Buying a house..Opinions needed

[DallasRed]

Trying to decide on if I should buy another home or not...

Here is the background..I currently own a home and I rent it out while I am here in MD.

I have been renting and my lease is almost up. It is killing me to pay all of this rent money and have nothing to show for it.

The reason I don't know if I should buy of not is because I will be in the house less than 2 years. I have been here long enough to know that I will have no problem renting it and if priced right I will have no problem selling it.

Now with that being said..What are the downfalls of buying? Does the rule still apply that you have to be in it for at least 3 years before selling? Will I not break even? Because of closing costs, realtor fees etc. If I do buy should I rent it out for awhile. One thing to add the buyer is giving me a great rate of 4%..Which is making it hard to walk away..
TIA for advice and opinions

 

[stix]

Food for thought

Buying a home as your primary home of residence provides additional tax benefits that renting does not. I would probably suggest you seek a mid range foreclosure which is cheaper than new construction. Worst cast.. you can create wealth via another investment property or sell it and make a couple bucks tax free..

Disclosure: I'am a licensed Realtor

 

[chernmax]

Trying to decide on if I should buy another home or not...

Here is the background..I currently own a home and I rent it out while I am here in MD.

I have been renting and my lease is almost up. It is killing me to pay all of this rent money and have nothing to show for it.

The reason I don't know if I should buy of not is because I will be in the house less than 2 years. I have been here long enough to know that I will have no problem renting it and if priced right I will have no problem selling it.

Now with that being said..What are the downfalls of buying? Does the rule still apply that you have to be in it for at least 3 years before selling? Will I not break even? Because of closing costs, realtor fees etc. If I do buy should I rent it out for awhile. One thing to add the buyer is giving me a great rate of 4%..Which is making it hard to walk away..
TIA for advice and opinions

We have some Realtors on this forum, hopefully others will chime in!

 

[robbie]

I will sell if interested. In St. Charles but home has 7 bdrm. 4 ba. Close to bluecrabs and very rentable with all those rooms. 300K w/o realtor, 320 w.
Thought I'd give it a shot.