I have a house that I’m going to be renting out… I think. I want to move out of the neighborhood as a bunch of mega apartment complexes are moving into the area and I’m afraid the property value will go down.
Friends tell me to keep the house and rent it as I have a very low (sub 4%) loan on it. House is appraised at 193K FMV is more like 210K and I owe ~180K on it. Rentals in the area go for more then my payment (by about $200).
I would keep! My in-law lives in a semi nice block and they bought the house for $30,000 five years ago. It’s not a place where I would want to live, and I didnt expect the value to inflate as much. Well, I found out yesterday the house is now worth over $115,000!!!
Now, my fiance’s friend just bought the house she’s living in which her sister owns for $61,000. She got the better part of the deal since she paid $61,000 for it, but it appraised @ $120,000!!!
Anyways, I would keep and if it doesnt work out then sell. There are ppl who cant afford to save for a house, but they do have money to pay rent.