actually a) are allowed to rent in your building b) for how much you potentially could rent it out c) would you cut even with the rental income to pay all your expenses loan and taxes and assessments?
Furthermore discuss with your lender or several lenders, if you actually rent (how much equity is needed in the current condo) and will you then still get a loan for the purchase of the next property, and do not forget to consider that your rental income is taxable income!
So without exact numbers it is hard for us on this venue to give you good advice!
A Realtor can help you with the information on how much rent you could rent it out for.... and the lenders
can help you whether this is from the lender's stand point workable for you...
Good luck to you!
Edith YourRealtor4Life and Chicago Connection
Working always in the very BEST interest of her clients
That really depends on your financial situation. You have to consider what equity you have in the condo & if it makes sense to sell it at this time.Issues to consider: Do you need the proceeds from the condo to purchase something else & if you don't sell can you qulaify for another mortgage on another property if you rent it out I would suggest speaking to a mortgage person & have them review your financial situation before planning a move. If it turns out that you can't carry 2 mortgages or don't have enough equity to sell at this time then it might make sense to rent it out or wait a bit until you have some extra cash in reserve before you plan on moving