Realestate

  • Posts: 261

Replied by Moneyes on topic from my experience in real

Lexie wrote: The only challenge in renting you primary home would be the condition of the home when you returned. Now, if you knew the renters, that would be different. You need someone to treat it like you would and they are hard to find. I speak from experience. Financially though, it is a sound idea.


That's true, but the whole point is that you would not return. The only thing you would be leaving behind is the house itself which you are selling. Rental contracts can have all sorts of addendums as long as they are legal. Simply state that the real estate agent will have a key, do not change the lock the key fits into, the agent will notify you one week prior to visiting for the purpose of checking on the inside condition of the house, and give a 48 hour notice before showing the house. Keep the house on a month to month contract.
2 years 4 months ago #16

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Replied by Lexie on topic from my experience in real

The only challenge in renting you primary home would be the condition of the home when you returned. Now, if you knew the renters, that would be different. You need someone to treat it like you would and they are hard to find. I speak from experience. Financially though, it is a sound idea.
2 years 4 months ago #17

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Replied by Moneyes on topic from my experience in real

FrankN wrote: FRUGALFRAN, have you considered moving to OHIO and renting your PA place until your husband's job is over?


Now there's a good idea. The PA rent could cover the Ohio rent so you would be essentially living rent free if both rents are comparable. Actually, if you rent an apartment in Ohio while renting out a house in PA, you might actually make money on the deal.
2 years 5 months ago #18

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Replied by FrankN on topic from my experience in real

FRUGALFRAN, have you considered moving to OHIO and renting your PA place until your husband's job is over?
2 years 5 months ago #19

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Replied by FrugalFran on topic from my experience in real

I'm in this situation right now because my husband is working out-of-state for the rest of the year. I'm currently at our main house in Pennsylvania and he is renting an apartment in Ohio. The company does give him a daily per diem to help cover the cost of it, but maintaining two places and two sets of bills is a pain in the butt. After this year, he may have the option of continuing work there for another year, but I would never consider buying a house based on a couple of years of work.
2 years 6 months ago #20

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Replied by Goldbug on topic from my experience in real

Running two households is expensive, so unless they are certain they can afford it or he can cut costs by a long-term AirB'n'B or sharing with co-workers, you might want to move the whole family into a rental there. Buying a house to live in for two years incurrs a lot of costs you won't get back, and might leave you renting where you are moving and paying a mortgage on an empty home if you can't sell quickly. Unless there's any chance of renting the house out after the two years to give a fallback, it seems like a gamble.
2 years 6 months ago #21

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Replied by FrankN on topic from my experience in real

This happened to a cousin of mine and he ended up having to borrow money from our family to help find the difference.
2 years 7 months ago #22

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Replied by Moneyes on topic from my experience in real

That's true. I have heard of some cases where the man of the house, the one who is transferring jobs, moves to the new city and just rents out something cheap for himself. Meanwhile, the wife stays behind, works, pays on the mortgage and handles business on that end until the sale goes through.
2 years 8 months ago #23

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Replied by Breakinger on topic from my experience in real

I bet that's tough for some people. I don't know if I would be able to afford to rent out a place along with paying my current mortgage. It's even harder when you look at the prices of renting. I know a ton of apartments around me that cost more than my mortgage does.
2 years 8 months ago #24

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Replied by Moneyes on topic from my experience in real

Breakinger wrote: what happens if they are ready to move and it takes longer to sell the house?


A whole bunch of things could happen. The first thought that comes to mind is, they would have to settle for renting in their new location until their house sells.
2 years 8 months ago #25

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Replied by FrankN on topic from my experience in real

Each city/local market and timing comes into play. However generally speaking and putting a board stroke at the total US real estate market, studies have shown that the break even point is roughly 7 years after considering selling costs and annual maintenance.
2 years 9 months ago #26

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Replied by Breakinger on topic from my experience in real

I agree with you completely, Moneyes. I would never go through the hassle of purchasing a home just to have to resell it in 1-2 years. I guess it wouldn't be so bad if they were planning on staying 5 years. I bet they were thinking that it would be a good investment, but what happens if they are ready to move and it takes longer to sell the house?
2 years 10 months ago #27

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Replied by Moneyes on topic from my experience in real

Topic revival. :ohmy:

Buying a home when you know you're going to move in 1 to 2 years doesn't sound wise. In my opinion, a person should wait until they know they are going to be stationary for at least 10 years.
2 years 10 months ago #28

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Replied by princee18 on topic from my experience in real

from my experience in real estate i can suggest that you should not wait.If you have the funds then just make your mood and purchase it.In future you may get the same thing more costly so never wait for best chance, just catch the good chance.
11 years 4 months ago #29

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Replied by Adicus on topic I have my eye on

I have my eye on a few Mac Mansions. Original owners paid $1mil and I can snag it for $600k at this time. Just abiding my time to see if I can get that 1 story ranch I live near by.
11 years 4 months ago #30

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