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When we sell our home..
So our house is for sale. It's been about three months so far. Had a bunch of showings but no offers yet.
We're just thinking ahead but if & when we sell.. should we go back to renting or try to buy another house?
I'm almost hesitant to try & buy another house because I read that interest rates are climbing back up again. Only DH works. He doesn't make a whole lot & we got an awesome deal on our house now which is why we took the plunge & bought it. If it sells for what we want, we may make out with about $10-$15k, maybe even more. Honestly, I'd rather just keep that in savings or put it towards student loans instead of putting it towards a down payment on another house. We more than likely won't have 20% down to avoid PMI.
I'm trying to seek employment so when & if I find a job, my income will just be saved so maybe it would be best to rent, save up until we have a good 20% down, then buy? What would you do?
Re: When we sell our home..
Is there a reason why you are selling your current home?
If you were to purchase another one, then I would base the 25-30% mortgage payment on your husband's income only. But I would also base rent on his income too. Can you find a place to rent within that budget?
ETA: Check with your realtor, but you might have to pay taxes on the $10-15k profit from selling your home. I know in our state you have to pay taxes on the income, if you do not roll it into your next home.
TTC since 1/13 DX:PCOS 5/13 (long, anovulatory cycles)
Clomid 50mg 9/13 = BFP! EDD 6/7/14 M/C 5w6d Found 11/4/13
1/14 PCOS / Gluten Free Diet to hopefully regulate my system.
Chemical Pregnancy 03/14
Surprise BFP 6/14, Beta #1: 126 Beta #2: 340 Stick baby, stick! EDD 2/17/15
Riley Elaine born 2/16/15
TTC 2.0 6/15
Chemical Pregnancy 9/15
Chemical Pregnancy 6/16
BFP 9/16 EDD 6/3/17
Beta #1: 145 Beta #2: 376 Beta #3: 2,225 Beta #4: 4,548
www.5yearstonever.blogspot.com
The main reason is that we'd like more land & our neighborhood isn't ideal anymore. Our car was actually stolen last November so ever since then, we haven't felt very comfortable here even though it was recovered.
In addition, it is much larger than we need & feel like we are wasting money on utilities for rooms we never use so we want to downsize. I have been looking for homes for rent & there are some that are within budget.
Hmm.. that's a good point. What percentage of it is taxes in your state?
Unfortunately, ours is 40%. We stand to make about $30-40k when we sell our home, so we wanted to make sure we knew all the details.
Although we were told if we roll it into the next house as a down payment, then we won't be taxed on it.
TTC since 1/13 DX:PCOS 5/13 (long, anovulatory cycles)
Clomid 50mg 9/13 = BFP! EDD 6/7/14 M/C 5w6d Found 11/4/13
1/14 PCOS / Gluten Free Diet to hopefully regulate my system.
Chemical Pregnancy 03/14
Surprise BFP 6/14, Beta #1: 126 Beta #2: 340 Stick baby, stick! EDD 2/17/15
Riley Elaine born 2/16/15
TTC 2.0 6/15
Chemical Pregnancy 9/15
Chemical Pregnancy 6/16
BFP 9/16 EDD 6/3/17
Beta #1: 145 Beta #2: 376 Beta #3: 2,225 Beta #4: 4,548
www.5yearstonever.blogspot.com
Oh wow. Will have to double check that with the realtor. He never mentioned anything along those lines when he was showing the potential profit calculations. I would assume that would be something major to mention.
I guess I would probably try to rent until you get your 20% down payment. But like PP have said, definitely check with your realtor about the tax implications of not buying right away.
Sorry your neighborhood has taken a turn for the worse- that would probably make me want to move too. You should not have to worry about getting your car stolen out of your driveway!
I'm 90% sure there are no tax implications. I've found things that say the first 500k in profits are tax-free here.
If that's the case, then I would rent something in your budget or under the 25%. Then take a few years to pay off the student loans, and save up a 20% down payment.
TTC since 1/13 DX:PCOS 5/13 (long, anovulatory cycles)
Clomid 50mg 9/13 = BFP! EDD 6/7/14 M/C 5w6d Found 11/4/13
1/14 PCOS / Gluten Free Diet to hopefully regulate my system.
Chemical Pregnancy 03/14
Surprise BFP 6/14, Beta #1: 126 Beta #2: 340 Stick baby, stick! EDD 2/17/15
Riley Elaine born 2/16/15
TTC 2.0 6/15
Chemical Pregnancy 9/15
Chemical Pregnancy 6/16
BFP 9/16 EDD 6/3/17
Beta #1: 145 Beta #2: 376 Beta #3: 2,225 Beta #4: 4,548
www.5yearstonever.blogspot.com
That's what I'm thinking. I want to make the smartest decision possible since now we know everything about our likes/dislikes, needs/wants when it comes to a house & how much it really costs to own a house.
Going into a new bought house with no or much less student debt in a couple of years would be really good. We shall see but thanks for your input, ladies!
Of course, check with your realtor or accountant, but we were told that we have 2 yrs to roll it into another home before being taxed.
And I was also told that if the profit was $250K for a single person or $500K for a married couple, then you would be taxes. Anything under, you don't. (This is for PA)
My three sons!