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August 7, 2013 at 1:40 PM #20730August 7, 2013 at 1:55 PM #764102
BoomerAang
ParticipantYou can rent out your existing Temecula home while renting a place in North County.
I was debating between Temecula and North County as well back in 2009, but ended up getting a townhome in Carlsbad. Loving the fact that work is only a little bit away, but wondering how big of a house I could have had. I have a couple friends in Temecula that are trying to get back to a place nearby in North County as well.
August 7, 2013 at 2:11 PM #764103SDHopes
Participant[quote=BoomerAang]You can rent out your existing Temecula home while renting a place in North County.
I was debating between Temecula and North County as well back in 2009, but ended up getting a townhome in Carlsbad. Loving the fact that work is only a little bit away, but wondering how big of a house I could have had. I have a couple friends in Temecula that are trying to get back to a place nearby in North County as well.[/quote]
That’s good advice and we seriously considered doing that. Unfortunately the going rate for renting out our house is 500 dollars less than our mortgage. So renting an apartment back in San Diego County plus the extra 500 dollars would come to more than what we pay now. So frustrating!
August 7, 2013 at 2:12 PM #764104(former)FormerSanDiegan
Participant[quote=SDHopes][quote=BoomerAang]You can rent out your existing Temecula home while renting a place in North County.
I was debating between Temecula and North County as well back in 2009, but ended up getting a townhome in Carlsbad. Loving the fact that work is only a little bit away, but wondering how big of a house I could have had. I have a couple friends in Temecula that are trying to get back to a place nearby in North County as well.[/quote]
That’s good advice and we seriously considered doing that. Unfortunately the going rate for rent is 500 dollars less than our mortgage. So renting an apartment back in San Diego County plus the extra 500 dollars would come to more than what we pay now. So frustrating![/quote]
I would stick it out and live in it for two full years so that you can sell without paying any capital gains.
If you sell your primary less than two years after buying it, you’ll pay capital gains tax (15% federal, plus whatever state income tax bracket you are in … likely at least 6% if you have the income to afford a 300+K house).
August 7, 2013 at 2:16 PM #764106ParticipantWould you be able come out even if you sold your Temecula home with all the commissions, etc.? If projected rent does not cover your mortgage, insurance, property taxes, but selling the place would recoup your original downpayment and pay for all of the commission fees then you probably have your answer.
August 7, 2013 at 2:34 PM #764107ljinvestor
ParticipantIf you have a large gain after fees it might be worth sticking it out until you have lived in it 2yrs as your primary.
If the taxable gain is minimal, why not sell when the market is hot. Life is too short to not enjoy the area your living in.
August 7, 2013 at 2:42 PM #764109Participant[quote=ljinvestor]
Life is too short to not enjoy the area your living in.[/quote]
How true, how true!
August 7, 2013 at 2:43 PM #764110Participant[quote=FormerSanDiegan][quote=SDHopes][quote=BoomerAang]You can rent out your existing Temecula home while renting a place in North County.
I was debating between Temecula and North County as well back in 2009, but ended up getting a townhome in Carlsbad. Loving the fact that work is only a little bit away, but wondering how big of a house I could have had. I have a couple friends in Temecula that are trying to get back to a place nearby in North County as well.[/quote]
That’s good advice and we seriously considered doing that. Unfortunately the going rate for rent is 500 dollars less than our mortgage. So renting an apartment back in San Diego County plus the extra 500 dollars would come to more than what we pay now. So frustrating![/quote]
I would stick it out and live in it for two full years so that you can sell without paying any capital gains.
If you sell your primary less than two years after buying it, you’ll pay capital gains tax (15% federal, plus whatever state income tax bracket you are in … likely at least 6% if you have the income to afford a 300+K house).[/quote]
Great information, thank you!
August 7, 2013 at 2:54 PM #764111The-Shoveler
ParticipantWow, 300K for a Condo in TV!
Sounds like a real nice condo, I would think you could find a condo in north county for that. maybe not walking distance to the beach however.
Just remember The HOA Nazi’s are much the same all over, if that is the issue.
August 7, 2013 at 3:22 PM #764114ParticipantOK My bad I thought it was a condo.
Still I would think you should be able to find a condo in North county for that 300-350K (maybe an older 3-2) a little inland.
August 7, 2013 at 3:35 PM #764113Participant[quote=The-Shoveler]Wow, 300K for a Condo in TV!
Sounds like a real nice condo, I would think you could find a condo in north county for that. maybe not walking distance to the beach however.
Just remember The HOA Nazi’s are much the same all over, if that is the issue.[/quote]
It’s not a condo, it’s a new construction SFR.
August 7, 2013 at 3:36 PM #764116Participant[quote=The-Shoveler]OK My bad I thought it was a condo.
Still I would think you should be able to find a condo in North county for that 300-350K (maybe an older 3-2) a little inland.[/quote]
We thought so also. It wasn’t the case for us last year which is why we made the mistake of buying in Temecula. Perhaps in the future…..
August 7, 2013 at 3:59 PM #764118UCGal
Participant[quote=ljinvestor]If you have a large gain after fees it might be worth sticking it out until you have lived in it 2yrs as your primary.
If the taxable gain is minimal, why not sell when the market is hot. Life is too short to not enjoy the area your living in.[/quote]
This is good advice.
August 7, 2013 at 4:21 PM #764117Participant[quote=ljinvestor]If you have a large gain after fees it might be worth sticking it out until you have lived in it 2yrs as your primary.
If the taxable gain is minimal, why not sell when the market is hot. Life is too short to not enjoy the area your living in.[/quote]
What would you consider to be a large gain? Housing market is expected to go up another 19 percent in the area by next year….is that large enough or would you sell now? Thanks for your advice!
August 7, 2013 at 4:30 PM #764123ParticipantIf you think the home could increase by 19% the next year then you should stay, but nobody has that crystal ball.
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