i'm contemplating the purchase of a home, its a stellar deal and i don't want to miss the investment opportunity. There is a chance of a situational change (not 100%) that may require me to sell the house. There are some easy improvements i plan on fixing in the first two months that would up the value to the neighborhood average (currently 30,000$ under average)
scenario A. Buy house, repair, live in.
scenario B. Buy house, repair, live in, sell.
my fear is really just the unknown, im comfortable enough with the buying part as ive been researching for about a year now. Pre approval, realtor, inspections etc make sure its not to good to be true all that fun stuff will be handled. If its infact a situation like i think we move forward.
on the selling side, ive read a little bit and want to see if there is anything more that i should know. Of course if i get a mortgage for X ammount, and repair out of my savings account 5k, and i have to sell, i would be subject to a few things similar to a house flipper. Penalty for payment of the mortgage (7% roughly), short term capitol gains tax (25% of the profit, after repair costs, closing cost etc) being that i would need it sold quickly i would also get a realtor, so that's another 4-5% (right?)
please let me know if i can provide any more details to help get the best answers.
Read more: Hypothetical, i bought a house, situation changed and i want to sell it in two months (for a possilbe gain)?
