Should we rent or sell? Multi-year relocation internationally

Chicago area- lived in our condo 20 months or so. Lucky to get a 20% down payment 3% rate back in 2020, but we are looking to relocate to Europe for a few years for job opportunity. PITIA + HOA is about 3200-3300 a month, thinking we could rent for over 4k in our 3 bedroom condo in a city neighborhood.

I’m torn though- never been a landlord and feel our condo was not an investment to begin with, but a home for 3-5 years +. Cash flow could be 700-900 a month after property management but not sure I want the headache even with the decent financial terms right now that I have.

Looking to see what the market would give right now also seems a bit bearish as activity has way slowed down as the peak of summer is hitting us. April and May were flooded and things flew off the shelves in under 2 weeks. Now interest rates seem double of what we have. Basically just looking to break even with our sale price and after our capital investments in the house. Bought for $600K, looking to sell at $685K or so. Our market seems hot but is cooling.

Paying closing costs again seems awful but we could use the cash to replenish savings as we move abroad and income could take a hit short-term.

submitted by /u/introspectivebrownie
[link] [comments]

Chicago area- lived in our condo 20 months or so. Lucky to get a 20% down payment 3% rate back in 2020, but we are looking to relocate to Europe for a few years for job opportunity. PITIA + HOA is about 3200-3300 a month, thinking we could rent for over 4k in our 3 bedroom condo in a city neighborhood. I’m torn though- never been a landlord and feel our condo was not an investment to begin with, but a home for 3-5 years +. Cash flow could be 700-900 a month after property management but not sure I want the headache even with the decent financial terms right now that I have. Looking to see what the market would give right now also seems a bit bearish as activity has way slowed down as the peak of summer is hitting us. April and May were flooded and things flew off the shelves in under 2 weeks. Now interest rates seem double of what we have. Basically just looking to break even with our sale price and after our capital investments in the house. Bought for $600K, looking to sell at $685K or so. Our market seems hot but is cooling. Paying closing costs again seems awful but we could use the cash to replenish savings as we move abroad and income could take a hit short-term. submitted by /u/introspectivebrownie [link] [comments]

<a href="Read More“>View Full Article

Need More Commercial Real Estate Leads?SAVE 40% this month!

Our commercial valuation calculator was created to evaluate commercial real estate. In 6 quick steps you will know your NOI, CAP RATE, and IRR.

Now you can get your own branded version of our calculator!