Buy house cash vs rent?
Hey! I will try and make this short. Selling my house in Rhode Island, i have about $300k equity after closing costs.
I am self employed and I feel my business will be on a stready decline over the next couple years with no sign of improvement. I am steadily making about 6k per month after expenses (down from 12k over the last 2 years)
I have 3 options
Move to GA only for nicer home, climate, lower cost of living.
Buy a decent house in cash $210-235k
Much more enjoyable house for $335k max, 200k down payment and park 100k in HYSA. Goal is to nuke mortgage within 5 years
Or move to Florida (i lived in fort myers before)
Rent between $1,300-1,600 and park 300k in HYSA = roughly $900 per month in intrest.
A few key notes:
Hysa is not guaranteed long term financial gain
If I rent for a few years I dont have to worry about home repairs, etc plus Intrest will offset rent (for now)
I am willing to seek employment if needed in the future. I may have more opportunities in fort myers vs macon, ga
I do not really love the idea of GA but it definitely has a lot of upside. I do however love Florida but dont plan on buying there again.
I fear if I sell now and rent, things go sideways I may never be able to buy a house again
Thoughts? Thanks!