Ive been living in my house for about a year.. want to sell?

Question

I've lived in house for a year, I want to sell it, we need more room, will my value be very low on the house, should I stay for 2 years?

Answer 1

If you sell the house and have not lived in it as your primary residence for at least two of the last five years, you will pay capital gains tax on any profit you make above the original purchase price. As for the value, tough to know without know anything at all about the property (location, size, comparable sales) The tax implications alone may be worth holding on for another year. Is an addition an option?

Answer 2

Hard to say what your value will be. I don't know where you live or what your house is worth.

However, you could run into some capital gains tax issues if you've lived in the house less than 2 years and you sell it for more than you paid for it.

Answer 3

The best idea is to talk to talk to your local real estate agent for a market evaluation on your house before making the final decision. If there is a mortgage, the year's worth of payments typically make a small dent in the mortgage because most of the payment goes towards interest. If the equity in the house is less than the real estate agent's fee, it is better holding onto the current house longer and saving for a downpayment on a new house. Good luck!