Yeah, the title sounds crazy, but here is the situation:
I've owned this house for about 4.5 years now, owe about 113K and could likely sell it quickly for 145-150K.
We like the house, but WILL be selling it in the next few years regardless due to the terrible school district and our daughter becoming school age.
There's other reasons we would leave as well. We have a multi family unit next door and the tenants can be a gamble. Crime is not directly in our neighborhood, but nearby. Having a garage in this climate would drastically improve our quality of life.
So, why rent? We aren't sure we want to be here in the next couple of years and don't want to deal with contingencies on selling if/when we move.
We also have about 20K CC debt and non existent savings (outside of retirement). Itd be nice to get out before anything major happens, use the equity to pay off cards, and still have some left over to start an emergency fund.
If we rent, we could immediately move into a desirable area, have that sweet garage, drop debt and start to save for the next step.
We could stay, but house values don't really rise much here. I feel like we would basically just be waiting for something to break and may end up in a weaker market for selling.
If it helps, we are very early 30s, have great jobs for the area and make about 150k. In addition to CC debt, we also have massive student loans.
Just trying to consider options to best position us for future success. Thanks!
Submitted November 05, 2017 at 09:43AM by dorfhuntard http://ift.tt/2AllwGL
