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Rent or Sell home in SC

So my wife and I bought a home in Bowie, MD a few months ago. It’s a beautiful home but needs some updating. We have about 40k that we can put towards renovations now, but that will only get us through a few renovations (carpeting upstairs, electrical work, basement getting finished). We will need to wait to do some of the bigger renovations like the kitchen, hardwood floors, and master bathroom.

We own a home that we custom built in 2021 on almost 7 acres around the Lake Wylie, SC area. The house is currently under contract with renters until August at $3,000 a month. We are debating to sell the house and use the proceeds to get all the renovations complete on a faster timeline or should we think more long term and continue to rent the house out and increase the rent after the lease is up in August.

The renters want to stay. We think we could clear around 200k on the sell. If we do increase the rent what do you think is a fair increase? Let me hear y’all’s thoughts.

submitted by /u/United_Pineapple8049
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source https://www.reddit.com/r/RealEstate/comments/1qrzw81/rent_or_sell_home_in_sc/
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