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Thread: Real Estate 101

  1. #1
    Strongly Ambivalent Ivy's Avatar
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    Default Real Estate 101

    We're currently in the process of selling our home and buying another. So I thought it might be good and not at all self-serving to have a real estate thread on the forum.

    Here's our current issue: we still have a bit of work to do on our current home before we can put it on the market, but today we went to an open house and REALLY, I mean REALLY loved the house. What do you do when you find a home you want to buy before you sell your old one? If I thought we could cover two mortgages I'd go ahead and buy it and move out of this one (it would make it a lot easier to fix it up, anyway) but I'm not certain we can do that.
    The one who buggers a fire burns his penis
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    Wild Card Atomic Fiend's Avatar
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    This is relevant for me as well.

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    Strongly Ambivalent Ivy's Avatar
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    Are you buying or selling? or both?
    The one who buggers a fire burns his penis
    -anonymous graffiti in the basilica at Pompeii

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    Lallygag Moderator Geoff's Avatar
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    I have friends who've done just that and rent out the other property.

    Issues :

    1. confirm your mortgage on the old property is still "valid" if its a rented property
    2. find out how you are taxed on the rental income, and in particular whether you get tax relief for the mortgage interest
    3. ensure you can cope, at least for a while, with both mortgages in case you have trouble with the tenants.
    4. look for recommendations of rental agents
    5. eep! Geoff made a list. Help.

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    Wild Card Atomic Fiend's Avatar
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    Quote Originally Posted by Ivy View Post
    Are you buying or selling? or both?
    I'm not buying I have no money, I'm considering selling, but can't yet cause
    1. I'm waiting for the title
    2. Going to school
    3. Been told I shouldn't sell.

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    Strongly Ambivalent Ivy's Avatar
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    You've been told you shouldn't sell? How come? 'cause of the market? It's scary to think about selling right now which is why I thought we might try to rent our old house, like Geoff said. But I'm also a little nervous about the liability of being a landlord.
    The one who buggers a fire burns his penis
    -anonymous graffiti in the basilica at Pompeii

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    Wild Card Atomic Fiend's Avatar
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    Quote Originally Posted by Ivy View Post
    You've been told you shouldn't sell? How come? 'cause of the market? It's scary to think about selling right now which is why I thought we might try to rent our old house, like Geoff said. But I'm also a little nervous about the liability of being a landlord.
    Yes, this is exactly why. I'm worried that I'll try something I have no idea about and I'll end up getting less then I deserve, and I'll be a homeless.

  8. #8
    Lallygag Moderator Geoff's Avatar
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    Quote Originally Posted by Ivy View Post
    You've been told you shouldn't sell? How come? 'cause of the market? It's scary to think about selling right now which is why I thought we might try to rent our old house, like Geoff said. But I'm also a little nervous about the liability of being a landlord.
    I believe the approach is to have a decent agent who handles all that stuff.

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    Senior Member prplchknz's Avatar
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    my mom's renting a condo in new orleans and I think she's hiring someone to be the property manager of course she lives 6 hours from their, and my brother convinced them to buy the place when he was going to school so yeah....I know nothing. except on the train their's all these adds like first time home buyer? get $10,000 towards your new home, all these incentives for people to buy. which means they need people to buy some homes. Or it's a scam.
    In no likes experiment.

    that is all

    i dunno what else to say so

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    Senior Member ptgatsby's Avatar
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    Quote Originally Posted by Geoff View Post
    I have friends who've done just that and rent out the other property.
    I did too, and our downturn just went through. They are now out-of pocket and down a great deal of money, and are suffering greatly from it. It's not just money - there is always the headache of managing the property and they have a (now) one year old.


    I can't advocate doing or not doing, but when I was advising them, I suggested they sell before buying, no matter what their preference for their home was... but that's because I knew what their 'risk profile' was, so to speak. If you have any doubts about being able to manage it, I highly caution against doing it.

    There are other ways of trying to make it work for you - one alternative would be to offer the owner of the other home an 'option' to buy, if they are amenable to it. You essentially hand them money over now to lock in the price for a set period of time. It may seem wastefull, but the advantage is that you can also walk away from the deal if anything goes through. Or buy the other home but push the possession out as far as possible, even if it involves paying a little extra (they would have to pay the mortgage for longer, but then you don't have to... splitting the difference, or whatever, can help both). But all of that is conditional on the deal you make with the other owner.

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