Buying And Selling House In U.s Within A Year Help Urgent

Myladdu · Mar 5, 2017

So this is the problem now. We are thinking of buying a house in the state where we live. But DH is trying for job for 5 6 months and no good response . In the mean time we thought of buying a house where we live instead of renting a apartment (our lease in apartment is approaching fast) And sell when moving out of state.
We also seen a new construction home which looks comfortable for us. Our realtor also told you can sell after 1 or 2 years after buying the house. But out doubt is if he gets a job in next year (1 year from now) can we sell the house. Will it cause loss? Do we want to pay the capital tax in both the state? Staying for 2 years will be the right decision?
Does buying a used home is easy to sell when we move within a year?
Help me ladies, the home we have finalized have another buyer waiting.

Myladdu · Mar 5, 2017

Also what we have to do if we have to sell the house from other state? Renting the new house is a good option?

blindpup10 · Mar 5, 2017

My 2 cents- if you sell the house after 2 years, you will get tax deduction. This is a huge plus than selling a house with in a year.
If you move, consider to rent the house and sell it with in the span of 2 years.
I wouldn't say you will have a loss. But again I don't know how the houseing market, is in the place you live.
I would definitely say purchase the house especially with rates being low.
What do you mean by a used house? If you are buying a house from a builder-- you might have heavy mello rooseto pay. Consider all this before buying a house.

Myladdu · Mar 5, 2017

Thanks blindpup10 for your views. Yes selling the house for loss is our big worry. Also as renting is a good option , can we relay on the realtor who say I can maintain the house when we rented it? If he get a job mostly we have leave the place within 3 to 4 weeks.
Used house is the second or third hand house. Not directly from the builder. But from the owner.

tashidelek2002 · Mar 5, 2017

The traditional thinking is you have to keep a house at least 5 years to break even. Also, with our present dicey political climate, what happens if the housing market tanks before you want to sell it?

blindpup10 · Mar 5, 2017

See don't be in a situation where you are collecting rent which is too low and have to pay mortgage and paying the rent in the other place too.

If I were you-- I will check the house price in the new location. And build a comparison how much money will go for your housing if you move + mortgage- rent & maintence.

You might also hire a maintence property manger- they will have their fee add up. Property manger will collect your rent/ pay water/ electric or gas and if there is a damage and has to get repaired.

For example- if you move from texas to NYC or California. There is a difference in the rent income and the rent you will pay in NYC or Cali.

So consider all your possibility and also this political climate. If you are sure of moving- even if it's 3-4 months. Try to go to month to month in yor current house rather than buying a house for 3-4 months only to move.