Quote:
Originally Posted by PeanutButter
Do you feel like renting out your units aren't even worth it?
I have a suite that gets $1600 a month, but after taxes it's like $900 take home. I'm not even sure if $900 a month extra is even worth the hassle of having tenants.
Then again, it sounds like you have multiple suites and probably a bigger house. Our main living area is about 1200 sq/ft. It would be nice to have more space as our family is growing. Once our two kids get older, we would need the space for sure.
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There are many variables missing here if you are looking at it from a financial standpoint. If it’s a lifestyle question then we can’t answer that.
Make a list of all the expenses, down payment, square footage of the suite vs house.
As an example I have a place that cashflows $450 a month. Doesn’t seem like much but considering only a $20000 down payment then it’s like a 25% return yearly and that doesn’t include appreciation or paying down the principal.