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Updated almost 6 years ago on . Most recent reply

Account Closed
  • Rental Property Investor
  • Portland, OR
3
Votes |
6
Posts

Should I sell my main home?

Account Closed
  • Rental Property Investor
  • Portland, OR
Posted

Here’s the skinny:

I own a home with a 15yr mortgage 3.25% rate with monthly payments of $2100. I still owe $200k on the home but could potentially sell for nearly $400k, but at the very least $350k. I would need to spend approx $10-15k to tidy the place up and finish up old lingering projects.

Now, I’m not I love with the home and the area is, meh. I want to buy a fixer in a nicer more desirable area for an asking price of $350k but I could potentially squeeze to $320k(maybe). I’m estimating $20k in repairs. I would finance this with 20% down (from home sell)and 30yr mortgage, which will bring my payment a below my existing mortgage.

I want to note that I’m still undecided on long term residence and I’m not convinced that I will be spending my retired years in the PNW.

Should I pull the trigger on this idea or should I just cash our refi to a $350k loan with a 30yr mortgage? Thanks in advance. I really appreciate everyone in the community.

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