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(TL: DR) bought distressed house, remodeled, have equity, what do we do.
We bought our house 3 years ago this May. We paid $62/ft for a distressed 3/2 on 1/3 acre corner lot. We have done a lot of renovations, all new flooring, complete remodel in the kitchen, added 300 sq ft of paver patio with a grill deck and an 8x12 storage shed. All exterior siding was replaced and re-painted (I only replaced damaged fascia, other than that, all fascia and soffit was left in tact) and gutters were added.
The only areas inside of the home not 100% remodeled are the two bathrooms. The guest/second bath just needs a new tub/til or refurbish the fiberglass combo unit, the master bath needs the floor re-tiled, paint and the same with the shower, and the entry needs re-tiled.
Current new home pricing is $100-110/ft and the upper end of the refurb's that are for sale was in the $87/ft range a little over a year ago. Our current location is not where we want to be when our son starts going to school. It is convenient, on the good side of the town that we live in, and that is about it. My current dilemma is as follows:
If I can get the upper end of that $90-110/ft price, I can walk away with a VERY nice chunk of change. I could then, in turn, move into an apartment or a rental for the short term, buy another house and run the same game. remodel, live in it for 2-3 years, sell, and take the equity and put it towards something in the area that we want our son to go to school in. Lance is 8 months old, I could ALMOST do this 2 more times, if the market holds up, I'm able to score like I did on our current home, and have close to $100K to put towards land/build or a house in our desired area.
The other option, is to go the rental route with our current property. It would take a re-finance into a conventional loan, which shouldn't be too difficult at current comps. If we rented, we could rent our house out for about $600 more than our mortgage payment ever month. The only major mechanical item that hasn't been replaced is the A/C compressor.
I'm looking for some insight from anyone in real estate, or has been down a similar route. This is our first home and we are very proud of what we have turned it into which makes it hard to say, yes, we are selling and moving on. Though, if someone showed up on my door step tomorrow and offered me $100-110/ft, I'd be moving.
We bought our house 3 years ago this May. We paid $62/ft for a distressed 3/2 on 1/3 acre corner lot. We have done a lot of renovations, all new flooring, complete remodel in the kitchen, added 300 sq ft of paver patio with a grill deck and an 8x12 storage shed. All exterior siding was replaced and re-painted (I only replaced damaged fascia, other than that, all fascia and soffit was left in tact) and gutters were added.
The only areas inside of the home not 100% remodeled are the two bathrooms. The guest/second bath just needs a new tub/til or refurbish the fiberglass combo unit, the master bath needs the floor re-tiled, paint and the same with the shower, and the entry needs re-tiled.
Current new home pricing is $100-110/ft and the upper end of the refurb's that are for sale was in the $87/ft range a little over a year ago. Our current location is not where we want to be when our son starts going to school. It is convenient, on the good side of the town that we live in, and that is about it. My current dilemma is as follows:
If I can get the upper end of that $90-110/ft price, I can walk away with a VERY nice chunk of change. I could then, in turn, move into an apartment or a rental for the short term, buy another house and run the same game. remodel, live in it for 2-3 years, sell, and take the equity and put it towards something in the area that we want our son to go to school in. Lance is 8 months old, I could ALMOST do this 2 more times, if the market holds up, I'm able to score like I did on our current home, and have close to $100K to put towards land/build or a house in our desired area.
The other option, is to go the rental route with our current property. It would take a re-finance into a conventional loan, which shouldn't be too difficult at current comps. If we rented, we could rent our house out for about $600 more than our mortgage payment ever month. The only major mechanical item that hasn't been replaced is the A/C compressor.
I'm looking for some insight from anyone in real estate, or has been down a similar route. This is our first home and we are very proud of what we have turned it into which makes it hard to say, yes, we are selling and moving on. Though, if someone showed up on my door step tomorrow and offered me $100-110/ft, I'd be moving.
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