u/BrilliantSinger4770

*first off- obligatory fuck me, I know I’m lucky and bought at the right time

Details:

- home: 4 bed, 3.5 bath, 3700 sq ft w pool
- location: Indianapolis
- home value: ~$800k
- mortage: $1950 at 2.5%
- equity: ~50%

The Question:

My wife and I bought our house for $575k in 2020 with $70k down. Had it reappraised in 2021 to remove PMI

Since then we’ve had 3 kids and need a different space/better school system.

Trying to decide if it’s worth trying to rent or selling and taking equity value into a new home.

I think we could rent for ~$3000-4000k, but with upkeep expenses (it’s a 100 year old home, renovated in 2015, plus the pool maintenance/eventual repairs), I’m unsure if it makes sense over time.

Mortage on a larger home in a good school district would be closer to ~$1M, which would be a huge increase in monthly spend from what we have today.

I hate to leave a 2.5% interest rate, but am unsure if renting is wise on a higher end property. Any advice? Feel free to roast me, I know this is an annoying question