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Updated 23 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.
research market data for the top and bottom averages of property value appreciation data in your area to find out if it's worth it to you. Go ask a realtor to tell you the market value of your property as well for a better understanding