thinking of selling my condo to pay off the cl
Thread Starter
Burning Brakes
Joined: Feb 2001
Posts: 1,248
Likes: 3
From: VA
thinking of selling my condo to pay off the cl
the value of my condo here in va went up about $60k. profit would be about $55k. i'm thinking of selling it....paying off the cl ($22k) and purchasing a townhouse with the remainder of the cash...with garage of course. think it's a good idea. advice please! by the way, my new mortgage would be the same amount i'm paying right now for the condo and car payments combined.
[ 07-16-2001: Message edited by: icy CL ]
[ 07-16-2001: Message edited by: icy CL ]
*Hella* isn't a word.
Joined: Apr 2001
Posts: 1,898
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From: T.W.D.Y.A, CA
How's the market? IF it's relatively stable, go ahead and sell the house and pay off the car. If it's a bull market and you think you can get mroe for the house, wait it out for another month or so... otherwise, get used to a townhouse 
Burning Brakes
Joined: Jun 2001
Posts: 1,127
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From: Connecticut
I think it's a great idea. You would be paying off your car, eliminating a major monthly bill and getting a townhouse with a garage to keep it in.
How much will the townhouse be? Will you use the remainder as a downpayment?
How much will the townhouse be? Will you use the remainder as a downpayment?
Thread Starter
Burning Brakes
Joined: Feb 2001
Posts: 1,248
Likes: 3
From: VA
Originally posted by melo72:
<STRONG>I think it's a great idea. You would be paying off your car, eliminating a major monthly bill and getting a townhouse with a garage to keep it in.
How much will the townhouse be? Will you use the remainder as a downpayment?</STRONG>
<STRONG>I think it's a great idea. You would be paying off your car, eliminating a major monthly bill and getting a townhouse with a garage to keep it in.
How much will the townhouse be? Will you use the remainder as a downpayment?</STRONG>
Safety Car
Joined: Feb 2001
Posts: 4,052
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Originally posted by icy CL:
<STRONG>the value of my condo here in va went up about $60k. profit would be about $55k. i'm thinking of selling it....paying off the cl ($22k) and purchasing a townhouse with the remainder of the cash...with garage of course. think it's a good idea. advice please! by the way, my new mortgage would be the same amount i'm paying right now for the condo and car payments combined.
[ 07-16-2001: Message edited by: icy CL ]</STRONG>
<STRONG>the value of my condo here in va went up about $60k. profit would be about $55k. i'm thinking of selling it....paying off the cl ($22k) and purchasing a townhouse with the remainder of the cash...with garage of course. think it's a good idea. advice please! by the way, my new mortgage would be the same amount i'm paying right now for the condo and car payments combined.
[ 07-16-2001: Message edited by: icy CL ]</STRONG>
Its not a bad idea, you just need to find out how much taxes you would need to pay because of the capital gain. I hear that if you purchase something else within a certain amount of time, you would not need to pay, but look into it so that you are not surprised.
Thread Starter
Burning Brakes
Joined: Feb 2001
Posts: 1,248
Likes: 3
From: VA
Originally posted by BigPimp'sTypeS:
<STRONG>
FYI
Its not a bad idea, you just need to find out how much taxes you would need to pay because of the capital gain. I hear that if you purchase something else within a certain amount of time, you would not need to pay, but look into it so that you are not surprised.</STRONG>
<STRONG>
FYI
Its not a bad idea, you just need to find out how much taxes you would need to pay because of the capital gain. I hear that if you purchase something else within a certain amount of time, you would not need to pay, but look into it so that you are not surprised.</STRONG>
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Joined: May 2001
Posts: 93
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From: Arlington, VA
icyCL, Where's the condo you're thinking of selling? I'm looking to buy one in Ballston/Clarendon/Courthouse if it's there. Email me if you're interested (stephen.m.schwartz@us.pwcglobal.com)...save that 6% realtor fee...
By the way, as long as you've lived in the place for 3 of the past 5 years, you don't have to pay c.g. tax no matter what the cost of your new place.
By the way, as long as you've lived in the place for 3 of the past 5 years, you don't have to pay c.g. tax no matter what the cost of your new place.
