Refinance or sell property?

[Jonathan Rivera]

Hi

I’m currently holding onto 2 properties in Montclair, NJ and debating on selling them and move into another state with better weather in the Midwest and house hack over there.

My question is should I refinance these 2 properties. Use that money to pay for renovations and upgrades and then sell or just sell outright now as refinancing will put more money on the backend and it wont make much of a difference.

The renovations I’m thinking about doing is finishing both basements and adding bathrooms which can be an expensive job. Any insight would be helpful

Thank you in advance

Your friend

Jonathan

[Mikael Winkler]

Hey @Jonathan Rivera! I guess it's really a question of will those repairs you'd make worth the money, time, etc you'd spend, and would they net more in a sale? I would really comp out other sold properties in the area that perhaps have finished basements and the amount of baths you're looking to end up with. Do those sales prices warrant the money spent?

If you were to sell those two as they are and still net what you need to begin you're new plan in the Midwest, I would say maybe the effort in refinancing, renovating, etc isn't worth the squeeze. But, it really is about what will get you toward your goal.