Home Equity/what To Do With It!
I am a military member that has a home with at least 100K in equity in Arizona,but have to move to Hawaii for the next 4 years, yes I know poor me!! I need advise on keeping th ehome vs. selling and investing the money. Plan to retire after Hawaii and move back to Arizona but noy in the same city as the home i own...Rent it sell it ???
100 k equity, if you sell it you can avoid capital gains if you've lived in it for 2 of the past 5 years.
If you rent it, you can continue to pay down your mortgage and gain appreciation but will have some capital gains and have to deal with it from afar.
Id say the kicker is you dont wanna come back and live there, so Id sell.