I currently own 2 condos. I live in one and rent the other. The one that I was renting is old and is starting to have problems and the neighbourhood isn't doing very well. The previous tenant that moved out left a huge mess and it took $1000 to renovate and update the condo for sell. But because the neighbourhood isn't the best and a high turnover of other condos in the same building, it looks like I'm going to take huge loss (20K) on the sale of this condo. My question... should I sell it now and cut my losses or should I rent it out again?
Depends, Condos and townhomes are having a tough time selling right now in the area and if you hold onto the condo the prices could go down even more, if the area is not "the best" as you mention might be a good idea to sell now as the future could mean more than a 20K loss.
Tom Rolloff
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