Sell and Rent in NJ (Summit: rental, mortgage, big house)

[act2scene1]

We bought at the height of the r.e. market in 2004. Made some nice changes to the house. Might even get back a return on our investment. House is way too small for 6 people but need to sell before buying. Should we sell and then rent a few years and wait things out? I am confident that our rental payment would be a lot less than a huge mortgage payment. We're staying in Summit (for the kids). We could always stay put but things are very tight space-wise and we are really on each other's nerves.

[sj08054]

You are basically facing 2 issues.

1. You family is too big for the house. Before you decide you need a bigger place. How old are the kids? No point in getting a big house if they are on their way out.

2. If you decide that you do need a bigger house. It's a question of rent versus buy. Do you know what the interests rate is going to be in a few years?

Sounds like you turned your 2004 house into "your home". Are you ready to start the process over again?