Hi everyone not sure if this post qualify for investment or real-estate so pardon me if It is misclassified.
We currently own home in BayArea with good equity as we bought it during low of 2009-2010. We now want to move-up and buy a bigger property. We currently have downpayment for the home that is double the size , but our fear is that current market in bay area is at its top. We are thinking of couple of option.
-
Keep our current home and rent it. It will cashflow around 750$ a month, not a lot compare to the equity we have. We ride the next wave and keep it for next 10 years.
-
Sell our current property, to reduce the fear of buying it in high. If we sell our property we get relatively similar price as other home has gain. So in that case even if market goes down in we have relatively less loss.
If you have enough money to cover downpayment for the new home and if you are ok for new home payments, would you sell your current property and buy or keep current home and rent it ? . Other thought I have is to take the money out and benefit from 500K tax deduction. I can take the profit out and diversify it by putting it into VTSMX
Submitted September 23, 2018 at 01:38AM by WantFi https://ift.tt/2OFFsei
