I’m married, file taxes jointly and live in NJ, with 2 children (if that matters).
If my loan balance is $360,000 and I sell my home for $1,000,000, how much do I realistically walk away with when all is said and done?
ChatGPT says $550k-$590k
My father-in-law says $350k…
Pretty big difference between the 2 answers!
Side note: My stepmom would be our realtor and she isn’t going to take a cut.
New homebuyer here… I bought my home 2 years ago for $360k. We live a block from the water on the South Jersey shore. My father-in-law is a builder so we got a brand new home worth about $450k for only $360k as a sort of wedding gift kind of thing.
Our area is in a major gentrification period. We’re on the border of Ventnor Heights and Atlantic City. Ventnor is considered on the higher end, and it’s starting to bleed its way further into us. Many homes in Ventnor are bought by wealthy tourists well above market value. All new homes are being built around us, along with a $3 billion project right up the street; another casino or something of the sort.
A local realtor told us that our home could potentially be worth over $1 million in only 5 years, because of where it’s located, gentrification, and because it’s a new build.
So my question is, has anyone ever had an experience like this? It seems too good to be true. But it would be totally incredible if we were able to sell in a few years, and profit so greatly that we could move to a rural town with a solid school system, being that we have 2 young boys (newborn and 1-year-old).
Has anyone ever profited so greatly from a home that they were able to buy a house outright cash?