I need some advice and if I should be keeping or selling my townhome/condo. This townhome condo is in a prime area in Calgary, Kensington. For those of you who don't know, right next to downtown, the river, pathways, shopping, pubs and resturants. My property is unique as it's classed as a condo however its a SW facing corner unit, with a yard and fenced that you can walk-up to from the street without using the elevator of the building. It is 3 years old and fully upgraded.
I bought for 449k and its now worth about 559k according to my realtor. I owe approx 400k on the mortgage including the HELOC i put a 10% downpayment on a new condo downtown that is finished in July. So I have made about a 150k in equity.
I am unsure if I should just sell and move into my new place, putting 20% down on the new one, or keep it, rent it out for 1900-2000 per month and only put 10% down on my new property.
The rental market has also taken a hit in Calgary for now, so I should be able to get the 1900-2000 per month and just cover my expenses if you compare it to other listings in my area. But there is always risk of less.
I have never been a landlord before and I am going back and forth in between selling and taking my 150k profit or renting it out in the long term and keeping the property because it will be hard to find that type of property in Kensington again for the price I payed. The condo fees are also about $490 per month and there is risk soon of a $100 month increase which means I may be supplementing the investment about $100 per month or so.
Your help and insite about what I should do would be appreciated as I only have a few days to make a choice.