I need help evaluating the implications of holding on to our current house when we move to another city for my husband's new job. Full disclosure: I want to sell, but husband thinks we should wait a year and rent it out until we know whether the new job and new city are going to work out. I get why that's comfortable, but I also think it will be a lot easier to sell this spring, and I don't think there's much advantage to holding on. What I really want to know is whether there are any hidden costs that we aren't considering.
Market Value: $275,000
Original Purchase price: $202,000
Original Mortgage Amount: 160,000
Interest Rate: 3.75%
Mortgage Term: 30 years
Term remaining: 25 years
Amount remaining on mortgage: approx $150,000
Monthly PITI: approx $1100
Estimated monthly rent: $1500
No deferred maintenance.
I know, I know. This house would be a terrible rental investment. It doesn't make financial sense to keep it. DH is quite confident that he can get a good renter from some incoming staff at his current company, and even with that he's assuming that we will basically break even on renting. The purpose of keeping the house is not to make money, but to have a place to come back to if the new job or new town don't work. We really do love the place and put a lot of work into it. If it makes him feel better, I'm willing to wait, but I want to go into it with eyes open.