I have a dilemma.
I own two homes one that I've rented for the last three years and one I purchased a year ago.
rental
is a 2 bedroom 2 bath 1151 square feet. I purchased it for 68,000 and currently owe 52,000 with a 30 year 4.5% rate. Currently valued around 150,000
current home
is a 3 bedroom 2.5 bath 1900 square feet. I purchased it for 257,000 and owe 230,00 with a 15 year 3.6% rate Currently valued around 280,000
Here is my dilemma I originally wanted to sell my current home and move into my rental and pay off the mortgage, but in the meantime I've gotten engaged and talked about having children. Our game plan is to have children in two years. We wanted to sell our home and live in the rental and save a ton of money before we have children. But our fear is that our current neighborhood is hard to get into and we might be priced out in a couple years on top of that the interest rate might jump up as well. Is it stupid to sell our dream home just so we can save for couple of years?