Recently purchased first home and moving to another state?
I purchased my first home a few months ago and will be moving to another state due to a better job offer. I know that trying to sell my home may not be in my best interest since I just got it, however, if I do - there is no pre-payment penalty on my loan. My question is: Am I better off selling my house (have about $25k in equity) or renting it out and trying to buy a second home in the new state? Would I be able to buy a second home with having this first one? I have been told that I should be able to as long as I can prove the first one is rented out. Is this correct? I go back and forth with selling because if the job offer doesnt work out, then I would always have a place to come back to if needed. If this would help in providing your answer - I currently live in Texas and will be moving to Colorado. I would prefer answers from people who have mortgage/lending/real estate experience.
Asked By: C T - 4/6/2007
Best Answer - Chosen by Asker
If you may return, keep it. Hopefully you can pretty much cover your mortgage with what you would charge for rent (and I think you might be able to, Texas still has low pricing, therefore your mortgage should be relatively low). And Texas is a long term state, but property value IS going up... More
Answered By: CJ - 4/7/2007
Additional Answers (1)
Don't ever sell your house if you decide you want to return. Life isn't always greener in the city.
Answered By: Charisma - 4/6/2007
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