Q&A: Keep or sell when moving away?

Hi Olly,
My wife and I brought a two bedroom brick flat as our first place in Christchurch in 2007 with thoughts of paying it off to a level where we could turn it into a rental. However we now would like to return to Wellington and i would like to sell it, but we are worried we will have to stay twiddling our thumbs until the market starts to rise again to get our money back. Also having heard scary stories about tenants gives me concerns if we do keep it.
Help! Thanks for any advice you can give.
Regards Dean

Dear Dean
First things first. You don’t say what you paid for it so it is hard for me to give any advice I would get a real estate agent to appraise the property as to its current sale value and rental level and see if you are likely to lose on re sale, or get your money back. If the suggested price is too low you either give up the idea of going to Wellington or rent it out at best rates.

The scary stories your hear are only a tiny part of the truth. Most tenants are decent and if you rent it out through an agent they will do all the checks for you on the tenant before they step through the door.

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