiting to see what happens. I'm trying not to get emotional about this. I'm trying to just be wise. We have 3 choices. First we could just wait. It does take time to sell a house. We will be losing about 1200 € per month. That can really add up. But our house could sell in a few months. Then we don't have the risk of a renter. We could drop the price. But we are not asking for much. Every € we drop the price is a loss for us. Say we drop it 10,000€ , that is a loss of 10,000€. We would honestly need to drop the price 20,000€ to sell it now. So is it worth it to sell at that kind of loss? The last idea is to rent. We could probably get enough money from rent to cover the interest on the mortgage. We still have other costs (taxes, insurance and maintenance). So if we rent our house out, we will loose money too. But the loss is smaller then having an empty house. And in 5 years the market may be better. So maybe we should just rent the house out? We had a couple that was going to look at our house this week. They called to say they found something else. So sad! But I'm trying not to panic...I just need wisdom. That is, Juergen and I need wisdom. Should we wait and see (that cost 1200 € per month) or just find a renter?

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