Age old question - where to domicile
We have been fulltiming for 4-months now and are giving real consideration to doing this long-term. Part of that decision is selecting a domicile. Now, about us... I am in my mid-30s, work fulltime...
Forum Discussion
Scottiemom wrote:
One thing to consider. . . do you have a mortgage exemption which lowers your property taxes on your home you rent out? If so, changing residency to another state means you will lose that exemption. How much is it? The taxes on our rental home are double what they would be if we lived there instead of full time in our motorhome. That must be calculated in the cost of going full time. If you maintain your exemption on it, then you taking an exemption that is only available to residents of the state, but you're not. How does your mortgage company feel about that?
Need to inquire about that.
Dale
The fact that you renting the house is enough to not qualify for the homeowner's exemption and possibly is a reportable item to the county. If you are full-timing but leave house vacant, that wouldn't be the same case.
You can own rental property in a state and it not be your domicile but it clearly needs to be investment property. Yes, you need to check with your mortgage company but usually occupancy requirements attached to a mortgage apply upon purchase. Several years down the road, you can choose to rent no harm no foul, including VA loans. You would not be able to get another VA/FHA loan until the first was paid off, however.
