(Closed) Any other options?

posted 7 years ago in Home
Post # 3
5670 posts
Bee Keeper
  • Wedding: August 2010

What about renting it out? If you already have the downpayment for your next house then you don’t need to close before you can buy. Line up a renter.

Post # 4
3520 posts
Sugar bee
  • Wedding: March 2012

I agree.  Rent it out with enough to cover the mortgage and buy another property jointly.  Your combined income should be enough to get you a 2nd mortgage, especially if your proven income from the first property yields you a profit (it is then additional income).

Post # 5
3375 posts
Sugar bee
  • Wedding: October 2011

Whatever you do, don’t walk away from the home. I think that’s completely irresponsible, so I’m glad that wasn’t an option.

I would rent it out for now and just get a new property.

Post # 6
3000 posts
Sugar bee
  • Wedding: July 2012

I would agree with the PP’s to rent it if you can. If that’s not an option, I would go with your first option listed, sell it now and buy a house now.

Post # 8
492 posts
Helper bee
  • Wedding: July 2011

Also, consider that mortgage rates are low right now. You are likely better off long-term by buying something now. If you wait, you may get more money for the condo due to rising housing prices and you may not lose money on it, but the future house will also cost more due to rising prices, and the interest rate could be higher.

Post # 9
14496 posts
Honey Beekeeper
  • Wedding: June 2011

@eastcoaster: I would sell now and take the hit and secure a home while mortgage rates are so low.  If you wait, not only will your condo sell for more, but your new house will probably cost more than it doesnt in todays markets too.  It’s a percentage game mostly.  So if you condo is worth less than your potential house, if your condo goes up in value 5%, so does the house probably (roughtly), but the monetary value will go up a lot more for a the house than the condo.

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