sell house, rent til retire?

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  #1  
Old 07-30-2007, 12:07 AM
whartonjelly whartonjelly is offline
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Default sell house, rent til retire?

Any advise? Should we sell our house when we can and then rent until we can retire? We have about 6 to 7 years til then. I was thinking in the next three years to sell. I am not financially savy. Is there some rule about putting the money back into a house within a certain amount of time?

I so hope to move to TV.
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Old 07-30-2007, 03:06 AM
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diskman diskman is offline
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Default Re: sell house, rent til retire?

It would seem to me this is a question for your tax man but, in my opinion if I had 6 years I would start my attempt to sell about a year before as renting an apartment now a days is an expensive propersition regardless of what state you live in.

my time period is a bit shorter 3 to 4 years and i am so ready to get to the villages if I can find a telemarketing job that would pay me 3/4 of what I earn now near the villages I would stick my sign in the ground immediately. am starting to look.
Larry
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Old 07-30-2007, 08:46 AM
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Default Re: sell house, rent til retire?

Rent rates in TV is very seasonal. Very high Jan through Mar.....less during the shoulder season and reasonable the rest of the time. We were leasors of two villas several years ago and we would have liked to rent to year-round leasees who would have paid essentially our carrying costs throughout the year and we would have avoided re-renting hassels. I'll bet that if you approach those who lease their homes with this kind of arrangement that you'll find some interest. Then there is also the possibility of a lease-purchase arrangement where a portion of your rent applies toward down-payment. Regarding capital gains tax: You are allowed to take a profit of $500,000 from your current home (if you're married), $250,000 (single) without any tax consequence whatsoever and there is no roll-over time period to buy a new primary residence.
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Old 07-30-2007, 02:03 PM
whartonjelly whartonjelly is offline
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Default Re: sell house, rent til retire?

Thanks to you all. I guess that means for us we wont have to worry. I can not count to 500,000.
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