What to do with our current home?

[Brett Hushon]

Hi Everyone, 

My wife and I are currently living in Raleigh NC. We own 100% of our home in Raleigh. We are actively looking into moving to Charlotte with the intention of buying another home to live in for a year or two and then use that as an STR, once we save enough to purchase another home.

Any advice on what is the smartest thing to do with our existing home in Raleigh? Do we sell and take the cash? Long term rental? STR?

Any and all advice is greatly appreciated. 

[Bruce Woodruff]

like @Nicholas L. said, we'd need a lot more info. So your loan is paid off and you're free and clear? How much is the estimated sales value and is that enough to get what you want in Charlotte? Don't forget that it'll take more available cash to get yout STR up and running, what with furnishing it and adding amenities.

Have you run Comps on your own house's value, and also on what the STRs in your new neighborhood are taking in? There are a lot of moving parts here to consider!

And can you afford to buy the STR without selling your currnet home?