Planning a big move? Learn how to decide whether you should sell or rent your home and fund your next down payment.
Should you sell or rent out your home when you move? What’s the best way to fund a down payment from multiple accounts? Host Sean Pyles talks to NerdWallet writer Lisa Green about the big financial decisions that come with relocating across a long distance. Joined by listener David, they explore how to evaluate whether keeping a home as a rental makes sense, and what it takes to manage that property from a distance.
They begin with a discussion of long-distance landlording, with tips and tricks on hiring a property manager, maintaining a savings cushion, and considering the tax benefits of depreciation and travel deductions. They also discuss which accounts to withdraw from with minimal tax consequences, how to leverage a HELOC before moving, and how the timing of a move can impact your financial strategy.
Learn about down payments and calculate how much to put down on a house: https://www.nerdwallet.com/article/mortgages/down-payment-calculator
If you’re ready to find the right mortgage with expert guidance every step of the way, get started today at https://www.nerdwallet.com/prequalify/m/mortgage-experts/lp1
In their conversation, the Nerds discuss: renting out your home after moving, long distance landlord tips, property manager costs, managing a rental property from another state, home equity line of credit for down payment, how to get money for a home down payment, using Roth IRA for home purchase, cashing out taxable investments for a down payment, capital gains tax on investment sales, moving across the country with kids, how to prepare financially for a move, cross-country move costs, downsizing before a move, furnished rental property tax benefits, rental property depreciation, rental property travel tax deduction, renting furnished home to traveling nurses, comparing cost of pods vs U-Haul, best way to move long distance, property management for out-of-state rental, rental vacancy costs, tax benefits of keeping a rental property, how to handle moving logistics, financial planning for relocation, and how to access money for a house down payment.
To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email podcast@nerdwallet.com.
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