sell home or not to sell

[soozcna]

WE are in a situation where we are thinking about selling our home and buying a class A rv to travel for a few months before we purchase another home. We do not have a mortgage and are both retired with a steady income. We are not new to RVing, recently sold a class C. (we are not selling our home so we can travel, we want a smaller home)Need some advice from anyone that has done this. What to expect? What to plan for and if you regretted it. Thanks!

[Michaelhill]

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[2g_s]

Sorry the OP hasn't returned to see if any of this talk helped.

Now is definitely a seller's market but having to buy another house in a couple months he'll be paying a premium also.

If it were me I'd sell and plan on full-time RVing for a while; not a couple months like he plans. I wouldn't buy another house at today's prices. It's absurd what homes are selling for. If settling down, I'd buy in a very nice mobile home park - some are awesome; or keep the RV for traveling and buy a RV lot in a warm area for winter living.

[doxiemom11]

I'd sell the house as long as you know you won't want to move back into it. We knew if we bought again, it wouldn't even be in the same state. Sell it so you are free to buy wherever and whenever you want. Store minimum things. You may want different styles of furniture (new) to go with the new place in the future. Only keep things that are special to you. You can always rent an apartment to try an area out and/or for the buying process/ purchasing new furniture , any remodeling you would like to do etc before moving into the new.

[time2roll]

LouLawrence wrote:
You don't want to return to this place/home. Sell.
Wasn't that easy!?

Yes very easy to then extend the few months to be the rest of their lives depending on value and cost.

If money is short, keep the house for now. If money is easy, then by all means sell it now and bare the consequences if any because you have plenty of $$ either way.

[toedtoes]

joezippy wrote:

monkey44 wrote:
Some folks on RV.net can be trusted for good advice. Some folks on RV.net cannot be trusted for good advice. The trick is distinguishing between the two. Same with any forum.

Well said, taking it one step further, such is true in life...

I think it's interesting that a discussion of shelter (move or not) turned into a discussion about investments (taxes and money)... Linked, but not the same... Anywho... :h

Finally, when looking for "idiots" always look to thyself first, then to others. To the question poster, I wish good luck and no "idiots"! 🙂 Cheers.

Actually, the question is about financials. The OP asked whether they should sell their home now or after they finish traveling for a "few months". Whether they take to RVing, a cruise, or an international flight, the concern is whether it's best to sell now or wait until they return from the trip to sell.

[LouLawrence]

You don't want to return to this place/home. Sell.
Wasn't that easy!?

[Sjm9911]

Before you consider anything, think about whete you want to move to. This may have impact on what you do. Check the market to see avalibility. In NJ, you cant buy something if you wanted to. Homes are selling with , no inspections and 20 to 50 k over asking just from the online pictures. Just something to consider.

[joezippy]

monkey44 wrote:
Some folks on RV.net can be trusted for good advice. Some folks on RV.net cannot be trusted for good advice. The trick is distinguishing between the two. Same with any forum.

Well said, taking it one step further, such is true in life...

I think it's interesting that a discussion of shelter (move or not) turned into a discussion about investments (taxes and money)... Linked, but not the same... Anywho... :h

Finally, when looking for "idiots" always look to thyself first, then to others. To the question poster, I wish good luck and no "idiots"! 🙂 Cheers.

[time2roll]

wapiticountry wrote:
Interesting point. Never thought about it, but you can bet there is someone elected to office that believes owning a home for decades and seeing that home appreciate over those years makes them ”rich “ and deserving of a punitive tax. That $500k exclusion could join the dodo bird if some get their way.

Or like many deductions the exclusion could taper off to zero only for the high earning taxpayer.

[wapiticountry]

Ivylog wrote:
“I would not be entering into a 1031 exchange at this time even with an eligible asset sale. A 1031 only delays capital gains taxes. There is a likelihood that the capital gain tax rate is going to rise significantly. If that happens, you may forego a 20% rate today for a 39% rate down the road. That could be a very expensive decision.”
The $500k exclusion on selling your home may still apply but I would sell NOW.

Interesting point. Never thought about it, but you can bet there is someone elected to office that believes owning a home for decades and seeing that home appreciate over those years makes them ”rich “ and deserving of a punitive tax. That $500k exclusion could join the dodo bird if some get their way.

[wanderingaimles]

A nephew of mine really liked Casper WY; you might check out that area. He had to leave because his job went away, otherwise he might be there still.
Wy is a possibility, just have to see if we can get going, She likes it cold, not sure I can stand a winter there, but we'll look. Already bought a small A, installed some solar yesterday, we just need her Doc's to get the last big issue addressed.

[valhalla360]

toedtoes wrote:

joezippy wrote:

toedtoes wrote:
Honestly, I would be asking my "money guy" (financial advisor) not a bunch of strangers on the internet.

Case in point, folks here are speaking of their own experiences - which may be completely different from the OP's due to timing, location, amount of equity, purchase price, health, family, and so on.

Your financial advisor can give you a projection based on YOUR set of circumstances and then you can base your decision of actual data not hearsay.

Several years back, I was considering buying another house. Rather than just go on the advice of friends, I called my money guy. He gave me a very detailed breakdown of how it would change my future and I decided it wasn't the right decision to buy. At the end, he thanked me for checking with him first because he usually gets the call afterwards when the folks realize they totally messed up and want him to fix it all.

So long as your "money guy" has your best interest in mind and not his money... Been burned that way, so I'm speaking from experience. It's always best to do your own homework. Regardless of what others say, but asking never hurts IMHO. Cheers.

Rule number 1 - make sure your money guy is trustworthy.

Rule number 2 - always verify the information.

Asking on a forum can offer ideas, but it should never substitute for educated advice. If you can't trust your money guy, why would you think you can trust strangers on the internet...

You forgot Rule 3...Find someone who has actual experience with living full time without a home....which most money guys don't have and don't comprehend.

Even if they are well intentioned, the lifestyle is so far outside normal assumptions, that they are likely to give poor advice.

[hl_remington]

I thank Toedtoes information is right on.

[rexlion]

wanderingaimlessly wrote:
Have to agree with Valhalla,
IF you don't plan to go back and live in the house, then sell it now, Save the taxes, insurance and maintenance cost and store the household items you feel you must keep.
IF you know where you want to eventually buy again, go ahead and move the household goods to the area to simplify the final move a year or so from now.
We're in Va, and are putting the house up as soon as m'ladies health issues are resolved. We will move them to somewhere in the midwest and store them there until we decide on our final landing spot which could be anywhere from SD to NM, to Id. In our case, once we get out west, I don't see us coming back east, so staging them in the region, probably near Denver seems to make sense.

A nephew of mine really liked Casper WY; you might check out that area. He had to leave because his job went away, otherwise he might be there still.