I have a house that I have been renting for the past year and am seeking some advice on whether to continue renting or sell it. Currently vacant so if I do sell now is ideal.
I can rent it for about $1500 per month. My expenses (mortgage/water/insurance/etc) probably average about $1000 each month. Mortgage still has probably 20 years to go (may change to a shorter term and pay more when it renews).
Selling I would make about $120,000. Our housing market (northern Ontario) actually went up significantly 5-10 years ago and has plateaued so I would predict prices continue on a slow increase.
I am self employed and up to my own devices to prepare for retirement (still 20 years to go at least). Have a bit saved, my wife will have a decent pension and we have another rental property.
I am handy and can fix most things so the headaches of being a landlord isn't a big deal as long as there are decent tenants.
I guess my question is, what would the better investment be. Continue renting and eventually pay off the mortgage, sell and pay capital gains when retirement comes. Or sell today and invest the money (have a fair bit of room for tax free savings, can space out rrsps investments to count against my income).
Submitted July 04, 2017 at 07:07PM by DrNutterButters http://ift.tt/2uHDxve
