Risk of selling a home with 12 mos of buying?

I have an opportunity to buy my house from my landlord a little under market value. The house is $550,000 but comparables are selling for around $580-$600k.

My closing fees are about $13,000.

I’m of the belief that if I want to, I can probably perform some cosmetic upgrades and sell the home for at least $580,000.

My neighbors are all telling me that I “won’t have enough equity” and I’ll “lose money on fees” if I sell within a year.

What gives? I know I would have to pay agent commission when I sell, but that would still leave me with a profit.

What magically happens at 2 years which would make it easier to sell, given that by holding for 2 years, I’d also be responsible for taxes, interest, etc over that time period?

I’m struggling to see why selling within 12 months is explicitly disadvantageous vs 24+ months.

submitted by /u/Kamikaze_Cash
[link] [comments]

I have an opportunity to buy my house from my landlord a little under market value. The house is $550,000 but comparables are selling for around $580-$600k. My closing fees are about $13,000. I’m of the belief that if I want to, I can probably perform some cosmetic upgrades and sell the home for at least $580,000. My neighbors are all telling me that I “won’t have enough equity” and I’ll “lose money on fees” if I sell within a year. What gives? I know I would have to pay agent commission when I sell, but that would still leave me with a profit. What magically happens at 2 years which would make it easier to sell, given that by holding for 2 years, I’d also be responsible for taxes, interest, etc over that time period? I’m struggling to see why selling within 12 months is explicitly disadvantageous vs 24+ months. submitted by /u/Kamikaze_Cash [link] [comments]

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