My family owns a house in California where my grandparents used to stay. Now that we have reached a point were we cannot afford the monthly mortgage payments, we have found my grandparents another place to live and are looking at one of two options for the house:
- My cousin says the sale market has been solid and that we have a buyer to sell the house for around $600,000- so we pocket around $200,000. He says renting the house would require a lot in upkeep. His argument is that after mortgage, property tax and insurance, we would break even by renting it out and make no money. He says sell the house, pocket 200gs, and buy another when market is low.
- My uncle disagrees, saying that it is very difficult to buy property in the US, and that we should hold on to it. He says a $5,000 investment right now to make it rentable is worth the investment, as by managing the property I will be eligible to some tax breaks also that should cover the property taxes. He wants us to hold on to it, and that way my parents can move here when they retire- they would have a home.
My mom has left the decision up to me, a person with 0 experience or responsibility prior- and i just want to make sure i'm not making a bad one. Any thing I'm missing?
Submitted December 01, 2020 at 12:16AM by giomass50 https://ift.tt/2VkNSg3
