Comments on: Look Before You Leap

By: The Indiana Jones School of Management

The Indiana Jones School of Management — Sat, 27 Mar 2004 20:02:21 +0000

Taxes
The old saw goes that there are two certainties in life: death and taxes.

My retort usually went, “The third certainty is that I’ll never file my taxes before April 1.”

I’ve actually done my federal income tax filing by using TeleFile…

By: kat

kat — Mon, 08 Mar 2004 18:49:59 +0000

I agree with your dad. Definitely get a housing inspector. Hell, if you buy our place, we can give you the rundown on the place and share all of its quirks. We’ll be completely honest about everything.

By: Geof F. Morris

Geof F. Morris — Mon, 08 Mar 2004 17:12:08 +0000

I would buy your place.

By: kat

kat — Mon, 08 Mar 2004 16:51:48 +0000

Sean and I might be looking at selling July. *nudge nudge wink wink*

By: Todder

Todder — Mon, 08 Mar 2004 13:46:14 +0000

Not to mention the HUGE tax advantages to owning your own home! Writing off the interest got me the biggest tax refund I’ve ever had and that’s just a half a year’s worth of interest. If you’re going to be somewhere two years or more it’s absolutely worth buying. I also agree with your dad on the houseing inspector but most lenders will want you to do that too. I can also give you the name of a very good one to work with. You’ll end up with a note book on the place when he’s done. If you need help moving, let me know! I can haul a lot of stuff.

By: Dad

Dad — Mon, 08 Mar 2004 00:27:52 +0000

I recommend a housing inspector if the property is a few years old. It could save you from some later surprises. It could save you a lot of money both up-front and in repairs later.

Also, keep in mind that ALL Realtors work for the seller and no one works for the buyer.

By: Geof F. Morris

Geof F. Morris — Sun, 07 Mar 2004 19:39:10 +0000

Yeah, those are my thoughts as well. Plus, if the rental market stays as it is, I know a couple folks around here who manage rental properties, and I could rent it out for a couple hundred above the mortgage and hold onto it. [The properties I'm looking at are also very close to my alma mater.]

By: Alex

Alex — Sun, 07 Mar 2004 19:32:02 +0000

I’d look hard at this, even if you sell in a few years for your puchase price, you’re likely to come out way ahead than what you would have spent on rent.