[mvbird]

Wonder if anyone else has tried to calculate these costs.

Suppose we sell 2 BR home in Duval (+ or - $250,000) and buy similar new home south of the turnpike for same price?

A big expense would be selling commission, and taxes, but let's take them off the table, assume we sell it ourselves and it's our primary residence so no taxes. Bonds are more expensive down south, amenity fees also. There will be title office costs for us to sell and there will be some costs to buy as well.

Will the effort be worth it ? Is it possible to buy a house where everything is new for the same price you sold your 2006 house for ?

[asianthree]

Well we are on our third house, looking at #4. We still have a bond on current home, but it is at least half of new bond. Our amenities fee would only change by a few dollars.

Plus new home less repairs, but may want improvements.

Negative, higher taxes, bond, making new friends.

[charlieo1126@gmail.com]

Let’s assume you have sold your house at a profit , this should be considered as part of the price of a new home , so even if it cost more then your home it evens out , I’ve always been a 20% down guy no matter where I’ve lived, I’m on my 5th new home here I put the 20% down and let the house go up in value and contrary to many naysayers most homes here all go up in value my last 2 quite a bit I don’t really do it to make money but I do but mostly because I get restless , I sell a separate package with all the furniture and last 2 buyers who had there own bought mine instead because of the wow factor connected with the home , I’m ready to sell again and I figure at 82 I’ve got 3 or 4 more homes left so buy that new home have some fun live a little life is short have a new adventure it’s nice down South we all love the prison ,feral hogs, explosions, bugs and all the other things we have been told we are deprived of or suffering with ( for those on site that don’t get it that’s sarcasm)

[JohnN]

Originally Posted by mvbird

....and it's our primary residence so no taxes.

"no taxes" How's that work?? I'd think the new taxes would quite higher. Duvall is unincorporated and the new area would have Sumter plus Wildwood taxes. Just asking.

[LuvtheVillages]

Originally Posted by JohnN

"no taxes" How's that work?? I'd think the new taxes would quite higher. Duvall is unincorprated and the new area would have Sumter plus Wildwood taxes. Just asking.

I think he is talking about federal income tax. No capital gains tax on sale of your primary residence.

He might be thinking that real estate tax would be the same, but you are correct. The new area pays higher real estate taxes because of the Wildwood jurisdiction. Unincorporated areas already pay Sumter tax.

[mvbird]

No taxes to pay to IRS on sale of one's primary residence. That's what I meant.

[JohnN]

Originally Posted by mvbird

No taxes to pay to IRS on sale of one's primary residence. That's what I meant.

Got it. You're right. I was thinking of property taxes.

[Mosells]

Originally Posted by mvbird

No taxes to pay to IRS on sale of one's primary residence. That's what I meant.

I read that Biden is doing away with the 1033, where you sell a property and reinvest in another property with no federal tax implications.

[riamd1954]

I doubt it ??

[danglanzsr]

Originally Posted by Mosells

I read that Biden is doing away with the 1033, where you sell a property and reinvest in another property with no federal tax implications.

There would be no capital gain tax on the sale of a primary residence if the gain is less than $250,000. The 1033 exclusion only applies to investment property.

[Mosells]

Originally Posted by riamd1954

I doubt it ??

I meant to say 1031 not 1033. He hasn’t done it yet, but it’s on the table. I read it in the Washington Post and else where.

[richs631]

Originally Posted by mvbird

Wonder if anyone else has tried to calculate these costs.

Suppose we sell 2 BR home in Duval (+ or - $250,000) and buy similar new home south of the turnpike for same price?

A big expense would be selling commission, and taxes, but let's take them off the table, assume we sell it ourselves and it's our primary residence so no taxes. Bonds are more expensive down south, amenity fees also. There will be title office costs for us to sell and there will be some costs to buy as well.


Will the effort be worth it ? Is it possible to buy a house where everything is new for the same price you sold your 2006 house for ?

The biggest hit would be taxes and the bond. I personally know 3 people who recently bought Similar sized homes, bond was double and taxes on average $2,200 more for the same size house

[wsachs]

List please?

[dewilson58]

Originally Posted by richs631

The biggest hit would be taxes and the bond. I personally know 3 people who recently bought Similar sized homes, bond was double and taxes on average $2,200 more for the same size house

$2200??? What is driving this??

[JimJohnson]

Originally Posted by mvbird

Wonder if anyone else has tried to calculate these costs.

Suppose we sell 2 BR home in Duval (+ or - $250,000) and buy similar new home south of the turnpike for same price?

A big expense would be selling commission, and taxes, but let's take them off the table, assume we sell it ourselves and it's our primary residence so no taxes. Bonds are more expensive down south, amenity fees also. There will be title office costs for us to sell and there will be some costs to buy as well.

Will the effort be worth it ? Is it possible to buy a house where everything is new for the same price you sold your 2006 house for ?

Remember south of the park way you will pay an additional $4. Per thousand of assessed value of new home for Wildwood city Tax. Approx $800.00 per year in your price range, or $70.00 monthly.