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Purchasing another home

Contributions: 1

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If I currently have a home that is being rented out for just under mortgage and I plan to move back to the area, would it be better to purchase another home and keep the renters, or move back into the home. Either way, I intend to pay off this house in roughly 3 years free and clear. If I should purchase another home, should I do a straight mortage, or use the equity in my existing home to purchase the new house?

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June 09 - Norfolk

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James Ryan, "GreatRateFolks"
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James Ryan, "GreatRateFolks"

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You are in a great position with regards to purchasing a home, as long as the values do not continue declining. As far as counseling you regarding buying vs re-occupying your present rental home, that is an answer that more information would have to be discussed in order to steer you in the right direction. I think Mr. Mulhern has mixed up your intention to continue renting your home and purchasing, or re-occupying your present rental home. Perhaps I got it wrong...lol. In any case, the one thing I agree with Mr. Mulhern about is that at this pricing level, there are now more offers being made, and many counties appear to be at least flat, if not on the upswing in terms of pricing. I wish you great luck, and hope these comments helped a bit! Jim

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June 09

Jimmy Mulhern, "jamulhern"
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Jimmy Mulhern, "jamulhern"

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I do not know enough about the Norfolk market to advise youon renting vs. purchase in that area. In the D.C. market, you can purchase a home for less than what you would be renting the same home for so it is a no brainer. However, I would recomend against using the equity in the home you have since it will be paid off in 3 years. Once that is paid off, you will now be receiving rental payments that will be applied to your current housing needs no matter what they may be. Also, money is cheap on a first trust loan and you may be paying a higher yield by using an equity line. Without knowing your areas trends in value, I can not speak for buying. People will get on here who are bitter about the housing market and let their emotions dictate their judgements - all I can do is advise on the now. Rates are low, prices have fallen almost 50% since the peak, and our market is seeing multiple contracts being placed on property's again. Good Luck - you are in a great position.

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June 09

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June 09

In Home Buying
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