Hello all,
I am looking for some 3rd party advice and wondering if you all could help me out. I have seen how helpful you guys are and was hoping you could chime in.
My partner and I have two houses with mortgages around $500k in total. We recently sold one of the houses for $565k. We have been discussing what our next options are.
Option 1 -
We could use the money we made and pay off my house and live mortgage free. - the house is fine for both of us and we could put in money for renovations.
Option 2 -
We could sell my house which would sell for around the $700-$800k mark (I bought it for $300k 6 years ago) and buy a new house for around $900k-1m with a small mortgage. This would cost around $1200 per month plus property tax
Option 3 -
We keep my house and use it as a rental property and use the additional money we would get from rent to pay our higher mortgage. We would make at least $2000 per month on rental income but our mortgage would be much higher as we wouldn't be getting $700+ from the sale of my house.
Bit of a backstory
We both are working full time and have a combined income of approximately $130k/year. We would be buying the new house with no debts as the sale of the first house clears all of our debts. So our only payments would be the house and house bills. We have been approved for $600k.
Summary:
House 1 sold at $565 minus mortgage $260k that will be paid off
No debts after this
House 2 can sell for $750k with a remaining mortgage of $230k
We make $130k/year
Houses in our area range from $700k+
What would you recommend? Thanks kindly in advanced. I can answer any questions that may help
Submitted October 04, 2021 at 10:16AM by one50bpm https://ift.tt/3iwEYIu
