Relocating
REM # C456
By Ilyce R. Glink
Summary: When relocating to a new city, should you buy or rent? Ilyce Glink provides helpful personal finance advice and real estate advice to one of her WSB radio show listeners.
Q: My wife and I are relocating from one city to another. We are probably only going to live in the city for two years.
My wife prefers to rent, afraid we will lose money on real estate commissions, etc.
I think that we should buy a house and take whatever small tax advantages come with it as well as the equity we put in. What do you think, Ilyce?
A: You should only buy a house if you're going to purchase a fixer upper at a great deal, and then fix it up to build in value. If housing prices soften over the next two years, you may lose quite a bit of money. It's a risky proposition. You and your wife need to have a frank discussion about how much risk you're willing to take.
Thanks for listening to me on Newstalk 750WSB!
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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