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I say don't do it. Your wife made a huge decision without getting your ok on it. Tell her to talk to her sister to give the money back and that it was an impulse decision. If her sister got 2 places from her divorce, she doesn't sound like she needs that house sold today- she should understand and be more flexible towards family. Tell your wife to fix it, until she can learn to communicate, she shouldn't make huge decisions.
Compromise. Buy the sister''s house because it's a great investment. Rent it out, pay the mortgage with the rent. Take out a 15-year mortgage and make a little extra payment to the principal every month. You'll have the house paid off in 10 years. Or you can sell it in just 5 or 6 years, and you'll still make a huge amount of money.
The question is: what does your wife want to do with that money? You'd better discuss it, because although she says it's for retirement, I bet she'll want to spend some of it on a nice vacation, a cruise, a car, etc. etc. If you two can't agree on what to do with the profit, don't go into the deal at all.
Also bear in mind that you'll owe capital gains tax on that windfall profit. Federal cap. gains and state, if your state has a cap. gains tax.
Keep in mind that property taxes are based on the assessed value of the house, not its purchase price.
Hey OP, does your wife like the house you live in? Did she get to design and arrange some of it, or is it all the way YOU wanted it?
I will divorce her before she get me out of this house. I don't spend all those time and money into learning things and busting my ass to build the house exactly as I want it just to move because my wife have her eyes on dollars sign.
The type of house that my wife want to buy, I don't think it can be rented out and if it can, I'd not trust anyone who rent it. It is a huge house, pretty much a mansion.
I think my wife just don't want to walk up to her sister and ask for all that money back and upset her. So she's trying to get me to agree to move.
What upset me even more is, I don't know if she put money into it before asking me for first time or after I say no in hope she can talk me into it.
There is no reason for the sister to be upset. It's not too difficult to find a buyer willing to pay one-third of a property's value.
Keep in mind that property taxes are based on the assessed value of the house, not its purchase price.
Hey OP, does your wife like the house you live in? Did she get to design and arrange some of it, or is it all the way YOU wanted it?
Not in San Francisco, the taxes were based on the last selling price.
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Not in San Francisco, the taxes were based on the last selling price.
That's gotta be nice! Mine are based on appraised value and the country appraises every year (and home values where I live are shooting up). I have to pay more in tax this year as well. But it's a mixed blessing I guess. I mean, my home value (and equity) is going up so I will (hopefully) cash in when I sell. Plus, county schools, amenities, etc are top notch (no lack of funds). But still, I would love it if my property taxes were based on the last sale price. I got my house for a steal at the bottom of the market (previous owners were original owners wanting to retire and move away--they still managed to quadruple their investment even if I got the house for a rock bottom price for the time).
That's gotta be nice! Mine are based on appraised value and the country appraises every year (and home values where I live are shooting up). I have to pay more in tax this year as well. But it's a mixed blessing I guess. I mean, my home value (and equity) is going up so I will (hopefully) cash in when I sell. Plus, county schools, amenities, etc are top notch (no lack of funds). But still, I would love it if my property taxes were based on the last sale price. I got my house for a steal at the bottom of the market (previous owners were original owners wanting to retire and move away--they still managed to quadruple their investment even if I got the house for a rock bottom price for the time).
LOL. A condo I had went up over 100K each sale. It went over that in one year.
Here it's by assessed value, which is always less than the market price. Our property taxes are very low (compared to other locations), but honestly we have horrible schools and infrastructure. But housing prices are always going up and we have sun and surf. /lol
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