Thread Starter
Burning Brakes
Joined: Feb 2001
Posts: 1,248
Likes: 3
From: VA
Originally posted by SchwartzSM:
<STRONG>icyCL, Where's the condo you're thinking of selling? I'm looking to buy one in Ballston/Clarendon/Courthouse if it's there. Email me if you're interested (stephen.m.schwartz@us.pwcglobal.com)...save that 6% realtor fee...
By the way, as long as you've lived in the place for 3 of the past 5 years, you don't have to pay c.g. tax no matter what the cost of your new place.</STRONG>
<STRONG>icyCL, Where's the condo you're thinking of selling? I'm looking to buy one in Ballston/Clarendon/Courthouse if it's there. Email me if you're interested (stephen.m.schwartz@us.pwcglobal.com)...save that 6% realtor fee...
By the way, as long as you've lived in the place for 3 of the past 5 years, you don't have to pay c.g. tax no matter what the cost of your new place.</STRONG>
Moderator Alumnus
Joined: Oct 2000
Posts: 11,829
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From: CRY, CRY SOME MORE!
Originally posted by NOVAwhiteTypeS:
<STRONG>any one looking for a roommate in nova?
Solid job, non smoker,</STRONG>
<STRONG>any one looking for a roommate in nova?
Solid job, non smoker,</STRONG>
Member
Joined: Oct 2000
Posts: 272
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From: MD
in the process of buying a new built house now...
remember to take into account the following expenses you might incur - closing costs, taxes, utility hookups/shutoffs, HOA, agent/listing fees, settlement fees and all that "new house stuff" you might need
remember to take into account the following expenses you might incur - closing costs, taxes, utility hookups/shutoffs, HOA, agent/listing fees, settlement fees and all that "new house stuff" you might need
has Gloryhole Girls in
Joined: Mar 2001
Posts: 11,473
Likes: 1
From: Ballston Lake, NY
that is the worst thing that you could do!!!
why would you take $ out of a condo that can and has made you money to put it into a car that is going to continuallly depreciate??
if you took that 55,000 profit and invested it into,,,,,hell even a cd yeilding 5% you would have enough $ in returns to lease/buy the cl with payments.....and even if you dont sell the condo you are going to continually build equity in the property.....very bad idea ICY!!!!!!
just my 2 cent...im talkin from experience here!!! :o :o
phil
licensed real estate broker &
nys mortage banker
why would you take $ out of a condo that can and has made you money to put it into a car that is going to continuallly depreciate??
if you took that 55,000 profit and invested it into,,,,,hell even a cd yeilding 5% you would have enough $ in returns to lease/buy the cl with payments.....and even if you dont sell the condo you are going to continually build equity in the property.....very bad idea ICY!!!!!!
just my 2 cent...im talkin from experience here!!! :o :o
phil
licensed real estate broker &
nys mortage banker
Drifting
Joined: Feb 2001
Posts: 2,322
Likes: 1
From: UCLA
Originally posted by phil2:
<STRONG>that is the worst thing that you could do!!!
why would you take $ out of a condo that can and has made you money to put it into a car that is going to continuallly depreciate??
if you took that 55,000 profit and invested it into,,,,,hell even a cd yeilding 5% you would have enough $ in returns to lease/buy the cl with payments.....and even if you dont sell the condo you are going to continually build equity in the property.....very bad idea ICY!!!!!!
just my 2 cent...im talkin from experience here!!! :o :o
phil
licensed real estate broker &
nys mortage banker</STRONG>
<STRONG>that is the worst thing that you could do!!!
why would you take $ out of a condo that can and has made you money to put it into a car that is going to continuallly depreciate??
if you took that 55,000 profit and invested it into,,,,,hell even a cd yeilding 5% you would have enough $ in returns to lease/buy the cl with payments.....and even if you dont sell the condo you are going to continually build equity in the property.....very bad idea ICY!!!!!!
just my 2 cent...im talkin from experience here!!! :o :o
phil
licensed real estate broker &
nys mortage banker</STRONG>
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