Hey there! So, I bought my house about 2 years ago, and back then, I got stuck with a slightly higher interest rate than what’s available now. My original plan was to retire in this house and eventually rent it out for some extra income. I’ve got some other property in a smaller town that I’ve been slowly working on, and I thought this house would be a great addition to my investment portfolio in the future.
But things have taken an unexpected turn recently. I landed a better job in that smaller town, which has kind of fast-tracked my plans. Right now, I’ve got a friend renting out the downstairs suite, and I’m planning to move into a 40-foot RV on the property while I save up to bring in a modular home.
Now, I’ve heard that selling a house so soon after buying it isn’t usually the best move financially. Plus, I’m hesitant to sell because my friend and I had this whole rental arrangement set up, and she wouldn’t be able to afford the going rates in our city otherwise.
I did manage to find another renter who can pay $2300 a month, and I’ll still cover the utilities just like I did for my friend. Crunching the numbers, it looks like I might be coming up a bit short each month, about $200, but I trust both renters, and I feel like holding onto the property to build equity might make more sense in the long run.
Next August, I’ll be renegotiating my mortgage, and I’m hoping to snag a better interest rate. Fingers crossed! If I do get a lower rate, that would mean a reduction in my monthly mortgage payments, which would definitely help out.
I’m up here in Canada, just sharing my situation and looking for some advice or thoughts. Once I pay down some debts and loans over the next year or two, I should be in a good position to afford that modular home on my other lot. So, what do you guys think? Keep the house and build equity, or is it better to sell now? Hit me up with your opinions!