Bought our lakefront home one year ago, under Market Value. Remodeled the majority of the home and are almost finished. We have a huge home with a potential Airbnb space on the lower level. The Realestate market is HOT in our area right now. We are flipping and flopping trying to decide to sell, stay, stay and Airbnb.....it's maddening. It's a broad topic, and generalized question, I know. Anyone have a short answer/opinion?
My only concern is to make sure you could service the mortgage and upkeep with little or no Airbnb income. I say that because my fear is that during the next inevitable recession, people may cut back on travel.
Thanks to you both for answering. We are in a large 4500 sq foot home. Just two of us. It’s updated beautifully. We can easily live in a portion of the home and rent a portion out for Airbnb . Finances are not a problem. We can support any situation. We are curious about selling now while the market is so hot.
Where would you live if you sold? Also, what are your ideas to do with the equity?
Travis, our thoughts were to down size significantly and re invest in properties or, we stay and try an Airbnb as well as another small property, 150k or less
If you are truly okay with downsizing, it might be a good option to sell than. Mind you, the market could keep going up! No one has a crystal ball but if you are willing to take what you have gained it might be a good opportunity to invest in a market you have wanted to jump into.