How to Combine Households When You Each Own a Home Arizona

The following contains housing information you should know about how to combine households with your partner when you each own a home. Read this review if you or a loved one is interested in buying and selling real estate in Arizona.

Local Companies

365 Self Storage
(480)6611875
10115 E Bell Rd Ste 427
Scottsdale, AZ
John Buck at BR Realty
623332-3334
Peoria, AZ
Meenakshi Kapur Lal - Windermere West Valley
602790-5463
8476 W Thunderbird Road #102
Peoria, AZ
Two Men and A Truck
(623) 933-2180
9192 W. Cactus
Peoria, AZ
Allstar Movers
602-943-3800
Phoenix, AZ
Moving Breath Pilates Studio
(480) 731-3101
1801 S Jentilly Ln Ste C20
Tempe, AZ
Mesa Movers
(480) 374-1684
119 N Mesa Dr
Mesa, AZ
TWO MEN AND A TRUCK
623-933-2180
9162 West Cactus Rd Suite D
Peoria, AZ
Arizona Rent A Storage
(623) 931-6573
9240 N. 67th Ave.
Glendale, AZ
U-Haul Center
(623) 974-5446
8746 W. Bell
Peoria, AZ

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Combining households is a complicated enough affair when you’re getting married, but what if you each own a home going into the marriage? Do you sell one and move into the other? Do you sell both and buy a new home together? How about renting one and living in the other?

Unfortunately, as wonderful as the idea of spending the rest of your lives together is, sorting out the financial implications isn’t very romantic. You’ll need to consider issues such as:

--Your finances individually and as a couple.
--The strength of the housing market where each home is located.
--The tax implications of each scenario.
--The desirability of each neighborhood and potential for each home to appreciate in value.

The Mortgage Bankers Association recommends starting by getting a copy of both your credit histories. You can get a free copy once a year at www.annualcreditreport.com. Realize that a bad credit rating by one spouse will affect the couple’s ability to obtain credit and the interest rates you’ll pay. If you own or buy a home together, creditors can try to seize joint assets to satisfy bad debts one spouse brought into the marriage.

When you combine households, you may consider turning one of the homes into a rental property. Rental income usually rises over time and can help balance your savings portfolio, the group says.

If you choose to sell a home as a single person, you can claim up to $250,000 in profit tax-free as long as you lived in the home for at least two of the previous five years. The deduction is $500,000 for married couples filing jointly, but only if both of you meet the residence requirement – in other words, if you lived together for two years in the home.

If you’re selling one or both homes and buying a new one together, it makes sense to have one real estate professional who understands your situation to handle all the transactions, says real estate agent and relocation consultant Pat Ratz of Coldwell Banker Advantage in Raleigh, N.C.

“That agent will know more or less the bottom line of what the present house is going to sell for and be able to take them in the right direction (with) the new home,” says Ratz, whose brokerage is on the RealEstate.com network. “You’ll have someone that’s a sounding board for your ideas and can help put all your priorities in order.”

The agent can figure out how much house the couple can afford to buy together based on the prices their current home(s) will likely fetch in the market, she says, and how to wed the lifestyles of each partner into a home that will suit them both when they combine households.

Let the romance begin.

 

Published on May 23, 2007

Read full article at realestate.com

Featured Local Company

365 Self Storage

(480)6611875
10115 E Bell Rd Ste 427
Scottsdale, AZ

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