I own a condo, and because of 2 unexpected job layoffs, my career has taken me to another town, & do not plan to relocate back. I currently rent it out, but my renters plan to move at the end of summer & are not interested in buying.
I bought the place in early 2003, and financed it 100% through the creation of two mortgage accounts—70% is on a APR loan currently at 5.75% and the rest is on a high (8.25%) fixed rate. The variable one kicks up next year to a higher rate.
To make matters worse, the property has not risen in value at all in these last five years. The property is in a decent area inside I-285(Atlanta) & there is a chance that a nearby mixed-use development project is going to happen, so perhaps the value might go up a little in the next couple of years.
But can I afford to hang on, or should I go ahead and sell, knowing that I may have to shell out a few thousand to unload it, or would I be better off refinancing and re-renting it for a few more years?