I’m going to try and stick with facts to keep this brief
What I own: My own home, which I may or may not stay in forever
And then my investment property: My old home which has a value of ~$280,000 and I owe $30,000 on it.
Mortgage has gone up significantly because of the value increase
Total with tax and ins. at a 4% interest rate is $840 a month. The rent tenants pay now is $1300. Potential for rent if improvements are made is around $1800. Kitchen needs to be replaced.
I cannot decide whether to sell or keep. Kitchen will be replaced either way. While the income with rent is tempting I feel like things are always breaking (we’ve replaced a drain field (3,000) AC (7,000) electric panel (3,000) and shower (2,500) and many other small things. I feel like the value of the home has peaked and things will also keep declining with age and wear. But everyone says buy real estate!
I’d really like to sell and invest the 175,000 for the future. Would I not be able to safely make decent money on that lump sum?
I work full time and this will not change my earning/spending either way.
Sorry for the long read. Thank you in advance for the advice!
Submitted September 19, 2023 at 10:46PM by Violet8688 https://ift.tt/ltaNn35
