Home Buying in 95046>Question Details

Rosemary Goff, Home Buyer in Grand Rapids, MI

What do we do with our old house, once we buy another house?

Asked by Rosemary Goff, Grand Rapids, MI Tue Nov 8, 2011

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Answers

7
DONATE to a good cause ? :)
1 vote Thank Flag Link Tue Nov 8, 2011
In this market it certainly is difficult to sell for top money. A individual can make up the difference on the buy, and I always recommend selling over renting.
0 votes Thank Flag Link Thu Sep 20, 2012
very easy just rent out there are agency help rent your home with very small fee --go goggle
you can craigslist free quick rent

very easy do not go to reactors
0 votes Thank Flag Link Thu Sep 20, 2012
Hi Rosemary. Interesting question & the answer depends upon many unknown factors.
- Where was the home you owned located? and where is the new home (did you buy it already or are you just thinking about it)?
- Are you at a stage of your life when you are making a decent income & over time expect to make more each years? or are you on a fix or declining income?
- Do you have family members in the same area/region as the old home?
- How large is your monthly payment on the original home? was it a 10, 15 or 30yr loan? and how many years are you into making mortgage payments?
- What would you estimate the value is of your old home? and what did you pay for the new home (or if you haven't bought yet, how much are you thinking about paying for it)?

This will get us started in the process of beginning to assess the pro's & con's of your options at this point.

Stu Carson
Broker-Associate
Keller Williams
408-209-0849
Web Reference: http://www.StuCarson.com
0 votes Thank Flag Link Wed Nov 9, 2011
Sell it, read my post on your other question to see why.
At your service,
Allyson
408-705-6578
allyson@homesbyallyson.com
DRE# 01397256
0 votes Thank Flag Link Wed Nov 9, 2011
Rosemary,

You have a number of options, as Rosina mentions below. But if you have any questions about qualifying for a new home loan while you retain the existing house, or any concerns about how lenders might view this, just let me know. I created a short video about this as well and you can view it at the link below.

Best of luck,

Rob Spinosa
rspinosa@rpm-mtg.com
0 votes Thank Flag Link Tue Nov 8, 2011
You have several options:

*.- Rent it and place it as a long term investment.

*.- If you have equity sell it.

*.- As mid term investment you could rent it and wait to see if you gain some equity. If you do it in the next 3 year and you gain some equity. You can sell it and have a tax free gain. Based on the premise that you own and live in the property as a primary residence for at least two years out of the five years ending on the date of sale.

Good Luck!
Enjoy your new house!
0 votes Thank Flag Link Tue Nov 8, 2011
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