Thinking about selling my low-interest home... thoughts?

Homeseller Forum
1

I bought a house in Tampa at 2.8% back in 2021. Since my job sent me back up to the DC area, we’ve been renting it out, but honestly, the chances of returning to Tampa seem slim. I’m considering selling to increase my cash for a down payment here since it’s such a high cost of living area. Should I cut ties with the Tampa house now or wait for interest rates to drop in a few years? Any advice would be super helpful! I’ve got about $130k equity in the house and make roughly $300 a month from rent, but it’s tough with the high rents up here.

2

What do you mean making $300 on rent? Is that after mortgage and other expenses? Sounds like you might be in a tough spot with insurance and property taxes going up in Florida.

3

Paxton said:
What do you mean making $300 on rent? Is that after mortgage and other expenses? Sounds like you might be in a tough spot with insurance and property taxes going up in Florida.

Yep, that’s the bottom line. Appreciate the heads up!

4

Paxton said:
What do you mean making $300 on rent? Is that after mortgage and other expenses? Sounds like you might be in a tough spot with insurance and property taxes going up in Florida.

If that $300 doesn’t cover maintenance costs, what happens if you need an expensive repair? Like, a surprise $5,000 repair could wipe out a year’s profit.

5

@Oli
Exactly! That’s what I’ve been worried about.

6

Honestly, I’d avoid owning property in Florida right now. Too risky!

7

Blake said:
Honestly, I’d avoid owning property in Florida right now. Too risky!

Yeah, I’m starting to feel that way too. It’s a lot to manage.

8

I think in the next year or two, it might be even tougher to sell. More hurricanes and high property taxes? It’s a bad combo.

9

Kim said:
I think in the next year or two, it might be even tougher to sell. More hurricanes and high property taxes? It’s a bad combo.

Totally. Condos are already struggling, and single-family homes might follow.

10

I just sold my rental in Florida with a 2.7% rate. Didn’t even need the cash, just wanted to be done with out-of-state property. Felt so good!

11

Milo said:
I just sold my rental in Florida with a 2.7% rate. Didn’t even need the cash, just wanted to be done with out-of-state property. Felt so good!

Glad to hear that! Makes me think selling might be the best option.

12

For sure, get out of Florida. Insurance costs are crazy, selling now seems smart.

13

Bailey said:
For sure, get out of Florida. Insurance costs are crazy, selling now seems smart.

Thanks for the advice! I’m leaning that way too.