| Should I sell to pay off student loans? |
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gawallace
First Time Poster
Cash: $ 0.25
Posts: 1
Joined: 26 Oct 2009
Location: Boston
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| Should I sell to pay off student loans? |
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I would like readers opinions about my situation:
I purchased a condo about 2 1/2 years ago to live in and as a long-term investment when I was working full-time. Now I am in grad school full-time and working part-time. During grad school I am taking out about 20K in student loans and if I sell my condo I should be able to make about the same amount in profit. I am also planning to move abroad next year, just another reason to sell. However, I don't want to make a hasty decision since I have only owned it for 2 1/2 years - maybe I should try to rent it out? If I rent it, I should break even with mortgage/condo fee/taxes and what I can rent it for. But I'm afraid staying in for a long-term commitment to the condo will tie me down too much financially and geographically. What do you advise?
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Mon Oct 26, 2009 1:16 am |
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CaliChristian
Full Member
Cash: $ 9.45
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Joined: 29 Jul 2010
Location: California
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I finished grad school and you are allowed to postpone the payment of school loans. If you can rent your place out and break even, it may be a good idea to hold onto it. It is also a good idea to look at your loan amount and the current estimated value of the home. If the home is worth less than your loan, you will lose money. Also, look at the trends of housing prices to see if prices are going up or down. You may want to ride the housing inflation bubble so when you graduate from school, you can sell it for more money.
Where are you going to study abroad? I went to London.
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Wed Aug 04, 2010 9:56 pm |
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moonraker1
Full Member
Cash: $ 16.00
Posts: 79
Joined: 21 Aug 2010
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Ranting your place will help you to pay off your expenses. You can also get hassle free money easily.
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Sat Sep 18, 2010 10:20 am |
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MrCashFlow
Contributing Member
Cash: $ 6.25
Posts: 31
Joined: 27 Sep 2010
Location: East Coast
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Don't make your decision based on speculation of the housing market. Seems like you are trying to convince yourself of a decision you have already made. You bought the condo for long-term commitment but plans have change. If you now do not want to be tied down to that commitment and your gut says sell, how many times have your gut been right? 
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Wed Oct 06, 2010 7:20 pm |
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turtleAB
Member
Cash: $ 4.60
Posts: 23
Joined: 03 Oct 2010
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Yes ranting your place will help you to pay off your expenses. You can also get hassle free money easily.
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Fri Oct 08, 2010 8:02 am |
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