Skip to main content

Rent or sell?

My husband is a fed, and his job might require us to RTO to DC. If it happens, it might only be for a few years, but we just don't know.

We bought a 4 bedroom new construction home 4 years ago and have a 2.25% interest rate. Around 75k of ourhome, purchased at 475k, has been paid off. Estimates very, but I expect at least 575k if we sold our home.

Our monthly mortgage is $2200 a month. The rent estimate is $3300 a month, which seems accurate based on comps (definitely at least 3k a month).

We'd either get a property manager and rent for the full market rate, or rent to my SIL the amount we pay on our mortgage. They are childless and have no pets; while underpaid, I trust them to be responsible tenants.

Since have a toddler, and my husband was laid off 2 years ago, our savings aren't great right now in terms of a down payment. If we didn't sell, we'd basically have to rent, which would be 3k a month for a 2-bedroom.

It's hard to give up that low rate, especially since we might move back in a few years, if a new administration is more remote-friendly, or he lands a remote job. In this case, would you recommend renting out our home and renting? Or should we sell and use the equity to buyin DC, despite the cost of homes and uncertainty of how long we're staying? Thank you.

submitted by /u/Accomplished_Sea8232
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1hpkj2q/rent_or_sell/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more