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Updated over 6 years ago,

User Stats

7
Posts
3
Votes
Sean Wenzel
  • Hagerstown, MD
3
Votes |
7
Posts

Valuing my own home as future rental

Sean Wenzel
  • Hagerstown, MD
Posted

I am 34 but I get mail for AARP and other senior citizen related offerings every now and then.  (I do not know why) Today was the first time I got a letter related to a home loan I had never heard of, HECM.  I definitely do not qualify but they put my estimated home value between 130K-149K.  Can this possibly be right?  I'm thinking not as I purchased my home 5 years ago for 63K and other units within my condo community haven't sold for more than 90K (ish) in the past 5 years while most do not go for more than 85K.  

As I am very new to this whole investing thing, what other basic things should I be looking at to accurately value my current home?

I'd like to keep it as a rental when we move out but I'm not sure it will provide enough cash flow so we may benefit more from selling it.  It is a 2 bedroom, 1 bath, top floor condo with a den. (1000 sqft) The kitchen still needs updated and the heating/cooling unit is super old.  Other than the kitchen and HVAC age, we're in good shape and we are looking to update the kitchen next year after tax season and our refund check.  I had replaced most of the flooring because it was previously used as a giant litter box for cats.  We have also had the bathtub refinished so it is a nice white and doesn't mold at all even though the vent doesn't work. (Wiring in the ceiling needs fixed as I have installed a new fan but that is the extent of my electrical skills)

Any suggestions or comments would be greatly appreciated.

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