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Buying Out of Town


Relocating to a new town presents an extra set of challenges especially if you are moving to a different part of the country. You will have to become accustomed to some obvious differences from your home turf: differences in the weather, in what plants will grow in your garden and in the way locals go about their lives. But you will also encounter important differences peculiar to real estate such as whether  the buyer or seller customarily pays certain closing costs. In this situation, it is particularly crucial to find a top-notch local real estate agent who can guide you through the process.

Until the old capital-gains tax laws, your home-sale profits were protected from tax ‘only’ if you rolled them over into another home at least as expensive as the old one. Those laws practically demanded that people moving from one side of the country to the other buy some type of home in their new community instead of renting. But those tax laws are gone and the pressure on relocating families has been relieved. You do not have to buy right away. If you are unsure about the relocation or if you simply want to settle in and learn the area before you commit to a neighborhood, you can rent for a year or two or even longer. Sure it means you will have to pack up your belongings and move twice but it certainly takes the heat off the initial move.

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