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What would you do?

Forum Opinion Poll
(This poll is closed.)
Sell the condo and buy a big house now 21 42.86%
rent out the condo and buy a medium/small house to live in for 5 years or so 28 57.14%
 

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Posted By Message

suvenR
designer mutt

Member since 5/05

4239 total posts

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Message edited 10/4/2006 10:34:17 PM.

Posted 12/13/05 9:16 AM
 

Redhead
You Live, You Learn

Member since 5/05

31871 total posts

Name:
Jennifer

Re: POLL! Sell condo and buy BIG house, or keep condo and buy medium/small house?

well i think you are answering your own question

why is there a HUGE profit in 5 years? Because of the line they are putting in?

Posted 12/13/05 9:17 AM
 

suvenR
designer mutt

Member since 5/05

4239 total posts

Name:

.

.

Message edited 10/4/2006 10:34:24 PM.

Posted 12/13/05 9:20 AM
 

baghag
:P

Member since 5/05

10278 total posts

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Re: POLL! Sell condo and buy BIG house, or keep condo and buy medium/small house?

Posted by Redhead

well i think you are answering your own question




Ditto, and I voted to rent out the condo and buy a small/medium house. Chat Icon

Posted 12/13/05 9:21 AM
 

Redhead
You Live, You Learn

Member since 5/05

31871 total posts

Name:
Jennifer

Re: POLL! Sell condo and buy BIG house, or keep condo and buy medium/small house?

Posted by suvenR

Posted by Redhead

why is there a HUGE profit in 5 years? Because of the line they are putting in?



exactly! once the legislation passed, the 2 bedroom/1 bath units broke the $300,000 mark...now they're at $339,000.

The real estate agents think that with a 10 minute train right there, (plus the parking spaces that everyone who lives here gets) all of the units will break $500k



i'll be honest ....i highly doubt they will break 500K

If you can get close to 400...IMO you will be lucky.

ETA...but still worth holding out for if you can!

Message edited 12/13/2005 9:23:31 AM.

Posted 12/13/05 9:23 AM
 

suvenR
designer mutt

Member since 5/05

4239 total posts

Name:

.

.

Message edited 10/4/2006 10:34:32 PM.

Posted 12/13/05 9:29 AM
 

Redhead
You Live, You Learn

Member since 5/05

31871 total posts

Name:
Jennifer

Re: POLL! Sell condo and buy BIG house, or keep condo and buy medium/small house?

yea but i highly doubt anyone would buy a 2 bedroom condo for 500K sue....

especially with the market going the way they think it will

i think it will definitely go up...but not to 500K
JMHO

Posted 12/13/05 9:33 AM
 

suvenR
designer mutt

Member since 5/05

4239 total posts

Name:

.

.

Message edited 10/4/2006 10:34:42 PM.

Posted 12/13/05 9:47 AM
 

dpli
Daylight savings :)

Member since 5/05

13973 total posts

Name:
D

Re: POLL! Sell condo and buy BIG house, or keep condo and buy medium/small house?

I am not a home owner, so my perspective might be different, but if your ultimate goal is to buy the big house, I think that is what I would do. For me, I don't think it would be worth the hassle of renting for 5 years if I were going to sell the smaller house and move again, even if I made more money on it.

I am so sick of moving, that when I do finally buy a house, I plan on staying there for a long time Chat Icon

Message edited 12/13/2005 9:53:33 AM.

Posted 12/13/05 9:52 AM
 

Redhead
You Live, You Learn

Member since 5/05

31871 total posts

Name:
Jennifer

Re: POLL! Sell condo and buy BIG house, or keep condo and buy medium/small house?

Posted by suvenR

Posted by Redhead

i think it will definitely go up...but not to 500K
JMHO



See, that's the thing though. If it doesn't go up that high, then I don't know if it's worth holding on to. Right now, we can get in the $330s...

Not sure if it's worth it to buy a small/medium house, live in it for 5 years and only get another $70k out of the condo....

plus, the risks involved with renting (it's nearlly impossible to evict a tenant in NJ and you actually CAN'T evict a non-paying tenant during the winter months in NJ)



IMO it is definitely worth getting 70K FOR!

ARE YOU INSANE GIRL!

yes i would hate to rent out my place...imo it is a headache...
but for 70K i think i would go for it!

Posted 12/13/05 10:04 AM
 

LSP2005
Bunny kisses are so cute!

