Rent my home/ refinancing

[Matthew Schoenherr]

Hello everybody,

My wife and bought our home in 2018 for 185k, right now the house is valued at 228k and is project to hit 240k in the next 2 years. House's for rent in my area range from 1,700 to 2k per month, I was thinking of refinancing in 2 years and getting 40 to 50k that our home gained. Use 10k to paint the house and do landscaping to raise the value, and take the 30 to 40k extra and put it as a down payment for the new house once we move.

Does it make sense to refinance? Any help would be appreciated.