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Another few years, we can make a few grand from selling the home.
You need to sell this house ASAP. You will not be able to afford it. I shudder when I think of you renting it out...you apparently have no clue how a house rental can cost you, instead you just see $$$ flowing into your hands. "A few grand" will not miraculously flow into your bank account. Do you have iron-clad proof that the market will be the same in "another few years"? Do you have a realtor who guarantees that?
You are flying on a wing and a prayer, about to lose one income when your child is born. You should have seen the writing on the wall when your sister decided not to move your Mom in with you. You should have gotten that in writing before you signed any paperwork. Now you are going to dig a deeper hole...
Get out now, while you can. Soon it may cost you to get out, and you'll have one less income to do so.
One could make the argument that a market analysis from a trustworthy and skilled real estate agent has the potential to be more accurate than an appraisal.
You need to sell this house ASAP. You won't be able to afford it. I shudder when I think of you renting it out...you apparently have no clue how a house rental can cost you, instead you just see $$$ flowing into your hands. "A few grand" will not miraculously flow into your bank account. Do you have iron-clad proof that the market will be the same in "another few years"? Do you have a realtor who guarantees that?
You are flying on a wing and a prayer, about to lose one income when your child is born. You should have seen the writing on the wall when your sister decided not to move your Mom in with you. You should have gotten that in writing before you signed any paperwork. Now you are going to dig a deeper hole...
Get out now, while you can. Soon it may cost you to get out, and you'll have one less income to do so.
I meant that if we rented it out, the mortgage would be paid down. Once we would sell, we could potentially make some money from it. Also, still owning this home allows us to deduct when filing taxes. I know that we would have to still put money into it. I had a home in Detroit that i rented out while i was in Alabama. After a few years, even in Detroit economy, I was able to get my mortgage down, and sell for a profit. I sunk 4k into it, but made 10 when I sold. That was a gamble to me, but didn't have a choice. We had to get out of that neighborhood and towards better jobs. The market here in this city in Alabama has not changed much. The home prices have increased since we bought the home and continue to do so. Again, we did meet with 3 realtors last year so we feel confident about that.
We are weighing all options. We appreciate everyone's input. Please continue to point out things we are overlooking. thanks!
Reduce your expenses. Switch your iphone to prepaid phone, switch from cable tv to netflix, etc.
Many parents must work two jobs these days. Its just how it is. Your idea of not working to raise kids may not be possible.
Remember even if you find a place to rent, rents will continue to rise. Your mortgage payment will not.
Thinking about that too. With child care being expensive, I would have to work weekends while husband is at home. That is also another option combined with refinancing. We don't have family here so it makes things a bit different.
If you decide to rent the house and move,I hope you will have enough money to pay for your own rent, plus the mortgage on the house. Renters leave, they destroy property, they will call you all the time for anything from a plugged up toilet to a leak in the roof. Be prepared to either fix it yourself, or pay for someone to do it.
I would never ever rent out a house, especially if I didnt live close driving distance to it so I could keep an eye on it. Long distance landlording could cost you a LOT of money.
Sell the house then rent your next home. If you think your home is too much upkeep when you live there maintaining it as a rental will be worse.
Research realtors in your area, invite 3 to look at your home and prepare a marketing plan including listing price. With regard to listing price take a long look at the comps they present. If all seem appropriate then pick the middle $. Then look to see who has the most effective marketing plan and who has the best record of selling in your area. Choose that agent.
Develop a moving plan, sell/dispose of things you won't need, pack what you can. Keep an eye on rentals in your area but do not sign a lease until you have an offer in hand.
Having a baby will change *everything*. Truly, EVERYTHING. If you think being a homeowner is hard, being a landlord will really drive you nuts. There is so much risk, and it can be extremely complicated. Simply your life however you can. I was a stay at home mom for years, best decision I ever made for our family but it came with sacrifices. Don't over think this, you already know what you should do.
Sell. Being a landlord is a headache, totally not worth it for $75/mo. Refi fees are not worth it to save you $100/mo over the couple years you think you'll be there. Also, when you do go to move out of state it is good to be nimble and ready to bounce without the headache of owning a house. We just moved across the country and DH got job he HAD to take. So he left me and the kid to pack up and move ourselves. Selling our house in the dead of winter the week before christmas. He was at the new location for 3 months without us before everything was said and done with the house. And I had to do it all alone. If we had been renting it would have been SO MUCH EASIER.
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