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Old 08-21-2017, 02:11 PM
 
9 posts, read 4,572 times
Reputation: 17

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Would it seem crazy to sell now and rent? I bought a condo in JP back in 2004 and went through the roller coaster and now have some solid equity. Would it be crazy to sell and rent something and buy again in 2 - 2.5 years? I only planned to stay here for 5 years, as it is kind of a tired old building (but then again many places in Boston are even older). If interest rates go up and prices tapper down a little, I would be in a good position with the ability to make a large down payment. Also, it might be a chance to live in a different part of the area for a while, perhaps Somerville or Medford. Thoughts?
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Old 08-21-2017, 02:58 PM
 
Location: Chibostoncaliseattle
1,605 posts, read 736,197 times
Reputation: 1393
Have you considered renting out your current place, and then renting in another location? That way we you continue to build equity while moving around to different neighborhoods.

Somerville is the best!
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Old 08-22-2017, 06:37 AM
 
8,711 posts, read 8,906,804 times
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Nobody can predict the future. Really, it's your call.
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Old 08-22-2017, 07:07 AM
 
9 posts, read 4,572 times
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I hadn't thought about renting out and renting myself. Yes, if I picked Somerville, it would be in Davis sq!
I just wonder if I could convince a landlord that I have enough income to pay rent even without the revenue from renting my place out, but I guess I would face that when applying for a mortgage anyway.
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Old 08-22-2017, 07:18 AM
 
1,068 posts, read 431,083 times
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Revenue from renting your place is considered income
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Old 08-22-2017, 07:25 AM
 
5,680 posts, read 5,010,551 times
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It's a risk, for sure. There's no evidence that prices will go down anytime soon.

Have you checked out current rental prices? Are they less than what you're currently paying for a mortgage?
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Old 08-22-2017, 08:22 AM
 
Location: Boston, MA
7,854 posts, read 6,805,356 times
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I would absolutely sell. Don't buy this myth that prices always go up. Silly.
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Old 08-22-2017, 08:46 AM
 
1,068 posts, read 431,083 times
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Quote:
Originally Posted by bjimmy24 View Post
I would absolutely sell. Don't buy this myth that prices always go up. Silly.
Right. The people who sold in my neighborhood 4 years ago to look and see an almost 25% Increase don't take comfort in this statement.
But nothing in life is guaranteed
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Old 08-24-2017, 02:55 PM
 
599 posts, read 383,297 times
Reputation: 735
Doubtful you will find a place of comparable quality in Somerville to rent for what you are paying for your condo now.

And you will essentially wipe out that down payment by paying rent for 2-3 years.

I dunno how far into your mortgage you are now, but I'd hold onto it to continue building equity. Leasing it out wouldn't be the worst thing either if you can swing it.
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Old 08-27-2017, 05:36 PM
 
418 posts, read 246,786 times
Reputation: 364
2-3 year wait is too short. Look at the last down turn, it took 2-3 years just for prices to 'start' declining. A 8 year wait would be safer and only if it turns in the next 2-3 years
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