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PaperclipPerfector  11d ago (text post)   2746 thread views

Small-Scale Question Sunday for May 12, 2024

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I have effectively made the decision to move out of my home in the middle-class Dallas, TX, suburbs into an apartment in the fun part of town. I am debating whether I should rent the home out or sell it and would like advice and/or experiences from my fellow Mottizens. I am leaning 75/25 in favor of selling given the thoughts below.

Background:

  • 26 year-old male in committed relationship that I expect to result in marriage. We would not move into this house together if we got married.
  • Home is appraised at $380k and has a 30-year mortgage with 3% rate. Monthly payment all-in is $2200 and expected to go up due to property values increasing.
  • Home is in a socially "meh" area with meh schools and stroads galore

Pro-sell thoughts:

  • I do not have the time to manage tenants unless they are truly very quiet nor am I willing to risk getting shitty tenants and having to deal with them
  • I can simply pocket the cash and have peace of mind about not having to worry about the house and its illiquidity, tenants, etc.
  • I am moderately risk-adverse when it comes to money and investments and it can cause me stress. If I were to move to an apartment and have a vacant home, my combined mortgage and rent would be about 80% of my post-tax income. (I have plenty in a brokerage account that could cover me, but I don't want to sell that.)

Pro-rent thoughts:

  • More equity: I do not care about making a large monthly profit off of the house (maybe $100-200/mo to pay for emergencies), but rather building equity so I can get more money when I eventually sell
  • Property management companies can, but not always, do a good job of not letting anything make it to the homeowner (from what I've read)
  • If I get lucky and find excellent tenants, I can treat them very well to increase the likelihood of them staying (but this is still risking it)
  • My area's real estate market is relatively in-demand with little sign of slowing down (not including reasons that affect all U.S. cities), which may allow me to sell a bit quicker than other markets, especially if I sold for below market value (which I'm fine doing if absolutely needed)
  • 3% interest rate is very good and I suspect we won't see that for a long time

Fellow DFWite- you should rent it out. The DFW real estate market is absolutely brutal to transition from renting to owning in; I’m assuming this is a northwest Dallas location in Dallas ISD based on what you told me, which means your home should increase in value a lot if you hold on to it, giving you a massive head start when you and your future wife buy your forever home. A good property management company is a must, but your house is unlikely to sit vacant.

I’m not sure why you’re moving into an apartment when rents are absolutely insane right now. I will also caution you that the fun part of town(if you’re young I assume this is deep Ellum or maybe uptown) is much less fun to actually live in. I would advise you that living in your house is the best move, renting it out while living elsewhere is a distant second, and selling is a bad idea unless you’re moving out of town or buying another house immediately.

I’m in north Garland, so Garland ISD, which isn’t the highest value school district, but still a not-so-bad area. Open to your predictions.

Uptown is where I want to live for a few reasons:

  • I’d save ~100 hours per year of driving (any further south is too far of a commute)
  • the environment is ambitious in various ways, a vibe I’m looking for to boost a few aspects of my life and one my current place doesn’t have at all
  • people I know who live in Uptown enjoy it and I mostly trust their takes
  • I want to live with my girlfriend and Uptown is as far north as she’s willing to move

I think I’ll talk with a property management company and see what they have to say.

North garland is probably going to continue to increase in value, but I wouldn’t guess anything about school quality in Texas until after we see what the legislature does about school choice- garland ISD could well wind up not mattering very much.

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