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/u/kdpaw9585
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The situation- Selling our old house and its been a bit quiet. One offer, fell through. We've dropped the price once and are considering doing it again. We bought another house, renovated and are all moved in. We wanted to sell (vs rent) the first house for two reasons mainly. 1) we don't have much of a buffer left after the down payment, renovation, and double mortgage for 6 months...could use the money. 2) we have 2 young kids and don't want to worry about all the time/hassle it takes to rent out a property.
The first house is in a "cutesy" neighborhood and is very rentable and, I would have thought, very desirable to purchase as well. BUT it's an old, small historic house that I personally wouldn't pay what we are asking. Decent condition. Not fancy, but still rather nice.
The numbers- House 1: original purchase price $430k, 3.5% interest, selling for $735k (may reduce to $715 for the weekend). 2bd, 2ba, 886sf. Our realtor advised us to list for $750k to start, which we did. Our mortgage payment (with taxes and insurance) is $1900 and we think we could rent it for around $2500/mo.
House 2 (for reference): $575k purchase price, 6.5% interest
What do you think? Should we sell or rent the original (knowing that we aren't super thrilled with the idea of renting)? Just want to know if we are being dumb for selling, really. Is there a bottom where it doesn't make sense to sell anymore? TIA.
submitted by /u/kdpaw9585
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Sell or rent? Oregon edition
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The first house is in a "cutesy" neighborhood and is very rentable and, I would have thought, very desirable to purchase as well. BUT it's an old, small historic house that I personally wouldn't pay what we are asking. Decent condition. Not fancy, but still rather nice.
The numbers- House 1: original purchase price $430k, 3.5% interest, selling for $735k (may reduce to $715 for the weekend). 2bd, 2ba, 886sf. Our realtor advised us to list for $750k to start, which we did. Our mortgage payment (with taxes and insurance) is $1900 and we think we could rent it for around $2500/mo.
House 2 (for reference): $575k purchase price, 6.5% interest
What do you think? Should we sell or rent the original (knowing that we aren't super thrilled with the idea of renting)? Just want to know if we are being dumb for selling, really. Is there a bottom where it doesn't make sense to sell anymore? TIA.
submitted by /u/kdpaw9585
[link] [comments]
Sell or rent? Oregon edition
Continue reading...