As an active Realtor servicing the Danbury, Connecticut area, I often meet with clients that are thinking of moving due to a change in their circumstances. Whether you are moving across town for a larger home, combining households or a job transfer across the country or whatever your individual situation is, help is here to guide you to make the right decision with your property. Regardless of the change, it would require the sale of their property or owners becoming a landlord. They often ask if they should sell their property now; or keep it and rent it out for a couple of years. Each option has their own positive and negative options.
Selling is the easiest way to get rid of the property which no longer suites your needs. We would market your Danbury, Connecticut area townhome to qualified buyers. Through the work of a proven marketing plan, we get several qualified buyers through the door into see your home. I would provide to you feedback from the agents that show & update you activity in the market. We would negotiate the offer, the buyer does the building inspection, applies for their mortgage, contracts are signed, appraisal is done, loan is approved and then you move out and close. When you sell, the remaining balance on your mortgage is paid off, your costs to close the sale are paid from the buyer and any funds on top of the cost to that, you would receive a check for the difference. You would sign the deed and other paperwork ,hand over the keys, and the property is transferred to the buyer and sold. For some sellers, they may not have the ability to contribute the necessary funds available to pay of their mortgage & closing costs if needed or they don't have the time to wait for a closing (typically happens about 2 months after the offer was accepted for buyers seeking a mortgage).
Renting your townhome in Danbury gives you immediate cash flow every month. Your tenant should be paying their rent on time every month. As the owner, you are still responsible for your mortgage payment, monthly association dues and annual property taxes. Your tenant would be responsible for their own utility bills. With renting, I advise landlord budget for vacancies, cost to turnover the unit to get it ready for the new tenant (cleaning, any painting, etc) upgrades down the road for the mechanical systems, & appliances, as well as replacing of carpeting. Most tenants to treat their residence fine, but there is no guarantee, despite checking references and obtaining a credit report,if the tenant will be a success. However, you do collect a security deposit up before the tenant moves in. In Connecticut, the written lease does stay with the property, which means for example if you sell your property on May 10, 2020 and the written lease is up September 1,2021, you can not kick the tenants out & the new owner must honor the existing lease which may limit the buyer pool-as it would be an investor that would have to purchase the house. It may be difficult to get a mortgage a new home that you buy if you already have a mortgage on your current house, but I have had clients do that & can share lending contacts. I can provide to prospective landlords an estimate of what how much monthly rent your property can get. I can also provide samples of leases other clients have used over the years if you don't have a lease. I can also share you with you the CT rights and responsibilities of landlord/tenants & other pertinent information. With renting, owners can wait out the market if you feel the current value is too low or use the time to pay down their mortgage to build equity, but there is no guarantee on the future values or how the tenant will treat your property. It is very important to have a strong lease to protect your interests in the property.
It is your decision on how you wish to proceed. if you are not sure which is the best option for your situation, please request a confidential market analysis for a sales price or a rental price below. In some cases, I've advised owners to put up to for sale for a few weeks and then for rent, or have it on the market for both and go with whatever the strongest option is based on how the market reacts. I am here to help-I look forward to hearing from you. Please fill out the form below if you would talk to discuss the best option for you in the Greater Danbury area.My name is Jonathan Hall-Realtor with William Pitt Sotheby's International Realty, cell phone 203-417-0523 or send me an email.
Page last updated 12/2/2019