Does it make more sense to sell my first home or rent it and continue building equity?
I purchased my home back at the end of 2020 and gave a low rate locked in for 30 years, but my job is wanting me to relocate.
I’ve met with a real estate agent who is estimating around 90k equity in my home, but after commission and fees I’d be looking at around 62k-ish. While that’s a good profit in my opinion for the short time I owned the house, it wouldn’t be enough to use as a down payment in a similar home in the new city.
If you were to find yourself in my position would you hire a property managment company to rent out the place or just sell it and save for a year to buy? If we rent we would have to rent a place ourselves, but we would still be building equity in our current home and be able to take advantage of the low rate.
Another consideration is buying a property that needs renovation and getting a renovation mortgage to make it something nice, but I’ve heard that they can be difficult to navigate…
Posted May 4, 2022, 1:53 AM UTC