Sell Later, Buy NOW – A Sign Of The Times
January 20th, 2010 Categories:Coral Gables Real Estate
2800 Alhambra Circle Drive | 6 Bedroom | 7 Bath | $14,000 Per Month
I have spoken to many people who have outgrown their current house but don’t want to sell it due to the current state of the market. One route that more and more people seem to be taking is this….they rent out their current home and then buy a property that better suits their needs. This way they are able to take advantage of the low prices on the buying side but not get hit with them on the other end.
A few things to keep in mind:
- A mortgage may be more difficult to obtain on the second home
- You will lose your homestead on the first property
- You will be paying taxes, insurance, maintenance on two properties
- Values may not rise dramatically in 1 year. This is a good option if you can afford to lease the first home for several years.
What will your home rent for? In Coral Gables, rentals are averaging $3,643 per month for a typical house. If you are interested in discussing the details and costs involved in renting your current home, please feel free to contact our team here at The Coral Gables Real Estate Vault. We have an excellent rental specialist who would be happy to meet with you.
Contact me here, or call me on my cell at 305.342.1623 if you are interested in buying, selling or renting real estate in Coral Gables, Florida.
