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Rent It Out or Sell It |
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Hi Edith,
I am 56. I own a nice condo that is almost paid off. I would like to buy another place closer to work. Is it better to buy another home financially? I teach, my salary is decent - I don't have much of a write off. Moving to Costa Mesa has much higher property taxes. I think I could easily rent my place but have been advised by friends that renting a place is a big headache. Your advise is appreciated.
Sincerely,
Not sure what to do,
Linda |
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Your friends are right -- being a landlord is a skilled job, and it's easy for an amateur to make expensive and troublesome mistakes.
Don't let income tax writeoffs influence your decisions. THere's no point in spending a dollar (on property taxes or mortgage interest) just to save 38 cents on your tax bill. Ignore that when you're deciding what to do. |
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Edith
Originally published on December 31, 2008 |
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