I have been approached four times to sell a property I own, which is amusing, since I thought once I bought it I would have trouble selling it because of the poor parking situation. I am using the property for storage at the moment. But it is filled to the rafters.
I mentioned this to my wife, and she thinks I should consider selling and buying a larger space. The logic behind this is that I need more space to begin with. My son is working on a few projects where he could use some separate space beyond the dining room.
I also have a couple of ideas for some side businesses and I would need space to get those off the ground as well.
I own the existing space outright, but moving to a new space would give me a mortgage, higher association fee and higher property taxes.
Since the new business ideas are just ideas, there is no increase in revenue to cover the costs. But I also expect property values to decrease based on the impact of COVID-19 on the economy. Making this the time to if not buy, to start looking for deals.
Based on pure analysis the idea of a move is a non-starter. More expense and no guarantee of more income. Why?
But there is also no reward without taking a risk in the first place.