iam21177
Recycles dryer sheets
- Joined
- May 26, 2011
- Messages
- 159
Hello all,
35 here and I own a house. I'll be moving in with my fiance soon who also has his own house. I'm trying to decide if I should keep my house or sell it. No plans to move back into it.
I think the numbers say sell, but there's that emotional factor of letting go of that house and that awesome yard.
Before I give you the numbers/details, I am pretty sure that I will not be able to cover the mortgage with rent (based on opinions from property management places). I think I'll fall short $200-100 in covering the mortgage (management fees would be extra).
The market is stagnant here and we've never experienced booms when other places do, so even holding on to it for 5 more years may not be that profitable, considering I will fall short each year $1200-2400 on the mortgage. Being an old house too (1925), I could sink more in repairs (but I hear that is deductible). I haven't had too many repairs in the past 7 years I've lived there, but they could be coming. We thought I could break even at best in 5 years - based on our non-expert opinions.
Also, if I sell, I could take my profit (not much, no more than $10k based on real estate agents guesses - there was a refi/buy out in 2008, that's why it's so small) and pay off my student loans and/or put half towards a retirement fund. We're talking nearly debt free.
So I can give # on recent appraisals, mortgage value, possible listing/purchase prices if that will provide more info.
OR
Is a stagnant/slow market and rent not covering mortgage enough to not venture down this road?
Facts will help me get over the emotional attachment.
35 here and I own a house. I'll be moving in with my fiance soon who also has his own house. I'm trying to decide if I should keep my house or sell it. No plans to move back into it.
I think the numbers say sell, but there's that emotional factor of letting go of that house and that awesome yard.
Before I give you the numbers/details, I am pretty sure that I will not be able to cover the mortgage with rent (based on opinions from property management places). I think I'll fall short $200-100 in covering the mortgage (management fees would be extra).
The market is stagnant here and we've never experienced booms when other places do, so even holding on to it for 5 more years may not be that profitable, considering I will fall short each year $1200-2400 on the mortgage. Being an old house too (1925), I could sink more in repairs (but I hear that is deductible). I haven't had too many repairs in the past 7 years I've lived there, but they could be coming. We thought I could break even at best in 5 years - based on our non-expert opinions.
Also, if I sell, I could take my profit (not much, no more than $10k based on real estate agents guesses - there was a refi/buy out in 2008, that's why it's so small) and pay off my student loans and/or put half towards a retirement fund. We're talking nearly debt free.
So I can give # on recent appraisals, mortgage value, possible listing/purchase prices if that will provide more info.
OR
Is a stagnant/slow market and rent not covering mortgage enough to not venture down this road?
Facts will help me get over the emotional attachment.