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Cape Gazette
Lewes, Delaware
Jim's Towing Service
May 13, 2011     Cape Gazette
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May 13, 2011
 

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44 FRIDAY, MAY 13- MONDAY, MAY 16, 2011 BUSINESS & REAL ESTATE cape Gazette : ,i House Calls Continued from page 43 Sell or Dear Edith: I am relocating out o[ state and selling my town house. The best offer I have is about $50,000 less than I paid in the peak o[ the housing bubble. The house shows great and there's a lot o[ interest. I am in- clined to convert it into a rental and try to sell it a [ew years down the line. My Realtor is nudging me to sell and move on - saying the prices may go down more and I can buy a house on the cheap in the new location, etc. Any advice? By the way, I have significant eq- uity in the house. - e-mail Answer: I don't know the rental market in your area, so I can't judge whether you could count on enough income to car- ry your expenses, which include lost earnings on your equity (not much these days, I admit), taxes, landlord insurance, maintenance and an allowance for lost in- come (late payments, 'vacancy, etc.). I can tell you that being ab- sentee landlord, especially an in- experienced one, is asking for trouble. Ask yourself: would you buy this town house today as an in- vestment? Because every day you don't sell it, you're buying it. I don't know the market in your new.location, either. But if it's comparable to the place you're leaving, remember that what you lose on one end, you make up on the other end by taking advantage of someone else's losses. It would appear that I agree with your agent. Bite the bullet and move on. Edith Lank will respond personally to any questiofis sent to her at 240 Hemingway Drive, Rochester, NY 14620 (please include a stamped return envelope). Or readers may contact her at www.askedith.com or edithlank@aoLcom. -~ : L~,~, ~.- ~:~ - ) UNIQUE B 0 U TIQ UE New & Like New Fashionable Design.er C!othing & Accessories SpectalS Week! Seasonal Consignments Welcomed. FREE Savannah Rd. Tuesdays, By Appointment! ARKI! Come & learn from local expertsi.. how to stage your house and sell it faster what to save, what to give away or throw away how to apprase and keep the good stuff how to pack right for the big move Tuesday, May 17th at 2 p.m. j ;i to make a reservation for you and a guest. Cadbury at Lewes 17028 Cadbury Circle Lewes, DE 19958 MIENT COMMUNITY mm R ! .o,,o.,vu... Cadbury at Lewes, the ONLY full-service retirement community at the beach[