Buy a house?
Hi Terry. I’m closing on my house March 31st. I made a profit of $180k. Should I rent month to month instead of buying now to see what happens ? And what do I do with this money?
Terry Says
Put this money in the bank, about half in a money market deposit account, and about half in a 6-month CD. You won’t owe taxes on this amount since it was your primary residence.
Whether you should buy depends on a lot of factors. A lot of my readers/listeners are from Illinois. If that’s the case, I would definitely rent. I know property taxes are going up — and I know the economy is going to slow, likely into a recession.
So this is a good time to sit back and assess where you want to be, where you might be working (or retiring) in the years ahead, and wait for prices to come down, along with mortgage rates.
