I purchased my first house about 3 years ago, and am beginning to weigh my options going forward. It was a house in an upcoming area, bought at $120k, and is now worth just over $200k. I'm not attached to it in any way, so I'm trying to evaluate my options. From what I gather, this is what I'm considering. 1. Sell the house, use the profits towards a new house around $250k. Wait another 2 years and pull equity to purchase an investment property. 2. Refinance and use equity to buy my new primary residence, and rent out the current property. 3. Stay in current house and use equity to buy an investment property.
I'm leaning towards just selling the house, buying a new reasonable house, and investing further down the road. Are there any big things to look at when determining if keeping a property as a rental is worth it? I've really only looked into costs of mortgage, heloc payment, property management fees, and an overhead for contingency savings. Haven't looked into any landlord costs or taxes yet. I guess I'm wondering what I need to include in the equation to determine if it's worth it for me now. If you have any hints, I'd appreciate it.
Edit: Bot dinged me for not including location. I live in Philadelphia, specifically the Brewerytown neighborhood. Not particularly sure yet which neighborhood I'm looking to buy in.
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