Member since 5/05

19460 total posts

Name:
L

Re: POLL! Sell condo and buy BIG house, or keep condo and buy medium/small house?

I would take into account a couple of things. How much will it cost you to move your stuff Twice (are you getting movers or are you Uhalling yourself). The cost to advertise, fix problems, insurance.

Posted 12/13/05 10:15 AM
 

sunnyplus3
:)

Member since 11/05

8749 total posts

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Re: POLL! Sell condo and buy BIG house, or keep condo and buy medium/small house?

Would you be willing to search for a small/medium house in a town you love that has enough proprty to expand it in the future?
Maybe you'll have to live in a house that is a bit of a fixer short term until the timing is perfect to sell the condo, then you could use that money to turn the medium size house into your ideal. How big of a tax advantage would you have by keeping the condo? I would only rent a property like that through a realtor with extensive credit checks & so on.
real estate is always a risk, but it sounds like you have the potential to make a lot of money if you wait. Good luck with your decision.


ETA-5 years from now might be a great time to sell the condo because of its unique location, but it may not be a good time to sell your second home to buy a bigger one and interest rates could be god knows where by then...just another thing you might want to factor into your decision.

Message edited 12/13/2005 10:19:19 AM.

Posted 12/13/05 10:15 AM
 

baghag
:P

Member since 5/05

10278 total posts

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Re: POLL! Sell condo and buy BIG house, or keep condo and buy medium/small house?

I don't know the real estate market in NJ, but 2 br condos and coops have been reaching the 495K mark in Bay Ridge, Brooklyn. There is an express bus, and the R train (which is local).

Posted 12/13/05 10:27 AM
 

Redhead
You Live, You Learn

Member since 5/05

31871 total posts

Name:
Jennifer

Re: POLL! Sell condo and buy BIG house, or keep condo and buy medium/small house?

Posted by baghag

I don't know the real estate market in NJ, but 2 br condos and coops have been reaching the 495K mark in Bay Ridge, Brooklyn. There is an express bus, and the R train (which is local).


2 BEDROOM CONDOS
O M G Chat Icon

Posted 12/13/05 10:34 AM
 

baghag
:P

Member since 5/05

10278 total posts

Name:

Re: POLL! Sell condo and buy BIG house, or keep condo and buy medium/small house?

.

Message edited 8/18/2011 2:09:30 PM.

Posted 12/13/05 10:35 AM
 

Redhead
You Live, You Learn

Member since 5/05

31871 total posts

Name:
Jennifer

Re: POLL! Sell condo and buy BIG house, or keep condo and buy medium/small house?

Posted by baghag

Posted by Redhead

Posted by baghag

I don't know the real estate market in NJ, but 2 br condos and coops have been reaching the 495K mark in Bay Ridge, Brooklyn. There is an express bus, and the R train (which is local).


2 BEDROOM CONDOS
O M G Chat Icon



YUP!!! And the maintenance on those babies is nearly 1K. Chat Icon Chat Icon Chat Icon Chat Icon Chat Icon



THAT IS INSANE.....serously INSANE Chat Icon

Posted 12/13/05 10:37 AM
 

suvenR
designer mutt

Member since 5/05

4239 total posts

Name:

.

.

Message edited 10/4/2006 10:34:54 PM.

Posted 12/13/05 10:47 AM
 

Redhead
You Live, You Learn

Member since 5/05

31871 total posts

Name:
Jennifer

Re: POLL! Sell condo and buy BIG house, or keep condo and buy medium/small house?

Posted by suvenR

Posted by Redhead

THAT IS INSANE.....serously INSANE Chat Icon



Red, come visit me one day. I'll show you townhouses in Edgewater, NJ (with a view of the NY skyline) that are in the low $900s. Across the street from those are high rises with condos selling in the $600s. Chat Icon Chat Icon Chat Icon



yea ...don't get me wrong i have seen condos that high...
My moms townhouse goes for 450K in a good area in a great sd.
But hers is at least 3 bedroom!!!!!!!!!!!!!!!!

A 2 bedroom that high is CRAZY...Chat Icon

well sue...then ignore everything i have said Chat Icon

Posted 12/13/05 11:22 AM
 

Sassyz75
Turning a new page

Member since 5/05

9731 total posts

Name:
Dina

Re: POLL! Sell condo and buy BIG house, or keep condo and buy medium/small house?

There are two ways that market in NJ can go.

1) it will go up even more once the light-rail is finished.
2) there will be a supply glut b/c of all the apartments (both condos & rentals that continue to be built).

