Buying a home is oftentimes one of the biggest purchases you’ll make in your life. Homeownership is a big decision, and although it comes with many benefits, you’ll want to make sure it’s the right choice for you.
Something you’ll want to consider (before you purchase a home) is how long you plan on staying in your new home.
Sure, you could buy your home one month and sell it the next, but selling your home too soon after buying can lead to some major disadvantages. Closing costs can get expensive, moving is stressful, you’ll have to pay more in taxes, and you may end up losing money in the process. To avoid capital gains taxes and maximize the odds of making a profit, you’ll need to live in your home (meaning it must be a primary residence) for at least two consecutive years before selling. Waiting to sell your home for (at least) two years will hopefully give you some time to build equity to balance out your closing cost expenses. It’s often recommended that you live in your home for 2 years before selling your property.
Looking for a real estate agent to walk you through the selling process? Send me a message to set up a consultation!