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Updated 21 days ago, 11/10/2024
Sell and buy a new place, live here another year or keep as rental+buy new home?
Hi, I am a newbie investor who is playing the slow game in buying a primary, rehabbing, then turning into a rental or selling every 2 years. I hit 2 years at this home and tried crunching some numbers to see how much I would need to sell my current home for to break even with escrow/interest/reno costs. I'm not even sure if this is the right approach and/or if I'm overcomplicating this.
But right now, I'm stuck on if I should:
(A)sell and buy a new place (B) live here another year/save more or (C) keep as a rental and buy a new place.
Keeping this as a rental would not cover the mortgage (we'd have to pay ~1500 a month including utilities) and we can afford the extra payment, but is it worth it when looking at appreciation?
-Purchased home 820k at a 4.25% interest rate.
-We put in about 70k in renos.
-According to Redfin, its valued at 950k (I know Redfin values are a bit higher, but we're hoping with renos, it will at least be this if not more). https://www.redfin.com/WA/Seattle/1138-N-91st-St-98103/home/...
Appreciate any advice/thoughts/feedback. Thank you in advance.