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I own a house with my mother who probably will pass away shortly. We own a house together which has been willed to me in the event of her death. It has a high interest rate, and we never refinanced because we were going to sell, but circumstances prevented that, and we never though we would live in it long enough to recover the cost of refinancing. Anyway, I expect to retire in the next 10yrs. I could take on the house and pay it off by then, but the costof the mortgage and upkeep would probably keep me from doing anything else in the way of serious investing. The house is in a good neighborhood and should only go up in value. At retirement I could stay in it or sell it and get something smaller with less upkeep....Or should I just go ahead and sell it after my mother's death and either rent or buy a smaller house now.
Any advise would be appreciated. I feel I should sell now...just want to know if my instincts are good.
Thanks,
Caprock
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It sounds like you have all your eggs in one basket, and by comparison to marketable securities, a fairly illiquid bunch of eggs at that. If this is all you have for retirement I would sell as soon as practical. You will relieve yourself of the carrying charges adn upkeep and be able to invest in something with more liquidity. I once owned (with others) about 45 apartments. They nearly put me under when the values shifted and I couldn't keep them rented. I got out by the skin of my teeth. I think there are people who can make money on singles and doubles but it means doing a lot of the work yourself and there is always the question of the value shifting or interest rates going up making it difficult to sell. Since I have moved into stocks I sleep much better. Just my $.02.
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Just tuned in and saw your question. Owning and renting a single dwelling is almost always a bad investment. I have owned and rented several and was always paying more out then what came in. I lived overseas and had to have someone to manage the property and of course this was an added expense. Houses today don't esculate in value as in past years. I sold my last rented home last year and am very glad I did. If you rented and then sold you would pay a lot of capital gains taxes. Sell now and keep most of your money. Regards, Ameise.
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Hi Ameise, this little ant also tried rentals. Too many head aches, and it never let up.
I have one condo left that I will be movig into after selling my house. I know I'll be sleeping much better from then on.
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