My spouse and I inherited a home a while back and have been going back and forth with what to do with it – live in it or sell it.
There’s a lot of backstory to this (as there is with any home issue of course) but I’ll cut to the chase.
There’s been a recent development in the area, which makes it look like the area is going to become very popular.
My spouse thinks we should sell, ASAP. They say because the area getting popular is likely to make the already high property taxes higher.
I think we should keep it, because the area getting popular is likely to increase the home’s value (to rent or sell later).
All other potential issues aside, which seems a more reasonable scenario to you?
Keep or sell in upcoming area – which makes more sense?
byu/Bartholomew_two inRealEstate
Posted by Bartholomew_two
1 Comment
If you don’t owe anything on it except for property taxes you could rent it out and turn it into an income property. Once you have about 6 months of rental history go and get a loan against it for say $400,000 (example). The renters are covering the mortgage with their monthly rent payment and you have $400,000 in tax free money to use somewhere else. When the market does grow like you stated it could, then decide if you want to keep renting or sell.