I am currently the owner of a charming bungalow in a suburb just outside Detroit, MI. I moved here for work five years ago (only 3 miles away - easily bikeable) and after a year of renting I decided to buy. I bought at an excellent time, when the government was offering 10% back in cash for first-time buyers. My purchase price was $74,200 and I got a 5% 30 year FHA loan. I have been living there for four years, occasionally renting rooms to friends, and have since met a wonderful lady who owns her own house in a nearby city.
As we begin to think about moving in to a new house together, we are faced with the question of whether to rent our current houses or sell them (I'm only going to speak to my own house here.)
What I do know is that my house has gone up in value. I talked with my realtor recently and he estimated its value around $110K.
Would I be better off renting this house in a couple years when I move out and for how much? (It's got two small main floor bedrooms, a large upstairs master bedroom and a finished basement.)
As a side note, I am also looking into refinancing to get a lower interest rate (somewhere in the 3.5%/15 year range)
Thanks in advance for your thoughts!