I finally got an offer accepted and everything is moving very quickly. I got the loan locked for 30 Year Fixed at 2.825% with no additional points. Bid approximately 8.17% higher than the asking price on the home which was roughly 710K in the Bay Area. I do have some regrets as looks like the sentiment is lower and people are refusing higher prices so homes look like they are going to fall. However, I got a bit tired of timing the market as thats what I’ve been doing for 3 years now and it hasn’t been helping so far. I do have some questions.
Do you guys think I should rent the house out and continue living with my parents where I pay $500? I am still on the younger side and wanted to have a place I can move to if I end up getting married or something. I have a great relationship with my parents as a matter of fact they actually don’t want me to leave (or so they tell me).
I would be paying about $3,500 (Not including Utilities) vs if I rent the place out, I would only pay $1,500 including the rent I pay to my parents. I’d be saving around $2K I’d be able to use that to make extra payments on the principal. Thats obviously if I don’t have to spend on maintenance. I’m grabbing the lowest price I can rent the house at as I would rather prefer to have a good tenant relationship than to get more money. Any advice on the renting process?
Any suggestions for my case would be appreciated. I am very big on savings and live a very humble life style as I really don’t need a lot to be satisfied in life, so about 75 percent of my paycheck is saved.