Military Family Looking To Buy Property
REM #F653
By Ilyce R. Glink
Summary: A reader expects to be moving frequently due to her husband's career in the military. Ilyce states that it is hard to make a profit if you move every couple of years but a fixer upper may work for this couple.
Q: My husband is in the military so we are going to be relocating a lot, probably
every two years.
Do you think it would be wise for us to purchase a home or continue to rent?
A: I think it depends on where you are, and how much you'll have to pay for
the property. It's tough to make money on a house if you're moving every 24
months, because you have costs of purchase and costs of sale.
The good news is that if you do make any money, you'll be able to keep the profits
under current IRS rules. The law says if you live in a home for 2 out of the
last 5 years, you can keep up to $250,000 in profits (up to $500,000 if you're
married) tax free.
If I were you, I'd work on finding a fixer-upper. Over the two years you live
in the property, you can fix up the home and then hopefully sell it for a profit.
NOTE: This column is distributed by Real Estate Matters Syndicate, PO
Box 366, Glencoe, Illinois, 60022. This column may not be resold, reprinted,
resyndicated or redistributed without written permission from the publisher.
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