I apologize if this is stupid.
We’ve lived in our house since 2008. It was my great grandparents and passed down. It was deeded to me and my husband in February 2021. So in February 2023 it will be 2 years living here with it in our name for 2 years. So we get up to 250,000$ exemption I believe for capital gains taxes. No mortgage.
We are in the process of painting, had all new windows installed (none used to open), replaced all interior doors (none of them used to close 😂), etc. It was built in 1947 and look’s actually really nice. Proud of ourselves.
Who do you contact first and how soon in advance? Real estate agent or mortgage/bank? Or does it matter.
Does a higher down payment lead to lower interest rate on new house? Most funds from sale will go as down payment on new house. So we are looking at anywhere between 30% down to maybe 44% down. My house is worth 150,000$ or more and looking at up to 300,000$ for new house. So I’m just estimating 110000$ down.
I’m near a university so odds are my house will be bought by an investor and turned into a rental. That is just where my neighborhood is headed or is already there.
I’ve read a lot about the process but I don’t know it can get confusing. We are not looking to sell/buy for a few more months also but I’m getting antsy. I appreciate your help!
[link] [comments]
source https://www.reddit.com/r/RealEstate/comments/10k3q1t/selling_and_buying_at_same_time_where_to_start/
Comments
Post a Comment