Hi all, I have been a lurker for many years, but thought I should take some opinions from you guys today. We bought a SFH in West San Jose (Moreland Schools), lived here for a few years and made some equity in the house. Last year, we decided to rent out our house and now renting a house in Saratoga. We might not be able to afford buying house in Saratoga as prices/taxes have skyrocketed.
What is your opinion on selling/renting our WSJ home? Should we just sell and take advantage of tax free $500K and invest it somewhere else? OR Put the equity + all our savings to buy a new house in Saratoga? OR we should keep renting it out, keeping the home long term as it will be very difficult to buy similar home in a good area (heard a lot of stories of people leaving area and never been able to come back)?
First, I do not know why you left WSJ home to rent in Saratoga?
If you sell WSJ, take 500k benefit and buy at Saratogo, it is better than simply selling that home as you can not get the home in future.
If you have moved to Saratoga temporarily for schools or other purpose, you can rent now and then live at WSJ after temp work is done.
But one thing sure, if you sell any home (without having any primary) in such location, you can not buy the same or similar home at some equally good price!
There are many things that can help you sell your home faster. In my experience, the most common things people look for when buying a home are a separate laundry room and a patio for morning coffee among others. The affordable price and scent helps as well. A home that smells good is more attractive to buyers. If you want more information, check out the following link to find your home’s biggest selling point that could help you sell faster. Hope it helps you!
My advice would be to consider selling your West San Jose property and using the tax-free profits to invest in a more affordable property in Saratoga or another desirable area. This will allow you to take advantage of the gains you have already made on your West San Jose property, while also positioning yourself for future growth and long-term wealth building.