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sd2oc
Participantthank you all for your insightful comments! in answer to SD Realtor’s question, if we rented out our SD home, moved to OC, and just started stockpiling money for 2-3 years, then yes, we would probably be able to afford to buy up there without selling our home in SD (this process would be accelerated in the event of more OC declines/slowed in the event of a faster OC recovery). Former San Diegan, you make a good point about us owning the home free and clear in 15 (now 13 =) years, and in the meantime having someone pay our mortgage for us while we still get to deduct interest and property taxes. do even the most bearish of bears on this forum think the house will be worth more in 13 years than it is now (independent of inflation, that is)?
Participantthank you all for your insightful comments! in answer to SD Realtor’s question, if we rented out our SD home, moved to OC, and just started stockpiling money for 2-3 years, then yes, we would probably be able to afford to buy up there without selling our home in SD (this process would be accelerated in the event of more OC declines/slowed in the event of a faster OC recovery). Former San Diegan, you make a good point about us owning the home free and clear in 15 (now 13 =) years, and in the meantime having someone pay our mortgage for us while we still get to deduct interest and property taxes. do even the most bearish of bears on this forum think the house will be worth more in 13 years than it is now (independent of inflation, that is)?
Participantthank you all for your insightful comments! in answer to SD Realtor’s question, if we rented out our SD home, moved to OC, and just started stockpiling money for 2-3 years, then yes, we would probably be able to afford to buy up there without selling our home in SD (this process would be accelerated in the event of more OC declines/slowed in the event of a faster OC recovery). Former San Diegan, you make a good point about us owning the home free and clear in 15 (now 13 =) years, and in the meantime having someone pay our mortgage for us while we still get to deduct interest and property taxes. do even the most bearish of bears on this forum think the house will be worth more in 13 years than it is now (independent of inflation, that is)?
Participantthank you all for your insightful comments! in answer to SD Realtor’s question, if we rented out our SD home, moved to OC, and just started stockpiling money for 2-3 years, then yes, we would probably be able to afford to buy up there without selling our home in SD (this process would be accelerated in the event of more OC declines/slowed in the event of a faster OC recovery). Former San Diegan, you make a good point about us owning the home free and clear in 15 (now 13 =) years, and in the meantime having someone pay our mortgage for us while we still get to deduct interest and property taxes. do even the most bearish of bears on this forum think the house will be worth more in 13 years than it is now (independent of inflation, that is)?
ParticipantSD Realtor, thank you for your thoughtful reply! we only pay about $3K a month for all expenses associated with our home (and if we take into account the tax benefits, that number is even lower), so i don’t think we would have negative cash flow in renting it out. we’ve gotten quotes from a couple property management companies in the $3600-$4200/month range, minus 8%-12% for their fee). if i don’t have a rosy outlook as to the near future, however, does it make sense to rent out our home even if it generates positive cash flow for the time being? after all, rental rates could drop as well, right? and we might have a tougher time selling our home in the future, too.
on the other hand, selling our home now and then renting in OC (i agree with you about the market there, so i’d prefer not to buy for a couple years) means that we give up the tax benefits of home ownership. we already kick ourselves for not getting a bigger mortgage–i can’t imagine our tax liability if we had no home at all.
hence, our dilemma…
finally, yes, my husband does take the train, but he has to drive from our house to solana beach, take the train to irvine, and then drive to his office, so all together it takes about 2 hours each way. we would love to stay in san diego, but i worry that the commute will ultimately become unbearable (although my husband claims he’ll be okay if it means not having to leave–he loves sd so much!).
any additional thoughts? thank you again!
