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Old 10-05-2007, 08:12 AM
 
1 posts, read 1,674 times
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I am relocating due to a job change out of Charlotte. I own a house in Collins Park. Does anyone have any advice on whether it would be better to sale or rent? I have never rented out a property before and the new company will pay for closing cost if I sale.
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Old 10-05-2007, 09:34 AM
 
Location: "The Gorge"
905 posts, read 3,068,338 times
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Is there a chance you might return to CLT in the future? If so, are you attatched to your house? Im not familiar with Collins Park, is it near up and coming areas of CLT? Have home values in your neighborhood been increasing? Can you rent your house and cover your expenses?

You say your new company will pay closing costs. As a seller you should not have many closing costs, most closing costs are paid by the buyer. Will your company pay the real estate commission? If so thats pretty good! If they will pay the sellers closing costs that could be a great selling point. You might have some tax consequence for that though. I'm not sure.

You might want to consider renting if you answered yes to the above ?'s. If your house was your primary residence for 2 out of 5 years you will not have to pay capital gains when you sell. (Up to $250,00 if single and $500,000 for married couples) You will have to pay some taxes if you depreciate your house while it is a rental, but the tax rate is not too bad.

Ive had several rental properties and (knock on wood) no major problems.

Good luck!
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Old 10-05-2007, 10:40 AM
 
Location: Charlotte
2 posts, read 3,718 times
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I would probably hold on to that house Collis Park is super hot right now with appreciation, and is only going to get better in my opinion. I live down the street across Woodlawn in Madison Park and this area is also hot.
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Old 10-05-2007, 11:32 AM
 
Location: South Charlotte
1,435 posts, read 5,228,484 times
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Don't sell that house.

I grew up on this side of Charlotte in Madison Park and the Southpark areas. Hang on to it if you can.
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