Me and my wife live in Phoenix area and we got our current house in 2017 and its a small 3 bed house. Until now we are happy but we feel if we have kids we will need a bigger house.
Given the current market conditions we did bid on couple of houses but people paid higher for those and we did not get it.
Also we are thinking of selling everything in next 2-3 years and move out of US.
So the concern and questions we have is:
Will it be better to sell my current house and get a new bigger house ? What will be the tax implications of selling this and buying new one? If I was planning to here long term I would not have tried to sell this current house and just rented it out. Would it be still beneficial financially for me if I rent it out if we have to move out of country in 2-3 years still ? Dont buy new house and stay here only and then move out selling this house ?
Case1: If I buy a new house sell this current house.
If market crashes then atleast I will cash out my apreciation from old house.
Case 2: I rent this current house and buy a new house.
I will be in losses as market will be down and wont get my money back if i have to sell it in short term.
What are my options ? Any recommendations , suggestions ?
Thanks in advance.