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My husband and I have been waiting 2 years to buy our first home. It has taken so long because our credit was too low. Now it is just enough to get us approved...
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| I owned my house for 10 years. I met a girlfriend and after a few yrs she moved in. All was well. Then I remortgaged and she was going to start paying half the mortgage with me so it got put in joint ... |
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 Why in the hell would you people pay so much for homes? |
| I live in Texas and watch shows about people trying to sell their homes. I just saw the ugliest pos house that was only 1400 square feet sell for 499,000. What the hell could the person be thinking,... |
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 When potential buyers come to view my home, should i let them out of my sight?? |
| When people come to view the house i am selling, do i briefly show them round and then naff off so they can look for themselves, or does that just mean they might look under the rug and find the ... |
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 Is my landlord just allowed to come over to see the place because she wants to? |
I've lived here for 4 months and she hasn't come in, she's given me some advance notice im just wondering if this is normal?
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Nin_jah | If I inherited a house free and clear that is too big for my needs, shoud I sell it in this down market? |
I am thinking of getting a small condominium. Will also come into about 200k in cash. I don't know if I should rent out the house, and wait until the market turns around. I should pocket around 600k to 650k from sale of house. I want to generate current income. |
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PIKA
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you should talk to a finacial advisor about this, if you sell now you may pay allot more in taxes than you would in utilities if you live there for a few years...really ! get professional advice! |
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Paul Hxyz
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Just because the market has slowed doesn't mean that has shut down completely. Put the house up for sale - if you get a reasonable offer, sell it. Otherwise rent it out - that's more income on a house that is already paid for, which is SMART. |
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TERESA J
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RENT it out |
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curtisports2
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Here's the situation: When you inherit property, your cost basis in it is its value at the time it is bequeathed to you, not what the original owner;s cost was. You'll owe no tax on the proceeds of the sale. You will need to get the property appraised.
If you sell it now, even if the market is soft, you can put that money to work elsewhere. If the market should come back, you will have to pay tax on the gain (net sale price minus appraised value). Right now, if the property is held a year or more, that gain will betreated as a capital gain (15% tax on the gain instead of taxation as regular income), but expect that to go away if a Democrat administration comes in.
Why risk renting and undergoing the headaches of a lanlord while waiting for an upturn in the real estate market, where your gains will be taxed? I advise selling it now, where 100% of your sale proceeds will be tax-free inherited money, and then you can invest it the best way possible, along with the other cash you have coming. If you net 600K from the house and put that into some good no-load bond mutual funds, you can generate $3000 a month in income and leave your principal alone. Can you rent the house for enough, after maintenance and taxes, to net that much? |
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Heiroglyphica
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If you're going to think about renting it, remember what all responsibilities come with it. Tenants don't always pay, plus they'll be putting wear on things and you could still be responsible for repairs and troubles along the way. Not to mention, if it's a large house, that would probably mean renters with children and possibly pets, which can definitely mean wear on the condition of things. It may mean quicker income on something you've been given while it's still yours, but it could well mean the house would sell for less and you'd have to put more into it later on.
The market's probably not going to turn around any time soon, so if you have no interest in the house or a foreseeable need for it, then it would probably be best to sell it and find something better suited to your needs. |
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FurtureHacker
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either live in the house or rent it but dont sell now |
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civil_seismic_eng
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i would put the house on the market for what you would like to get for it if it weren't a down market and wait until someone bites.
it seems as though you have the time.
Meanwhile you can rent it (no-lease) and let the tenant know he would need to leave if it sells.
good luck |
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Kembek
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Don't sell just yet. Wait for the market to stabilize. |
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trblmkr30
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Why not rent it out and take the income for yourself. Also, since you're coming into a sizable chunk of money, go out in this Buyer's Market and buy yourself a great deal somewhere.
Contact a Realtor and have him/her help you to find one or more good deals on homes now, while the picking is good. This can end up, in the long run, not only make you quite a bit of money, but give you monthly living expenses.
When the market is much better, sell the home you inherited and buy a multi-family home to get more income each month. This is a great way to finance your retirement someday.
I'm sorry for your loss, but what a nice gift to you - it may end up leaving you set for life.
Additional: By the way, don't forget one good rule of thumb - you don't pay taxes unless you make money. If you sell the home now, you have no taxes due to the inheritance tax exemption. If you sell it in 2 years, and make another $50,000, you'll only pay about $7,500 in taxes, but you'll make an additional $42,500. Also, if you sell in 2, 5, or 10 years (however long) you can do a 1031 tax deferred exchange into another investment property and not pay taxes at that time. See a financial advisor about this, but it could work out well for you. |
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joe
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Why the hell not, More money than you started with |
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w_t_isc
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you'd better sell it fast if you're going to. Housing prices are going down fast, and it's going to get worse, if you want to sell it, sell it now, instead of having to wait up to 10 years. |
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William H
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Sell it now since you want the funds to buy a condominium. The remainder of the funds you can use to buy a tenant in common interest in investment real estate to generate income for you. |
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luv2help
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There are several things to consider. If the house is too big now, think of your future, will you have children, get married? That is a huge expense after marriage, this way, it's already taken care of. If you are looking to make money off of the money you get from the sale... make sure you have the right mind set for business. If you don't, the money will go as fast as it came to you. Getting a financial adviser is a MUST. Personally, I wouldn't sell it. You can always just take a portion of the money out, but having a home vs a condominium, is no contest. |
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#1 due 8/2/09
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I just saw on the Today show this morning that you should sell now. You might have to ask for a lower price then what its worth, but it'll get sold. Or you might get several offers and you may get to increase the price a little.
If you wait til the market gets better, your going to have to compete with all the people who are currently waiting also which is gonna make it a tougher market |
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oragon_man2
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you refinance the house and use the money to buy your condominium.
If you sell it now you have to pay taxes on it. why not take money from the house and rent it. it will give additional income and if in the future you might need a bigger place then you have it ready. |
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Dre
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I inherited a house as well. I'm planning on renting it out. It's a better deal in the long run. |
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Mario M
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if you can hold off then wait but if you need the money then you have no chose sell and hope you can get a good deal |
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heyteach
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You could:
sell in what is a down market, but you do not NEED to sell, so why lose the money?
live in the house for 2 years so you can get an even larger break on what you make (2 years as a primary residence and $250K profit is tax-free)--you could afford either help or a roommate or two if it's really "too big" for you now
you could keep and rent it out. If you do that, then do make sure you keep good records, do a walk through (preferably with camera and/or video recorder, independent witness, or at least that day's newspaper) and do a walk-through when they leave with the same diligence in case of any damages. You could afford to hire someone to be your property manager and probably want to as it can be a pain to do it yourself. Consider something like a home warranty as well in case of needed repairs. In other words, really protect your investment. Oddly real estate "depreciates" when it's a rental like that, so you could potentially make good money that way as well.
as you've got some bucks, it sounds like, you could buy the condo, rent it out for 2 years, live in the large house, get the tax break, then sell when market is up, move into condo that has probably appreciated.
Have to run the numbers and personal preferences to see what fits your needs best. |
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broccoli brain
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The tax laws are such that you should sell now. You can invest the balance of the proceeds after you buy a more appropriate home for yourself and enjoy what we all are striving for...investment income!
Good Luck1 |
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michael1963
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I own one home with a mortgage of 173,000. I am upside down only worth about 163,000. I inheireted a home worth 150,000 free and clear. How long do I have to wait to refinance it. |
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