What should we do with our house? Sell and pay off debt? or rent and build money/equity?
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Go with the bird in the hand and don't get into the slum lord business. They will call you all hours of the day and night when things break and if you hire a management company there goes your profit and you still have Taxes and insurance. And if they don't mow the yard guess who gets mailed the citation. You!!
Good Luck!!
What should we do with our house? Sell and pay off debt? or rent and build money/equity?1. When work relocated me, they offered to pay the fees to sell my old house and buy another. Check into it as you might get more profit out of the house than you think if they pay 5-7% of a real estate commission...
2. Sell it, pay off your debt, put at least 10% down payment on the next house, but go for a 15 or 20 year mortgage on the next house for a better rate.
What should we do with our house? Sell and pay off debt? or rent and build money/equity?Try to forecast your net worth in 5-6 years in both scenarios. There may be a big difference. At the rate you are paying on your debts, will you catch up in 5-6 years? What is forecast for the housing market?
What should we do with our house? Sell and pay off debt? or rent and build money/equity?Do not complicate your life, if you can help it. Your careers should have priority. Looking after property on rent, especially when you are a long way away, is not easy and can be very troublesome.
Best is plan (A). Sell your house, pay of the debt and put as big deposit as you can on a new house.
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