Should me and my father sell or rent the house that our grandfather gave us before he moved?

The house was given to us after my grandma died in 2013. It was advised to be split between my father and me by my aunt whom was initially wanting the house in Tennessee, but my grandparents had always planned to give me the house because my social security check I received growing up (my grandma drew disability due to a injury at work years ago that put her out permanently. My grandpa drew social security starting at age 62 when he retired. But went back to work years later while also drawing social security. Plus I had adhd thus I could draw Social Security until 18) always went to pay 1/3 of the payment until it was finally payed off around 2010. They bought it in 1977. The house was originally built in 1972 and sold at around $30,000 ($ 173,000 adjusted for inflation in modern times). They bought the house in 1977 for $14,000 ( $57,000 adjusted for inflation in modern times) . The house is now sitting empty for the past two years. There has been a couple attempted break ins, but none suceeded. We have considered renting it or selling it. Which do you think would be best? The town where the house is, is located in a town where a lot of snowbirds (retirees) from Florida and Northern States go to retire or have winter homes thus the nickname Snowbirds. The house tax valued is worth $68,000. I know we'll never get that much out of it due to it being uninhabited for so long. If we do sell it what do you think would be a good price? Should we go through a realtor or try to sell it independently?

Updates:
@ConsultantIsBack this might be a good question for you.
@Empatheticlady
@Ginnyweasley97
@AleDeEurope
@Phoenix98
@Questionman

What do you think I should do here.

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Most Helpful Guy

  • I would rent the house, steady cash flow. Selling can take YEARS!

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    • Glad I could help! With renting all u have to foot the bill for initially is background checks on the renters. Keep in mind u will have the responsibility of landlord, but if the house is in good shape there shouldn't be much to worry about.

What Girls Said 6

  • The rent will provide cash flow. You better have plans for the proceeds, If you sell it. Otherwise it will just disappear.

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  • Aside from all the jibberish in the middle of your post, I'd rent it. Get a steady cash flow. Enough to pay the taxes and annual upkeep.

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  • I can't answer any of the other Q's as I have NO idea, but from what I've read, selling it seems to be a better idea.

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  • I'd rent it for cash flow but you need to know what you're doing with rent. If something goes wrong with the house, like it needs a new furnace or the windows aren't properly sealed, you will be the one who has to pay to fix it, not the renter.

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  • If you rent it out, you will need to make lots of updates it seems. It's probably the better choice for the long run. But again, that would depend on if you're able to make the updates.

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    • There are no leaks in the roof. The gutter has some issues. If we sell it we plan to include all furniture and appliances inside it.

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    • Ok. Good luck!

    • The reason We want to sell it is because we have no business in the old hometown anymore. A lot of people I know personally have either moved to Florida or North Carolina. Simply because Tennessee doesn't really have much in the way of a good economy. Especially where I used to live considering it's mainly a retirement town. The local government wants mom and pop business in to cater to the retirees and snowbirds rather than do anything for its youth

  • Sell it.

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What Guys Said 7

  • If it was me I'd probably sell it. If it was local I might rent it out, but not if it's out of state. The exception might be if you think it has good investment potential, either because you expect it go up a lot in value, or you can get a good positive cash flow.

    Looking at the numbers you are gave, the growth has been moderate at best. So unless something has changed in that area, I don't see any reason why the growth would suddenly increase.

    If you rent it, how much can you get? What kind of expenses do you expect? How much work will need to be put into it? How much are the property taxes? What's the vacancy rate? This is really about crunching numbers.

    Then there are the intangibles. Do you want to be a landlord? Do you want to deal with renters? Since it's out of state, will you pay a property manager? Then there is always a question of whether you want a Florida property for yourself to use for trips to Florida.

    Like I said, if it was me, I'd probably sell it. I'd also go there and fix it up myself which will save a bunch of money if much work needs done. But on the other hand, if I really liked it for myself, I might keep it.

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    • I think selling is a. better option. For one thing it was rented out by my grandparents years ago when they temporarily moved to North Carolina for work after the factory shut down where my grandparents worked. They decided to rent the property for a very short time. After that we went up there quite a bit for weekend trips. Until we decided to move back permanent in 1994. We stayed in it from then till September 2014. We had considered selling it several times due to the fact that the town was very stagnant in growth, no jobs, mainly all retirees, and the town has a major drug problem. There is nothing for young adults or teenagers there except drugs. Thus a lot of people I went to school with are tweakers and are constantly in the court system all the time due to the fact there's nothing for them there to stay out (except religion) . it's also because of the religious people there and the set in their ways good ol boy system that it's stagnant.

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    • I'll have to look more into it. It's a shame more serious stuff isn't asked on here like this. I think this is a good place to get advice from common people. www.girlsaskguys.com/.../a28142-stephen-s-guide-to-saving-money

      I just wrote this mytake a few minutes ago, you should check it out.

    • There is some serious stuff on here, and some good answers. You just have to wade through all the chit chat. Nothing wrong with chit chat, except when the main purpose of the site gets lost.

  • Why haven't you just moved into it? unless you don't make enough to support living there? otherwise I'd say just rent it out, that way you can still keep it and maybe live there yourself if you ever wanted to, plus through renting it will provide you with a cash flow just make sure you can update it and fix any problems with the house.

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  • I don't really know much about this, so I don't know what price would be good, but you gotta think on what gives you more money.
    It doesn't seem that by renting it you'll get much money, so maybe selling it would be a better idea :/

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  • What's property tax, what would it sell for, how much work on it to make it rentable, how much would rent be?

    I can't tell you those four things, but if you tell me those four things, I can tell you from a financial standpoint if it makes sense to rent vs. sell.

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    • Property tax is around $300 , it's tax valued at 68,000, it doesn't need a whole lot of work maybe just a lot of cleaning.

    • This explains a lot about us schools. My property tax is just under 5k/year.

      What would rent be, roughly?

  • Definitely rent it. It's easy money and you don't have to worry about burgulars.

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  • rent it out

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  • 40,000 and put in the newspaper

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