Should I sell my house? Its just sitting unoccupied?

Question

I am living with my brother abroad I am working my only living expenses is food. I have a home in the states in which I am paying over $3800/month for mortgage and upkeep. I will be overseas helping my brother and working for 3 years. My home is worth 311k, I owe 156k on it. Should I sell my home and use that extra money to invest for my retirement etc. I also have another home in which I rent to an older gentlemen which costs me about 50/month. (don't want to raise the rent, and he is an excellent tenant for 8 years)

Answer 1

Rent it out for crying out loud.  A house sitting empty....is a liability to you.  Make sure you have the "right" insurance to protect your asset.  Most insurance companies will not insure an empty home!

Answer 2

1. sell the hous if yu kan.  Mae be hard tu du...market is bad.

If it dont sell in next 3 yeers, yu kan muve bak intu it.

Answer 3

The best way is to rent the whole house. And, make the rent amount in such a way that it will cover your mortgage and possibly giving you extra profit. This is always benefitable. As in this way, your mortgage is being paid off for free and over time real estate always goes up in the long run. I have also done same. Cheers:)

Answer 4

You should either sell your house or rent it to someone.

An unoccupied house can not help but deteriorate in condition.  Even if you have someone walk thru it for you a broken window or roof leak or rodents in the attic tearing stuff apart at night could easily go unnoticed.

Glenn