July 3, 2025 The Best Source of News, Culture, Lifestyle for Culver City, Mar Vista, Del Rey, Palms and West Los Angeles

The Dilemma: Do I sell, lease, or stay?

By Ron Wynn

 

It’s a big decision knowing what to do. People often sell their homes when they are going through life changes, which are aging, health issues, divorce, financial reasons, etc. Many times when people retire, they start to think about how they can live on a comfortable budget. Some of it might mean to sell your home and put your money to work for you. Of course, if you’re going to stay in the area, rents are very high and it sometimes just doesn’t pay. On the other hand, when people own their house free and clear, staying put is usually cheaper than to move anywhere else. That is not entirely true. If you put your money to work for you through a financial planner, you can also offset your expenses. If you are looking to buy again and you don’t take advantage of proposition 60, your taxes are going to be exorbitant, if you are purchasing up from the price for which you sold.

Some owners sell because they are tired of the traffic and need to get away while others want to move closer to family. Of course, some people say “our house is way too large;” however, lately people have just been shutting off a room and renting them out.

Elective/arbitrary moving has become less and less common. It is just too expensive to pack up and move into a new house. It is expensive, with repairs needing to be made, commissions that need to be paid, and unforeseen things that come up. On the other hand, if you can see yourself living somewhere where property values are lower, you can buy a beautiful place for a fourth of your equity and put the rest to work with you. Prices are often very affordable in most other places.

If you are married, there is a $500,000 tax deduction if it is your primarily residence and you qualify. Also, if you have lived in your property at least two out of the last five years, you still qualify for the same deduction. Therefore, you might rent your property for up to three years. If your property is a rental property, you can also exchange it for another rental property, but that will not help you in terms of where you will live as your primary residence.

Finally, if you hold your property for your next of kin to inherit, with today’s tax laws, they will more than likely inherit your property tax free unless you have a sizable estate. Be sure to check with your CPA and tax attorney whether or not this consideration should be made for you in particular. There are many alternatives and options, whether to keep your property, to lease your property, or to sell your property. Some people prefer “in house” assisted care as an alternative to moving to a “board and care” if they can afford it and would much prefer that, to moving. Feel free to call me to discuss alternatives and possibilities. You have many options to consider.

For real estate advice, or if you have any questions, reach out to Ron Wynn at ron@ronwynn.com.

Related Posts

(Video) Jikoni, the AfriCali PopUp from celebrated cookbook author Kiano Moju Has Been Extended Until July 3 at Citizen Public Market

July 1, 2025

July 1, 2025

Bold Flavors and Spice Merge with Crisp, Chewy Chapati. Delicious With a Caring Chef and Staff. Jikoni, the AfriCali PopUp...

Pentagon Orders Troop Drawdown in LA: 150 National Guard Members Reassigned to Wildfire Duty

July 1, 2025

July 1, 2025

Federal Forces Begin Partial Withdrawal From Protest Response as California Leaders Push Back U.S. Northern Command announced Tuesday that 150...

California Highway Patrol Deploys for Independence Day Enforcement Surge

July 1, 2025

July 1, 2025

All Available Officers to Hit California Highways for Holiday Weekend As Californians gear up for Fourth of July festivities, the...

Court Postpones Arraignment for Driver in Malibu Crash That Killed Four Students

July 1, 2025

July 1, 2025

Fraser Michael Bohm Faces Murder Charges in Fatal PCH Wreck  The arraignment for Fraser Michael Bohm, the 23-year-old man accused...

(Video) Los Angeles County Supervisor from the 2nd district, Holly J. Mitchel, Gives a Powerful Speech

June 30, 2025

June 30, 2025

Supervisor Mitchell Called on Residents to take action at the rally for Ambrocio “Enrique” Lozano in Culver City.

Top Military Commander Urges Return of Troops Deployed to ICE Protest Response

June 30, 2025

June 30, 2025

General Requests 200 National Guard Soldiers Be Returned to California Wildfire Unit The senior U.S. military officer overseeing federal forces...

Second Victim Killed Alongside LAPD Sergeant in Brentwood 405 Crash Identified

June 30, 2025

June 30, 2025

Authorities Confirm Garcia, 34, Died at the Scene, GoFundMe Launched  Authorities have identified the civilian who was killed alongside a...

The Westside Lights Up for July 4: Fireworks, Drone Shows, and Parades Return Across West Los Angeles

June 30, 2025

June 30, 2025

From Marina Del Rey’s Fireworks to Culver City’s 1980s-Themed Drone Show, Get Ready to Celebrate From fireworks over Marina del...

California Judge Rules FAIR Plan’s Smoke Damage Policy Unlawful

June 29, 2025

June 29, 2025

Court Says Wildfire Insurance Program Illegally Denied Claims Legal protections for California homeowners took a step forward this week after...

(Video) Culver City Residents and City and County Leaders Rally for Disappeared Ice Cream Man Ambrocio “Enrique” Lozano

June 29, 2025

June 29, 2025

US Representative for California’s 37th Congressional District, Sydney Kamlager-Dove Speaks About What is happening to the disappeared.

Historic Sawtelle Nursery Site Could Become 40-Unit Townhome Complex

June 29, 2025

June 29, 2025

Sawtelle Continues to Change as Nursery Site Faces Redevelopment Plans have been submitted to redevelop a nursery site, F.K. Nursery,...

Drake Slashes Price on Beverly Hills Estate to $79 Million Amid Market Slowdown

June 29, 2025

June 29, 2025

Price Cut Adds to a Broader Retreat From His Los Angeles Real Estate Holdings. Musician Drake has reduced the price...

Iranian Pastor in West L.A. Speaks as Church Rocked by Immigration Raids 

June 28, 2025

June 28, 2025

Five Detained as Fear Spreads Through Persian Christian Faith Community  Fear has spread through a West Los Angeles congregation after...

Overdose Deaths Drop 22% in Los Angeles County, Marking Largest Decline on Record

June 28, 2025

June 28, 2025

Fentanyl Fatalities Fell 37% as County Ramps up Funding for Prevention, Treatment Drug overdose deaths in Los Angeles County declined...

Cinespia Brings Fireworks and Fan Favorites to Hollywood Forever This July

June 27, 2025

June 27, 2025

Watch Top Gun, La La Land, and More Under the Stars at Hollywood Forever Cinespia, Los Angeles’ iconic outdoor movie...