I currently own a 2 room studio condop in GV, which rents for $3600/ $1200 maintenance. To eventually move back to the area I would want a bigger place, less maintenance. I have a different primary residence that still has a mortgage on it. The last couple of years I have been traveling and occasionally freelancing ...I am semi-retired... and wouldn't qualify for a loan right now but could sell... [more]
I currently own a 2 room studio condop in GV, which rents for $3600/ $1200 maintenance. To eventually move back to the area I would want a bigger place, less maintenance. I have a different primary residence that still has a mortgage on it. The last couple of years I have been traveling and occasionally freelancing ...I am semi-retired... and wouldn't qualify for a loan right now but could sell stock. so assuming studio would sell for 650k and I add 200k...I still have fees selling the place. but if I buy within 180 days I can avoid capital gains.
does selling make sense?
- goal larger place/less maintenance because newer building less assessment, expected market down turn, and expecting not to qualify in the future
vs
- easy place to rent, I know what I have now, no mortgage, fees
What else should I consider in this decision?
thanks for your advise.
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Response by scout15
almost 10 years ago
Posts: 28
Member since: Jun 2015
Wanting a bigger place and wanting less maintenance go in 2 opposite directions. Unless you're moving from a doorman building into a no doorman building or something.
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Response by Flutistic
almost 10 years ago
Posts: 516
Member since: Apr 2007
We chatted about this before. Do you want to grow old in GV? If so, and current place is unacceptable as a primary residence, then the answer is clear.
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Response by Elleinad85
almost 10 years ago
Posts: 114
Member since: Jul 2011
You could always find a place to purchase first and then list your apartment once you're in contract. The goal would be to close within 180 days (reverse 1031). The seller of my unit when I purchased did that, and it worked well for him.
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Response by NYC_4me
almost 10 years ago
Posts: 16
Member since: Jun 2008
thanks...reverse 1031 is an excellent suggestion. Flutistic...can you point me to a previous thread?
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Wanting a bigger place and wanting less maintenance go in 2 opposite directions. Unless you're moving from a doorman building into a no doorman building or something.
We chatted about this before. Do you want to grow old in GV? If so, and current place is unacceptable as a primary residence, then the answer is clear.
You could always find a place to purchase first and then list your apartment once you're in contract. The goal would be to close within 180 days (reverse 1031). The seller of my unit when I purchased did that, and it worked well for him.
thanks...reverse 1031 is an excellent suggestion. Flutistic...can you point me to a previous thread?