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MommyofG
just the girls
Member since 5/05 9461 total posts
Name:
Janice
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Do you think this is a good idea regarding selling and renting?
Sell your house , then go and rent where you may want to live and then purchase a home later on b/c the market is so bad or rent with option to buy?
reason is right now you have over 200 thousand in equity but b/c the market keeps dropping you may loose that so sell now to keep your equity in your pocket.
or take equity and put into another home?
any thoughts, opinions?
TIA
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Posted 5/7/09 11:48 AM  |
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MrsM-6-7-08
<3
Member since 8/06 4249 total posts
Name:
Nicole
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Re: Do you think this is a good idea regarding selling and renting?
I dont see anything wrong with selling and renting a place in an area to see if you really like it before you buy.
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| Posted 5/7/09 11:51 AM |
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MrsGmomof3
...
Member since 6/08 3290 total posts
Name:
Irrelevant
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Re: Do you think this is a good idea regarding selling and renting?
Posted by MrsM-6-7-08
I dont see anything wrong with selling and renting a place in an area to see if you really like it before you buy.
Me neither, except, that the RE market WILL go back up again. So you run the risk of not being able to afford the home you would be able to afford NOW with the prices being super low.
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| Posted 5/7/09 1:03 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Do you think this is a good idea regarding selling and renting?
Nothing wrong with that.
It also allows you to be able to put a huge chunk of a downpayment on the next house.
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| Posted 5/7/09 1:05 PM |
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MommyofG
just the girls
Member since 5/05 9461 total posts
Name:
Janice
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Re: Do you think this is a good idea regarding selling and renting?
thank you ladies!!!!
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| Posted 5/7/09 1:36 PM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: Do you think this is a good idea regarding selling and renting?
I'd buy right away if you are sure of the area where you want to buy. I don't see prices falling considerably more, and the mortgage rates are (I think) only going to go up.
Moving is also such an expense, so you need to factor that in to moving into a rental and then a purchased home shortly after.
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| Posted 5/7/09 5:24 PM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: Do you think this is a good idea regarding selling and renting?
As long as you save while renting. If it cost you the same or just $100 less per month, then I would not consider it. The interest is tax deductible. Your rent expenses are not.
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| Posted 5/7/09 6:30 PM |
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queensgal
Smile
Member since 4/09 3287 total posts
Name:
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Re: Do you think this is a good idea regarding selling and renting?
I don't understand why you say the market is so bad?
The market is FANTASTIC to buy! Not so great to sell.
But think of it this way. If you are moving up to a larger, more expensive home, you might save a ton.
Let's say property values have gone down 20%.
If you currently own something you bought at 400, now it is worth 320.
But if you buy something that used to be worth 600, it is now only 480.
So even though you "loose" 80k on your current home, you "save" 120 on your new home, a total savings of 40k.
I don't see why you would want to sell a property at a low point in the market and then rent, loosing out on building equity and not receiving tax benefits. Then waiting while there is a strong chance values will improve AND rates will go up.
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| Posted 5/9/09 12:01 PM |
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