Updated over 1 year ago on . Most recent reply
Selling vs renting
I acknowledge that this question has surfaced multiple times on this forum, but given the current interest rates, there might be some variations in the situation.
Our intention is to acquire a new property for an upgrade. However, I am contemplating whether to retain our current 5-bedroom single-family house or to sell it. The existing house is under a 2.2% 15-year loan, with a monthly payment of 3K, inclusive of HOA, insurance, etc. Situated in Cary, NC, a highly sought-after real estate area, similar houses command rents in the 3K range. If sold, our house could fetch between 850-900K, resulting in a $450-500K equity. This equity could generate 20-25K in a high-yield savings account annually, but the real estate market's potential appreciation exceeds that amount. Opting to rent the house presents the advantage of benefiting from appreciation, yet it also entails various challenges.
To all the experts here, let me know your opinion in this situation. thanks in advance.