I am planning on retiring in the next year and have a house worth $450K that has a $200K mortgage balance. My friend who retired early has been helping me and thinks I should sell it now, downsize and be done with it, but I hate to pay the commissions and repairs right now and want to try out full time RV'ing for a couple of years (I am 60, single, tired of working and ready to do some traveling). I would buy a $30,000 RV for cash and lead a very modest lifestyle and work part time from the road.
House is in the growing and fairly hot area of West Plano Texas, and the current payment is $2100 month at a 4.65% interest rate, and I'm 10 years into the 30 year mortgage. I have been paying about $200 month extra towards principal.
I can lease it for 12 months for $2800/mo (without much prep cost), and then probably keep on leasing it with 2-3% annual increases for several years thereafter. Would this make sense considering during a couple of years full time RV'ing? On top of not wanting to pay the commissions and repairs picky sellers here ask for, I don't want to sell right now in case I don't like the RV lifestyle and want to come back to the house. If that happened, I probably come back after a year and then live in it for maybe another 2-3 years and then sell.
I am trying to see the downside of not spending the money right now to unload the house, and making $400-600 a month to help with my on-road expenses and healthcare costs before I can get on Medicare, and having somebody else pay my mortgage down before I do decide to sell, with the house hopefully continue to increase in price 2-3% per year.
I'm guessing somebody else has already been there and done this. Thoughts?
House is in the growing and fairly hot area of West Plano Texas, and the current payment is $2100 month at a 4.65% interest rate, and I'm 10 years into the 30 year mortgage. I have been paying about $200 month extra towards principal.
I can lease it for 12 months for $2800/mo (without much prep cost), and then probably keep on leasing it with 2-3% annual increases for several years thereafter. Would this make sense considering during a couple of years full time RV'ing? On top of not wanting to pay the commissions and repairs picky sellers here ask for, I don't want to sell right now in case I don't like the RV lifestyle and want to come back to the house. If that happened, I probably come back after a year and then live in it for maybe another 2-3 years and then sell.
I am trying to see the downside of not spending the money right now to unload the house, and making $400-600 a month to help with my on-road expenses and healthcare costs before I can get on Medicare, and having somebody else pay my mortgage down before I do decide to sell, with the house hopefully continue to increase in price 2-3% per year.
I'm guessing somebody else has already been there and done this. Thoughts?