Asked by Sam, Sandy Hook, CT • Fri May 13, 2011
We would lose almost all our down payment (about 70,000.) but would look to buy something with a legal rental so that our mortgage would go from 2500. to 900. a month with taxes and ins. We would also save 10,000. a year on child care for the next 3 years because we would be moving into a different district where child care was included as part of the public school. As it is we are incurring about 500. in debt each month to get by w/ no frills, no new cars, no cable tv, no phone, no eating out, no shopping, no after school activities for the kids, etc. We both work full time and make decent $ but we have about 100,000. in debt from school loans, property asessments, capital gains tax (from another property we sold (also for a loss) in 2007) and money spent taking care of elderly family members. If we sold and rented instead of bought we would lose the tax break that comes with owning. A rent of 1700 would be equal to about 2100, which is not enough savings. We are totally confused.
Real Estate in Newtown
Popular Categories in Newtown
Email me when…
Success! Your email alert settings have been saved. Access all your email alerts in your My Trulia account anytime!