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Updated almost 7 years ago,
Looking for some advice!
Hey all!
Looking for some advice, because the wife and I are at a loss right now!
We currently own our home and have done for just a couple of years. It’s a 3 bed, two bath ranch with full basement in a good school district in Lancaster PA. The neighborhood is great, never had any issues whatsoever. House has about .3 acres of land.
We have an opportunity to move into an apartment rent/utility free. That would mean we could rent out our house - but we didn’t purchase it with an investment in mind and our payment is pretty significant.
We currently pay 1145 in PITI, then about 6-700 in other bills most months. The rent for the house would be around 1200, 1300 if we’re lucky. I have a taxing job so not looking to manage it myself, so we would lost 10% of that off the bat.
Essentially, we would lose money on the house, then risk all the greatness that comes with renting on what we would like to be our home for a considerable amount of time. Goal would be to move back in within a year or two after saving and carry on as normal. We’re just not sure losing money on it is a great idea.
Thoughts?
Thanks!