Did you buy a property sewerrat? How is it working out?
I found this thread in a search and thought I would add to it with a slightly different question for the great minds of AO.
I'm in the market for a bigger house for my young family. The housing market in my city is down and there is a large inventory of houses for sale.
I've been to the bank and would qualify for a mortgage in the price range I'd like/need to spend using the equity in my current house as security.
I'm considering renting my current house out. I'd like to rent it for a few years and see where the housing market goes. If renting was going good I would likely just keep it but if renting was becoming too much of a hassle I'd sell it.
I think I could remortgage the rental over a longer term so I could pay both mortgages if I had to. It wouldn't be any fun but I think it could be done. I'm handy so I could fix nearly anything that needed fixing in the house.
Should I just sell it and accept a "loss" or hope the market is better in five years?
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