Sell Condo to Rent Again or Hold For a Few Years?
Hey everyone,
Got a condo dilemma I could use some help with.
I bought a 2br 2.5 bath condo style townhome roughly 2 years ago in a MCOL area. I paid 540k at 6.2% and the estimated value now is around 580-620k. I also put 25% down so I have roughly 150k-200k in equity. It's expensive, but it's also a downtown brownstone in a very nice area. Monthly payment ends up being about $2400 P&I, but with HOA, insurance, and taxes closer to $3200 all in.
Now I'm considering selling since my girlfriend and I both work from home and the lack of a 3rd bedroom makes it tough. I also think it was just a poor financial decision in general. Renting would free up $1k a month conservatively + I could invest the $150k from selling into the markets.
Anybody done this and regretted it?
I should mention I'm 34 and within the next 2-5 years I'd expect marriage and kids, so a 2br downtown condo wouldn't be ideal in that scenario. But at the same time I don't want to regret selling, as these condos don't come on the market much and I'm locked in at this rate right now.
Full financial picture - $500k invested between 401k, roth, personal brokerage. Have a $15k emergency fund. Income is unstable but typically strong at $300k ish per year (I'm in sales so not guaranteed, I budget off my $150k base which makes things a bit tight. Typically I invest any commissions)
Thoughts?