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Hi Blinders, This is my first post and I’m doing it at the end of 2023/start of 2024 because I’m looking for some clarity for the new year. Your genuine advice and opinions on what I should do is appreciated. 🥲 I purchased a 4BR/2.5BA house in the Sacramento area in 2021 when the mortgage rates were around 3%. The house is now worth around 730K. My TC is around 180K. I bought initially thinking my relationship would work out 🥹🫶💔 and the house would be a nice place to settle down, have a family, and raise kids there because there is at least one 10 minutes from elementary, middle, and high schools and a short drive 4-8 minutes from major stores like Walmart, Safeway, Sprouts. Target, and Costco. It is a new construction home with 3 car garage and around 3,000 sqft on a 7,500 lot. Idk if I’m giving too much information out 😭 but basically, I’m hoping with all this information, getting insight from others will help me decide…I work from home and am an hour and a half drive away from my office. Since I live alone, I’ve been thinking to downsize and rent close to my office to work in-person a couple days a week. I’m an extrovert so working remote is not a good thing for me as I get energy from being around others. I also tend to work the day away at home whereas in the office, and the days and weeks sometimes blurs together. My mortgage is around $3,200 and renting near my office would be around $2,200. If I sell, I’ll break even almost. I’ve already decided I want to be closer to my office and to my family. The question is, should I sell my house? Rent? Airbnb? My total monthly housing expense including mortgage, utilities, property tax, mortgage insurance, and such moves it to the $4,000 range. Accounting for gas, groceries, and some personal expenses, I then go towards the $5,000 mark…is this realistic? Is this bad? Again, my TC is 180K but base much lower so honestly I feel like I’m almost living month-to-month 😭 not having much for investing and anything else. I’m thinking at least by renting I’ll reducing my expenses by a thousand each month, and I’ll be closer to my family. I have an elderly grandma that practically raised me so I’d like to see her every weekend. I also have the option to go into office whenever I want. Employees will eventually have to work in office again…potentially so keeping that in mind too. These are my main drivers. Might delete this later but please help. The only pro of living far away is lower cost of living but being far from the things that matter to me. I know this was long so thank you for reading and for any advice you may offer. Last but not least, happy new year! 🎊 🙏 Thank you again in advance and sorry no TLDR + another sorry that I was all over the place. This has been bothering me for a while so again, appreciate any help and guidance🙏 #mortgage #housing #renting #wfh
I’m looking for my first home. I’ll buy your home and takeover your mortgage if you decide to sell
Without knowing what the rental market looks like there, I assume rental income would cover the costs of the house (mortgage, insurance, etc) given your low mortgage rate. Also with the house being new, maintenance would be at a minimum. The biggest risk as a landlord would be tenants from hell, I've experienced this, but they're not all bad. Assuming the above, I would personally take the risk of renting the home out, let it cover mortgage, and then rent something more modest and convenient. Oh last thing, also assume that I expect housing prices there to stay flat or grow.
☀️Appreciate you and your response. Super helpful. Thank you 🙌. I’ve been leaning towards renting but my entire family has been saying to sell so seeing the majority say rent is validating.
How much you bought the house for? Based on that I could give some info
Liked the username ;)
How much is comparable long term rent? If you can cover most of the mortgage or all of it, that might be the best option. Airbnb will be more of a headache. I’d sell if you’ll be putting up significant cash every month to cover the difference between rent collected and your mortgage.
I haven’t has the chance to do research on comparables for nearby rentals but will def do so soon. Thank you 🙏 for your response.
I read most of the description. Seems like you definitely want to move out mentally and financially. I think you should weigh renting it out (being a landlord and potentially having to cover the mortgage difference) to the reasons you stated to move. Airbnb needs to be zoned for it so you may not have that option.
Thank you. Your response means a lot and helped me in more than one way. ☀️Appreciate you.