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capital gains
Posted by markP [Email] (more from markP) on Fri, 12 Nov 2004 04:40:36
In Reply to: OT: Real Estate Question - Buying in a new development, Randy Thatcher
[Profile/Gallery]
, Thu, 11 Nov 2004 22:42:03
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We bought in a new development pre-construction and only had to put down 10% to get the contract. The rest was due when we closed (although I think there was some due with the options). Of course, this amount varies per builder.
You WILL have to pay capital gains tax on the property if you own it less than 2 years. This is not insignificant. Check the web or an accountant.
The mortgage will start the day you close. You do not need a mortgage for the construction as the builder is doing the financing (as opposed to if you built the home - then you would have construction loan, etc...).
People do this all the time but it is a gamble. You need to prepared to keep the house.
posted by 65.118.158...
Posts in this Thread:
- OT: Real Estate Question - Buying in a new development, Randy Thatcher
, Thu, 11 Nov 2004 22:42:03- You are betting that mortgage rates will stay low,, Rafe, Sun, 14 Nov 2004 06:52:35
- Salbale contracts..., egsAero, Fri, 12 Nov 2004 12:25:13
- foreclosers, ckpaden, Fri, 12 Nov 2004 11:40:07
- Good strategy...., Mike Lynch
, Fri, 12 Nov 2004 11:35:32 - If its stictly an investment property..., KB900psi, Fri, 12 Nov 2004 10:31:04
- Re: OT: Real Estate Question - Buying in a new development, Bob M, Fri, 12 Nov 2004 08:11:13
- capital gains, markP, Fri, 12 Nov 2004 04:40:36 <-- Viewing This Message
- How much can you afford to lose?, MI-Roger
, Fri, 12 Nov 2004 04:12:31
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