No. of Recommendations: 0
It isn't too late, but that doesn't mean it would be a good decision. A careful analysis of rent vs buy needs to be done.

At some point, one or both of you are going to retire. Will you change jobs? Do you want the flexibility to change jobs? Will you move to the house, apartment or sell both? Are your jobs stable enough to risk draining your liquid resources? How difficult would it be to sell? Is the neighborhood stable or improving? How long would you own the apartment? Are rents and property values increasing?

Will the income tax deduction be limited? The tax board would likely be able to answer this question. I believe, interest is deductible for two residences but there are limits on the total amount and AMT could be an issue.

The first step would be a detailed analysis of the cost to own (including cost of purchase and sale) vs rent.
Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement