So I am building a new house that will be ready in just a month or so. I have a house on 4.5 acres that I only owe 100k it's worth if sold is about 250k.
Am I better off selling my house and throwing my equity at the new house. Or should I hold onto my current house and rent it out?
To be clear I can afford both mortgages but dont want to carry 2 because who does? I am only 31 and want to make a smart financial decision that could impact my future the best. When it comes to money risks I tend to error on the side of caution and take what I can now. But it 10 or more years my current/future rental house could be worth 300k+ and be paid off. Even if the market tanks again it will always he worth more then I owe.
What say you ODT keep and rent or sell and have a tiny new mortgage?
Am I better off selling my house and throwing my equity at the new house. Or should I hold onto my current house and rent it out?
To be clear I can afford both mortgages but dont want to carry 2 because who does? I am only 31 and want to make a smart financial decision that could impact my future the best. When it comes to money risks I tend to error on the side of caution and take what I can now. But it 10 or more years my current/future rental house could be worth 300k+ and be paid off. Even if the market tanks again it will always he worth more then I owe.
What say you ODT keep and rent or sell and have a tiny new mortgage?