Hello!!
I am here seeking advice on how to make the best out of my current financial situation, mostly wondering if I should keep or sell a condo in the United States. Here is some relevant background:
I bought the condo in 2014 and lived there until 2016. In 2016 I moved abroad and began renting the condo out. I am not currently making any money on the property, but the rent I charge is enough to cover the month-to-month costs. It is not enough to keep any nest egg for large repairs, so those would have to come out of my own pocket. I owe about $124,000 on the condo, and when speaking to a realtor earlier this year, he thought I could sell for $150,000 and pay about $10k in selling fees. So, I'd only look at making about $16k on the property if all went according to plan.
Part of me wants to keep the property because I think it is a good investment and that I will be able to continue having renters in there, but another part of my thinks that the money could be better spent elsewhere, and the likely hood that we move back to that town or ever live in the condo again is pretty low.
Currently my husband and I take home 10k/month and have about 24k in an emergency fund. We have pretty low monthly expenses, maybe about $1500/month, so most of our money goes into investments and paying down student loans. The balance of the student loans is currently at 32k. We don't really feel like we NEED the money from the condo or anything like that.
So, I'm trying to figure out if I keep the condo and continue renting it for the foreseeable future, or, sell it and put the 16k(ish) either towards my student loans, or into investments that might yield more over time. How good of an investment is the property? Help?
Submitted May 06, 2018 at 10:34AM by BlueEyesInLDR https://ift.tt/2KEdQEM
