So, my wife and I have a question. We built our SFH 3 years ago. We purchased a lot at auction, on the lake. It was a killer deal, $32,000 which included all fees/closing costs. Then within a year the property appraised for $80,000 and we were able to get a mortgage with no PMI. So we get a loan for $315,000 and build our dream home on the lake.
Fast forward 2 years and our neighborhood property values have skyrocketed (lake houses). Our neighbor just sold their house for around $600,000. Two other houses similar to ours are for sale north of $650,000. So for the question!
Do we sell the house and reap the rewards, or put the equity to work for us through investments (most likely real estate).
I work in the steel industry and don't want to HAVE to stay in this industry to pay for a mortgage. I know we will never get this opportunity to live on the lake again, but can you pass up those gains?
Submitted July 21, 2020 at 07:32PM by Hrdrok26 https://ift.tt/39ihtwQ
