Big changes are ahead. We've made the decision to move in March into one of my rental properties. There are a few reasons for doing this, but the top reason is because our current home has high monthly costs that are outside our control. Specifically, we have both an HOA ($200 every quarter) and a CDD (over $300 per month). Additionally, the interest rate is a ridiculous 4.75% and I was turned down for a refinancing. I'm still not sure how I justified this since we knew about these costs before I bought this house. I think the excitement about building a brand new home got the best of me.
Advantages of Moving
- I paid cash for the rental property, so there won't be a mortgage.
- We will be 15 minutes from the Airbnb. Based on 2020 trips, this will free up 135 hours of drive time and about $200 worth of gas, plus it will reduce wear and tear on the car.
- We will be more physically active. The rental is on a major bicycle trail that runs through the county and is an easy bike ride to the beach. It's a more dense area which means we can run most of our errands without getting in the car.
- Instead of paying a mortgage, I'll be spending money on improving the home. The area around the house has improved since I bought it and I think I can add value by updating it. More to come...
- Because it's a smaller house, the cost of utilities should go down.
- Last, and maybe best: once our current home sells, I will be completely debt-free!!!