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[quote=Anonymous]I think this is more of a financial/life style question than a school question. Will you have enough money left over for rent if you rent out your house? Will your potential rent payment you receive be enough to cover your mortgage, property taxes, insurance, maintenance, etc? Do you want to be a landlord or do you have enough money to pay a property management company? Are you holding on to the house with the intention of moving back into it or selling it if/when the home market in that area gets better? Do you know the tax laws involved in renting out your property? How about Mo. Cty's landlord tenant laws? Do you have pets or will you want to get one while you are renting? Will your income allow you to rent a house in a neighborhood with the schools you want?

These are big decisions and there are lots of variables to consider. Here's an example I can give you of a friend of mine in a similar situation:  She is not happy with the elementary school where her children attend. She is currently not working and her house value went down so they do not want to sell it. They can rent it and it will almost cover their expenses (e.g. positive to maybe a little negative cash flow) and will give them a tax loss (due to depreciation). They have savings to cover the difference and enough to cover any upcoming maintenance. However, because they have a dog they are very limited on rentals and, because she doesn't work their income was not enough to qualify them for the house they were interested in renting. She's stuck until she can find work, which has not been too easy for her.

I have been a landlord for about 8 years now because I did not sell my condo when we bought our house. It has it's ups and downs. Fortunately it is a positive cash flow and results in a small tax loss (deductible against earned income up to a certain amount depending on your AGI).  That's good, but here are some "bads": calls at inconvenient times that the air conditioning isn't working, something is leaking, or the tenant locked themselves out on the balcony (yes, that happened). Breaks between tenants where we still need to make our monthly mortgage and condo payments; interviewing and selecting tenants (hard call sometimes); potential damage to your investment; repairs or replacements to major appliances or systems for which you may not be prepared, the tenants themselves, understanding the landlord tenant relationship and responsibilities.

If you don't think you will ever move back to your townhouse, why not just sell it and chalk it up to a bad purchase? If you are hoping the school systems get better, or you think the middle school is great and you plan to go back to it, well that's another story.[/quote]

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