U
/u/victwat
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I’m incredibly conflicted if I should sell or rent my house, so any advice or guidance would be so appreciated.
I recently purchased a new property without having to sell my other home. For context, the house has a 3.00% interest rate. I paid $355k with 5% down in 2021, current monthly payment is $2,093 after getting rid of PMI, and currently owe $312k.
I’ve put in a new roof, fence, kitchen, and removed trees since then, I’d estimate I’m $55,000 into it (give or take). If I sold, I could likely get $470-500k. It currently needs some love to get it ready to rent: electrical outlets grounded/upgraded, furnace/mini splits need to be serviced, chimney needs to be capped, paint, some walls patched, plumbing issue fixed, misc.
Eventually, it will need big ticket items like - new furnace, trees taken down, chimneys basically rebuilt, new driveway, bathrooms upgraded.
I can likely get $2,800-$3,200 a month renting it out. Biggest downfall, we’re 90 minutes away from the property. I’ve worked in real estate for a while and my husband worked in property management, so we know it won’t be fun to be a landlord. I hope I gave enough context, any help or guidance would be so appreciated.
submitted by /u/victwat
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Do I sell or rent? (3.00% rate)
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I recently purchased a new property without having to sell my other home. For context, the house has a 3.00% interest rate. I paid $355k with 5% down in 2021, current monthly payment is $2,093 after getting rid of PMI, and currently owe $312k.
I’ve put in a new roof, fence, kitchen, and removed trees since then, I’d estimate I’m $55,000 into it (give or take). If I sold, I could likely get $470-500k. It currently needs some love to get it ready to rent: electrical outlets grounded/upgraded, furnace/mini splits need to be serviced, chimney needs to be capped, paint, some walls patched, plumbing issue fixed, misc.
Eventually, it will need big ticket items like - new furnace, trees taken down, chimneys basically rebuilt, new driveway, bathrooms upgraded.
I can likely get $2,800-$3,200 a month renting it out. Biggest downfall, we’re 90 minutes away from the property. I’ve worked in real estate for a while and my husband worked in property management, so we know it won’t be fun to be a landlord. I hope I gave enough context, any help or guidance would be so appreciated.
submitted by /u/victwat
[link] [comments]
Do I sell or rent? (3.00% rate)
Continue reading...