Want to move - sell residential home - Posted by mbbenson
Posted by mbbenson on May 24, 2006 at 21:35:45:
or keep as rental?
My husband and I have been contemplating moving to a bigger home. We really could use the space. I currently own a condo that I purchased prior to getting married. Initially, when I purchased, I figured I’d keep it and use it as a rental property. Now, I am wondering if it’s worth it. I would like to use part or most of the equity for the down payment on a new home. This is what we are working with:
Credit Scores - mid 600’s
Monthly payment (including mortgate and taxes) - $760 (balance $82000)
Association fee - $103
Possible rent - I am not exactly sure what this would rent for. I know that 2br apartments in the area are renting for 1100max. Mine is a 2BR w/ a possible 3rd room that can be used for office space.
I am not sure what these condos are currently selling for, but I have recently seen them listed at $144,000.
Perhaps, I am answering my own question. If we were to move now (into something decent, which would be, at least, $250,000), we would NOT be able to cover both mortgages (in the event of vacancy) comfortably if we had 30 year fixed mortgages on both homes. This is what makes me give up on the dream of holding onto it.
Any advice, tips, suggestions?