Also, keep in mind about capital gain exclusion for your primary residence. So you don't want to hold onto your condo that was your primary residence too long otherwise you will lose your exclusion.
Use my free online prequal calculator and be certain to add your motthly debt service liabilities for a clearer estimate or call me if you would like me to calculate it for you.
You are faced with the same tough decision that a lot of sellers are facing in today's market. You purchased a great condo that has declined in value and you are unable to sell it without losing money. You say you are going to buy a single family home now that you are getting married and are trying to decide whether to sell or rent, but have you considered just staying in your condo? If you stay in your condo you may miss out on the opportunity to purchase your first starter home in what is probably one of the best buyers markets in recent years, but you won't take a loss on your existing condo. As Jim pointed out in his answer, are you ready to take on the responsibilities of being a landlord?
You should weigh all the factors of what your monthly payments will be for your new home plus any costs you can't cover in your condo with the rent to decide if you can afford to take on that much of a monthly expense. You should also be prepared for the possibility that your condo won't always be rented and that you have to cover those monthly costs while looking for new tenants. You should also set aside money to repair the condo after your renters leave if you end up with a bad tenant.
There are a lot of things to consider. Good luck, and be happy with what ever decision you make and don't look back.
Prudential Network Realty
Orange Park, FL
C: (904) 327-5676
O: (904) 269-1716
Have you considered the costs involved with and are ready to be a landlord? Possible eviction, damage to your condo, vacancies. All of these add up very fast.
If you are just getting married and starting a new life, I would counsel you to sell it and reduce your stress, go have some fun! And don't look back!
Besides, how long will it take for your condo to appreciate back to a value you are satisfied with? 1 year, 2years, maybe even four years, no one can say for certain.