Hi, I currently own my primary residence and bought for 272, 500. There is no note on it. I am looking at selling it vs. renting it in order to move my family into a bigger house. I have found a house for 405,000.00. What variables do I need to consider? What calculators would best help me make my decision.
Comps are great for both houses. My current neighborhood... house plan almost exactly like mine but with fireplace sold for 317,000.00 with less than 3 days on the market.
Neighborhood I am moving too, comps are 450k or more.
Rentals in my current neighborhood are 2k a month.
What are the pros/cons of renting vs. selling my current home.
What variables do I need to consider?
Thank you in advance.
2K rent on a property worth 272K is too low. You will have next to no, possibly negative, cash flow.
Do you have a VA loan? Remember you get all the money from your sale tax free of your primary residence, as long as you have lived there for 2 years. If you have a VA loan you could buy your next house with no money down, or minimal money down if over the regional limit, and then have all that money to reinvest. If you rent though your income from that property would cover alot of your mortgage/tax/Insurance payment on your new house, but, I️ believe it’s after 5 years but double check, you will pay taxes on the sale of your property your renting after you move out. A lot of other factors we don’t know about here like your income/savings etc etc but couple ideas you can think about here. Good luck to you
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