Dear MarketWatch, We are thinking of moving from New Jersey to somewhere in the south, such as Florida or North Carolina. I’m 45 years old, and I have kids who will be going to school for another 10 to 15 years. We also want to live in warmer weather.
We were also thinking about investing up to $1 million in a home, maybe a multi-family unit, to get a return of at least 6% to 8% in rent. My goal is to maximize returns with the least amount of effort — I am sure there will be some management fees to be paid, which I am fine with.‘The Big Move’ is a MarketWatch column looking at the ins and outs of real estate, from navigating the search for a new home to applying for a mortgage.
Since your kids are still in school for a while, and it is a priority for your kids to go to a great school since you are making that trip from New Jersey to the south, you will have to isolate, with your real-estate agent, a couple of options during this field trip. Now one big piece of good news is that you’re likely to see your income taxes fall, should you choose to move from New Jersey to Florida. Keep that in mind when trying to make sense of your finances.
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