mikeUrban
New Member
I purchased a property in King West back in 2004 and it's been my primary residence up until now. I'm moving into a new place and debating whether I should sell or rent the King West condo. Here are the details, can someone let me know if it makes financial sense based on my situation?
- Condo was purchased for $160,000, now worth between $280-300,000.
- Outstanding mortgage $45,000.
- Deductible Expenses (maintenance, property taxes, housing insurance, mortgage interest) are about $700/month.
- Can rent for $1500/month
The problem, as I see it, is that my outstanding mortgage is too small which means my deductibles are too low and so that leaves about $800/month exposed to taxation.
Present market conditions aside, does it make sense to rent this property? I can hang-on to it for the long haul, so the present conditions of the market are not too much of a concern.
What I'm looking for is advise about the fundamentals (forget current market conditions) based on my numbers (outstanding mortgage/expenses, etc...)
- Condo was purchased for $160,000, now worth between $280-300,000.
- Outstanding mortgage $45,000.
- Deductible Expenses (maintenance, property taxes, housing insurance, mortgage interest) are about $700/month.
- Can rent for $1500/month
The problem, as I see it, is that my outstanding mortgage is too small which means my deductibles are too low and so that leaves about $800/month exposed to taxation.
Present market conditions aside, does it make sense to rent this property? I can hang-on to it for the long haul, so the present conditions of the market are not too much of a concern.
What I'm looking for is advise about the fundamentals (forget current market conditions) based on my numbers (outstanding mortgage/expenses, etc...)