We own a home that we got for a steal. In our current area and market, we stand to make around $100k if we were to sell it now; It's value is about $220k, we paid $134k, we owe $105k. We have put in about $19k into it over the last 4 years, roof, HVAC, flooring, paint, appliances. We are about to re-do the kitchen cabinets/counters within the next several months, which we anticipate to cost around $3500.
Our assets are $40k retirement fund and $30k in savings, and about $20k available in credit from 2 credit cards. We have zero debt other than the mortgage.
Should we sell it now while the market is so hot? (our area has a thriving market, it goes up and down, but stays up a lot, military, beach tourism)
Should we continue to sit on it and rent it out? (we would make about $500-$600 per month renting it - we have been renting it for 3 years currently)
I think we should keep it and build a portfolio. My husbands wants to sell and pocket the money, much of it to invest. We both go back and forth and would love some expert advice. We don't live in it, and won't be able to live in it for at least the next 10 years. We move a lot for work. We didn't buy it as an investment property, but it's starting to become one. So in that sense, better to sell or rent it out? Thanks much!
Submitted October 05, 2018 at 08:08PM by aenflex https://ift.tt/2IFr8Ap
