Joined: 09 Aug 2007 Posts: 780 Location: Central, IL USA
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Home Advice Posted: 01-30-08 11:46am
Okay. My husband and I bought a 985 sq.
ft. 2 bdr, 1 bath, full unfinished
basement home on 2 lots last Feb. in a
town of 12,000. We love our home, it is
great for the 2 of us. We eventually want
to build on my husbands trust fund land.
There is a town of about 1,600 about 10
minutes away where he grew up and it is
where I want our children to go to school.
They have an excellent curiculum, above
average athletics and academics. However,
we can't do that living where we do now.
So when a realtor emailed me a house
listed in T-town (the small town), 3,
possibly 4 bdrms, 2.5 baths, 2 car garage,
finished basement, all appliances,
basement furniture, and pool table stay
with the home as well as the dog pen
(which is a must without a fence). The
only thing I dislike is that it is all
carpet. It is listed at $104k. It is the
absolute greatest house to live in for
another 10-15 yrs until we are comfortable
enough to build. My husband and I both are
on the fence, we would be able to afford
it, but with the selling market being
waaay down, don't know how easily we can
sell our home now. Any advice?
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Becky
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Joined: 01 Jan 2006 Posts: 6225 Location: London, England
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Posted: 01-30-08 12:11pm
Unfortunately I don't have any advice but
it sounds great!
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Mommy35
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Joined: 23 Sep 2006 Posts: 3165 Location: Vacationland, USA,
Posted: 01-30-08 12:17pm
Could you rent your current home until the
selling market is better?
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ladylee70
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Joined: 14 Nov 2006 Posts: 1912 Location: Boise, Idaho,
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Posted: 01-30-08 12:19pm
Do you own your other home outright? If
you don't, can you afford payments on both
for an indefinite amount of time? If you
can, then I would say go for it. The
prices for homes are at an all time low. I
would go lower than the asking price and
go back and forth with the seller. It is
such a buyer's market now, some people
will except lowball offers because they
have no choice and fear that the potential
buyer will just say "nevermind" if they
don't except. Just be prepared to have
your other house sit for awhile,
especially since it's only two bedrooms.
You can always rent it and be very strict
who you rent to.
We are on our third home and have been in
very different markets. That is the best
advice I can give you.
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Eyes Wide Shut
Especially EHEALTHy
Joined: 04 Jan 2006 Posts: 7892 Location: *UPTOWN*NEW ORLEANS*, La
Posted: 01-30-08 12:32pm
I wish the buying market was low in New
Orleans...or even Louisiana.
I have absolutely NO advice! LOL! I'm
still renting, and PRAYING to find an
affordable house around here....mreh...
Sarah
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acruz
Active User, Really EHEALTHy
Joined: 09 Aug 2007 Posts: 780 Location: Central, IL USA
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Posted: 01-30-08 12:58pm
Thank you ladies for your replies. Someone
in the break room told me that supposedly
you have to have your home for at least 2
yrs until you can sell or move? Anyone
know if this is in fact truth? ( I am in
IL btw )
I just know that we would live in the
"possible" house much longer and be 10x's
happier!...
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mamaTT
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Joined: 03 Jan 2007 Posts: 2021 Location: Illinois, USA
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Posted: 01-30-08 13:51pm
I'm in Illinois. I've never heard of
having to own your home for 2 years before
being able to sell????
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acruz
Active User, Really EHEALTHy
Joined: 09 Aug 2007 Posts: 780 Location: Central, IL USA
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Posted: 01-30-08 13:57pm
Yeah...I wasn't so sure about it...someone
in my office just mentioned something
about it. I emailed the realtor, but no
reply yet. I am also scanning the Illinois
Gov. website, but have found nothing as of
yet....I find it quite odd. Where are you
in IL?
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mamaTT
Extremely EHEALTHy
Joined: 03 Jan 2007 Posts: 2021 Location: Illinois, USA
ya in IL you have to have owned the home
for two years before selling or they
charge you an outrageous tax. Thats part
of the reason we didnt buy when we moved
there because if we ended up being moved
again wed be stuck with the house. I
actually thought it was three years
tho...
If you can afford it Id say do it. You
dont wanna get caught in a sellers market
when you do decide to move. try offering
them like 85000 and see what they say, you
never know. Renting your house is a great
option if you are going to be close enough
to keep an eye on it. Like my landlords
would drive by just to see that things
looked in order and the grass was being
mowed as stated in the lease.
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Verizon-y
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Joined: 29 Aug 2007 Posts: 3291
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Posted: 01-30-08 14:50pm
You only get taxed on the appreciation, or
how much more you sell your home for than
you paid for it. With this down market
that isn't going to be much, unless you
got a really amazing price back when you
bought it.
As far as selling your home to buy the new
one, many times sellers realize this and
can accommodate you. A realtor will be
familiar with different ways to accomplish
this. Most people are in your situation,
unless they are first time homebuyers,
for example.
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acruz
Active User, Really EHEALTHy
Joined: 09 Aug 2007 Posts: 780 Location: Central, IL USA
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Posted: 01-30-08 15:18pm
Right. I just don't know much about the
buying process, as our home we have now
fell into our laps as a fluke. We agreed
on a price and signed all within a
week...it was nuts...
The realtor said that she could go over
the "2 yr" thing with us when she came to
look at our house to see about selling...I
just don't know if my husband and I are
convinced yet... :S
