Hello. New member here.
My wife and I are about 5-6 years from retirement. Our tentative retirement plan is to relocate from WNY to FL. We have kicked around the idea of maintaining two properties and become snowbirds but it hardly seems worth the expense of having a home sit empty for 8+ months especially in NY. We currently own a condo in Florida which our daughter lives in and pays us below market rate rent. We accept this arrangement because this is also our vacation place where we stay. We have located a larger home in another community nearby which we would really like to live in when we do retire.
We accept that we will probably need to sell our primary residence in NY to be able to purchase this home. The new home and our primary residence in NY are about the same value (285K)
The question is what do we do with the condo? We purchased it in 2013 for 78K and it is now worth about 120K. The rent potential is $1000-1200 month. HOA+Ins = $475 mo. I have never been a landlord but if I am nearby, I would be open to it. My daughter would get her own place (with a little help from us)
I have considered the following options:
- 1.Sell the condo and buy the retirement home now. I would need to finance the difference and my daughter is willing to live in it until we move down paying us rent in a similar arrangement.
- 2.Wait the 5-6 years. Buy the retirement home and sell the condo.
- 3.Wait the 5-6 years. Rent the Condo.
I would appreciate any advice especially regarding the tax consequences.
