Surprisingly, my question doesn't have to do with the market.
My husband recently began his first teaching job. We were originally planning on saving this year and moving out of state when his contract expires next year. He has to drive 3 hours a day however, so we've been thinking of moving closer to his work. We found out about the Teacher Next Door Grant, which would allow us to buy now but would force us to stay in Illinois for longer. We entertained the idea of buying a home without the grant in a couple months once we have enough to comfortable afford the downpayment, which would give us flexibility. But I doubt this would be a good financial decision to only own the house for a year, unless we were to rent it out after or convert it to an Airbnb?
Something else to consider, we have a rental property right now. Tenants are awesome, they pay early/on time and keep the property in great shape. Their lease ends in March 2022, but they've asked if they could stay for a couple more years or longer. If we move out of state, I don't know how feasible it would be to keep this property. Which would mean losing passive income, but also getting the equity we have built to use for a downpayment on the next house. And of course, this also would mean forcing our tenants out, which would be unfortunate. I don't think they could find a comparable rental for the price we charge them and we don't want to put them in a bad spot if we can help it. Neither of us are crazy about being landlords to be honest (we already asked if the tenants wanted to outright buy the house, but they aren't interested, they are also saving to buy a house out of state) but the passive income is quite nice, I must admit. It really helped us when my husband wasn't being paid this summer. Now he is on a year long salary which we are both very grateful for.
Just curious for some outside perspective. I in particular want to leave Illinois but if it is financially a better decision for us to stay a bit longer, then that is that. Thanks for taking the time to read this!
Submitted October 08, 2021 at 07:16AM by Lagomorphilic https://ift.tt/3iGxHWo
