UNLOADING UNWANTED PROPERTY

Everybody's Uncle

I have a great job that I love in Florida. I have been on the job for four years and have just been doing great. My problem is a house in another state where I live. It is an older fixer upper that I foolishly paid premium price for 6 years ago. I have had the house for sale several times, and poured thousands into repairs. I have also rented it a couple of times. The house still has a way to go as far as repairs are concerned, but is a fairly sound house right now. I worry about this thing 24 hours a day and feel like my whole life is on "hold." How do I get rid of this albatross?


Your inquiry references emotions and finance; both must be considered in decision making and a personal value placed on each.

One of the emotional traps we fall into on a regular basis is the notion that a house can not be sold for less than the purchase price. Houses are like any other commodity, values rise and fall. You note paying a "premium price" for the house. The financial error was made at the time of the purchase. Current reality can not change the past error.

Financial: Do your homework. Determine the present value of the property. Research sales in the area or employ a professional appraiser to do the work for you.

Consider your exposure for holding the house. Renters are often difficult if not impossible to evict. Many cases drag on for years and cost tens of thousands of dollars. That is a real albatross!

Landlords are often sued by tenants, guests or intruders - an albatross of another color. Rent collection and a myriad of other tenant related issues are flapping their wings at all times. You are out-of-state and will incur travel and/or legal fees if a problem develops.

Emotion: You LOVE your job in Florida. You WORRY about your house in the other state. Your LIFE is on hold. These emotional considerations fade if you sell the ALBATROSS.

Advice: Make the necessary appraisal of value. Do only sufficient "fix up" to expedite a sale. Offer the house at a realistic market price. Keep the house unoccupied for a faster sale. Better to take the financial hit now while you are doing well, than stay on an emotional/financial tight rope.

Free of the albatross and confining emotions, concentrate on your Florida career. Your unworried state of mind will enhance your business performance. You will have more to LOVE and less to WORRY about.

Go do it!
Everybody's Uncle