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Updated 4 months ago,
Rent vs Sell Primary Residence
Is there a good calculator to determine whether it is financially better to rent it or sell it? I found this but I can't understand what the other costs are https://www.narpm.org/members/resources/rent-vs-sell-calculator/
SFH current value: $441,000
Bought for (2020 new construction): $362,000 (primary residence till Nov 2023)
Mortgage balance: $218,000
Interest rate: 2.375% for 15-year loan (12 years left)
Annual Tax, insurance and HOA: $7,000
Current rent: $2950
Appreciation: Reached $441K in March 2022 and has stagnated since. To be conservative, assume 0 or 1%
Property manager: 9% plus other one-time cost. I am willing to manage it on my own.
If I sell, I can put it in an index fund or towards my current primary residence mortgage with an interest rate of 6.125%. Both husband and wife are w2 income earners. Let me know if any other info is needed to guide me. Thanks.