Either way- I personally would rent out the Condo- do TONS of background checks, references, etc . My aunt does this & has like 4 different properties and at this point she doesn't even have to work.

Posted 12/13/05 12:03 PM
 

DjPiLL

Member since 5/05

3664 total posts

Name:
Richard

Re: POLL! Sell condo and buy BIG house, or keep condo and buy medium/small house?

Make sure you take all the tax implications into account when owning a second property and estimating your "profits".



The two biggest things you have to consider...


You will pay capital gains tax on any house you sell that you have not occupied as your primary residence for two of the past five years. Meaning... you lived in your condo for the past 5 years (lets just say). If you sold today... you pay no gains on your taxes. However... you buy a new property... rent this out. If you do decide to sell after three years of renting it out... you will pay FULL capital gains tax for every profit made. Thats a MAJOR chunk of change.


The other thing to consider is... you must report all rental income on your taxes. This adds to your taxable income and you will be paying taxes on this. So lets just say mortgage and taxes for that rental house is $1000 buks. If you rent it out for $1200 you think you have $200 in profit a month. You don't because after taxes are taken out of that $1200... you will probably be in the red about $100 buks.

Posted 12/13/05 12:36 PM
 

saraH
happy birthday sweet kate!

Member since 5/05

16555 total posts

Name:
I know that God exsists, I held her in my arms...

Re: POLL! Sell condo and buy BIG house, or keep condo and buy medium/small house?

i voted rent and buy small house for 5 years. 5 years wil fly by before you know it.

Posted 12/13/05 12:44 PM
 

CkGm
They get so big, so fast :(

Member since 5/05

13848 total posts

Name:
Christine

Re: POLL! Sell condo and buy BIG house, or keep condo and buy medium/small house?

I am reading this and laughing since in Southern Cal where I live you can't touch a 2 bedroom condo under 500K. Definately keep the condo and buy the medium size house. It WILL appreciate and you will look back on that and regret it.

Posted 12/13/05 12:52 PM
 

mommy2Alex
3 babies for me :)

Member since 5/05

6683 total posts

Name:

Re: POLL! Sell condo and buy BIG house, or keep condo and buy medium/small house?

Posted by Redhead

Posted by suvenR

Posted by Redhead

i think it will definitely go up...but not to 500K
JMHO



See, that's the thing though. If it doesn't go up that high, then I don't know if it's worth holding on to. Right now, we can get in the $330s...

Not sure if it's worth it to buy a small/medium house, live in it for 5 years and only get another $70k out of the condo....

plus, the risks involved with renting (it's nearlly impossible to evict a tenant in NJ and you actually CAN'T evict a non-paying tenant during the winter months in NJ)




IMO it is definitely worth getting 70K FOR!

ARE YOU INSANE GIRL!

yes i would hate to rent out my place...imo it is a headache...
but for 70K i think i would go for it!



I agree, plus she said she would be making a $400 profit a month. Thats $4,800 a year. Which adds up to $24,000 dollars more. That with the profit of the sale would be almost 100K. We are in a similiar situation. We own a 2 family house in SI. We could sell for a big profit and buy a nice house on LI. Or we can hold onto this and continue to live on one floor, while renting the other. Then once we buy on LI we will be renting both which will be a nice income every month.

Message edited 12/13/2005 1:21:32 PM.

Posted 12/13/05 1:17 PM
 

ckdk
My girls

Member since 5/05

7027 total posts

Name:
Cheryl

Re: POLL! Sell condo and buy BIG house, or keep condo and buy medium/small house?

I personally would sell it and buy the bigger house now. I hate moving and house hunting and I would also not like the prospect of renting the condo and possibly having a bad tenant or having them do damage, etc...

Message edited 12/13/2005 1:37:45 PM.

Posted 12/13/05 1:37 PM
 

BabyAvocado
Happy New Year

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17334 total posts

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Re: POLL! Sell condo and buy BIG house, or keep condo and buy medium/small house?

I would sell and buy the bigger house. Aside from the taxes, capital gains taxes, and just the pure headache of renting (I've done it) you also have to ask yourself, how much will the bigger house appreciate in that time as compared to the smaller combined with the condo. As the market goes up, will you later be able to as easily afford the big house in the area you want that you might be able to more easily buy now.

Also, life is short. Why put off buying your dream house for 5 years if you can buy it now? Moving s*cks and renting s*cks.

Posted 12/13/05 1:53 PM
 
 

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