All Forum Posts by: Adrian Ruark

Thanks Jason for your reply! We've lived in our current condo for 8 years so I don't think we'll pay any capital gains on the appreciation. It's interesting what you said about the real estate appreciation in Queens slowing down a bit due to the raise in interest rates. It's something I'd definitely put a good deal of stock on when making my decision.

Hello! I'm looking for convincing reasons why I should rent or sell my current condo I live in (which I own completely) once I move out to the new house I just purchased

The new house (in Queens, NY) is worth 650k. The current condo i live in is valued at about 475k. I'm able to put down exactly 20% in down payment for the new house purchase.

Is it a better overall strategy to keep/rent out the condo which is expected to net me a yearly profit of about 11k after taxes and HOA common charges and simply take out a 520k a mortgage loan for the new house ?

or is it better to sell my condo and use the funds from the sale for the new house?

I calculated the amount of interest payments i'd pay the lender for the first year alone and it amounts to about 22k. This is obviously way more than the 11k i'd be getting from my condo rental income.