ParticipantSD Realtor, thank you for your thoughtful reply! we only pay about $3K a month for all expenses associated with our home (and if we take into account the tax benefits, that number is even lower), so i don’t think we would have negative cash flow in renting it out. we’ve gotten quotes from a couple property management companies in the $3600-$4200/month range, minus 8%-12% for their fee). if i don’t have a rosy outlook as to the near future, however, does it make sense to rent out our home even if it generates positive cash flow for the time being? after all, rental rates could drop as well, right? and we might have a tougher time selling our home in the future, too.
on the other hand, selling our home now and then renting in OC (i agree with you about the market there, so i’d prefer not to buy for a couple years) means that we give up the tax benefits of home ownership. we already kick ourselves for not getting a bigger mortgage–i can’t imagine our tax liability if we had no home at all.
hence, our dilemma…
finally, yes, my husband does take the train, but he has to drive from our house to solana beach, take the train to irvine, and then drive to his office, so all together it takes about 2 hours each way. we would love to stay in san diego, but i worry that the commute will ultimately become unbearable (although my husband claims he’ll be okay if it means not having to leave–he loves sd so much!).
any additional thoughts? thank you again!
ParticipantSD Realtor, thank you for your thoughtful reply! we only pay about $3K a month for all expenses associated with our home (and if we take into account the tax benefits, that number is even lower), so i don’t think we would have negative cash flow in renting it out. we’ve gotten quotes from a couple property management companies in the $3600-$4200/month range, minus 8%-12% for their fee). if i don’t have a rosy outlook as to the near future, however, does it make sense to rent out our home even if it generates positive cash flow for the time being? after all, rental rates could drop as well, right? and we might have a tougher time selling our home in the future, too.
on the other hand, selling our home now and then renting in OC (i agree with you about the market there, so i’d prefer not to buy for a couple years) means that we give up the tax benefits of home ownership. we already kick ourselves for not getting a bigger mortgage–i can’t imagine our tax liability if we had no home at all.
hence, our dilemma…
finally, yes, my husband does take the train, but he has to drive from our house to solana beach, take the train to irvine, and then drive to his office, so all together it takes about 2 hours each way. we would love to stay in san diego, but i worry that the commute will ultimately become unbearable (although my husband claims he’ll be okay if it means not having to leave–he loves sd so much!).
any additional thoughts? thank you again!
ParticipantSD Realtor, thank you for your thoughtful reply! we only pay about $3K a month for all expenses associated with our home (and if we take into account the tax benefits, that number is even lower), so i don’t think we would have negative cash flow in renting it out. we’ve gotten quotes from a couple property management companies in the $3600-$4200/month range, minus 8%-12% for their fee). if i don’t have a rosy outlook as to the near future, however, does it make sense to rent out our home even if it generates positive cash flow for the time being? after all, rental rates could drop as well, right? and we might have a tougher time selling our home in the future, too.
on the other hand, selling our home now and then renting in OC (i agree with you about the market there, so i’d prefer not to buy for a couple years) means that we give up the tax benefits of home ownership. we already kick ourselves for not getting a bigger mortgage–i can’t imagine our tax liability if we had no home at all.
hence, our dilemma…
finally, yes, my husband does take the train, but he has to drive from our house to solana beach, take the train to irvine, and then drive to his office, so all together it takes about 2 hours each way. we would love to stay in san diego, but i worry that the commute will ultimately become unbearable (although my husband claims he’ll be okay if it means not having to leave–he loves sd so much!).
any additional thoughts? thank you again!
ParticipantSD Realtor, thank you for your thoughtful reply! we only pay about $3K a month for all expenses associated with our home (and if we take into account the tax benefits, that number is even lower), so i don’t think we would have negative cash flow in renting it out. we’ve gotten quotes from a couple property management companies in the $3600-$4200/month range, minus 8%-12% for their fee). if i don’t have a rosy outlook as to the near future, however, does it make sense to rent out our home even if it generates positive cash flow for the time being? after all, rental rates could drop as well, right? and we might have a tougher time selling our home in the future, too.
on the other hand, selling our home now and then renting in OC (i agree with you about the market there, so i’d prefer not to buy for a couple years) means that we give up the tax benefits of home ownership. we already kick ourselves for not getting a bigger mortgage–i can’t imagine our tax liability if we had no home at all.
hence, our dilemma…
finally, yes, my husband does take the train, but he has to drive from our house to solana beach, take the train to irvine, and then drive to his office, so all together it takes about 2 hours each way. we would love to stay in san diego, but i worry that the commute will ultimately become unbearable (although my husband claims he’ll be okay if it means not having to leave–he loves sd so much!).
any additional thoughts? thank you again!
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