Stay or sell, home related

sleek98

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As Cobra said, you dont have to go out to 30, you can choose a 15/20/25/30 note.

I would sell and move and look into a 20-25 year note on the new place. That way it helps keep it down some but not extending you all the way back to a 30 again.
 

Booky

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How many of you all have stayed in the first house you purchased and payed it off? We have 16 years left until ours is payed for which would leave us at being in our 50’s with no mortgage. We would love to sell now and get into something with more room and a little larger lot but would have to start over with a 30 year loan. We have two kids and our home is 1650 sq feet and is on .16 acre lot. The other issue is that we live within a couple of miles of a land fill and have noticed the smells are getting worse over time. Houses are selling quickly where we live and would give us an opportunity to move into a bigger home. We would really love to move to the beach when we retire and don’t want to mess that up by making a bad decision now. What would y’all do in this situation?




We all know the smart move here. Do what your wife wants to do or you will NEVER hear the end of it.





JMO
 

jaxbusa

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I understand your conundrum. My first house was a brick house on a golf course. I purchased it for $129,000 in 2003. I thought it was going to be my forever home. After 13 years in the house I realized the neighborhood and surrounding area was going downhill due to crime. My wife and I decided to move before it affected the value. So, two and a half years ago we purchased land and built. My wife and I were 36 starting over with a bigger mortgage. It was nerve-racking but totally worth it for us. I was looking at doing a 15 year mortgage because I couldn’t imagine paying on it until I’m 66 years old, but the bank explained the small difference in interest rates between 15 and 30 year loans. We ended up getting a 30 year mortgage to give us more flexibility. You can always pay it down early.


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Blown 89

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If you want out of that house you're at the peak of the market and now is the time to sell and wait it out a bit. I prefer to live mortgage free but if you're that unhappy where you are then move.
 

Crimson2v

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It’s a tough decision but we have some time to think while I do some needed repairs and paint work. I think we might go ahead and get a storage unit and start putting things away we don’t absolutely need. I saw my parents do something similar due to crime in their old neighborhood. They held on too long and didn’t make much off the house when they sold it and I don’t want that to happen to us. I really appreciate all the feedback, it helps tremendously.
 

coposrv

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Sell now rent for the time being. Buy low. I can’t see this market sustaining much longer.

Tiny 2/3 bedroom ranch homes by me built in the 50’s are going for 400k and another 10k a year in taxes.

It’s bananas.


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coposrv

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IMG_1877.jpg


What a joke


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IronSnake

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Interesting thing about cities like yours. People seem to be moving to suburbia/cities more and more these last generations. Charleston is projected to be at a million people in 10 years. It was 160k when I was a kid. Even if the bubble bursts on the market, it'll correct hard in certain locations, but places like Boston and Charleston where people are still wanting to move won't be much cheaper than they are now.

I bet that house even after a bubble burst would pull 350k.
 

StrayBullitt

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Tough call OP, I sold my first place 2 years ago and haven't looked back.. it does suck thinking that 10 years from now I would have had it paid off, but I was very much ready to move on from that place. Sounds like you may be on the same boat.
 

ViciousJay

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Tough call OP, I sold my first place 2 years ago and haven't looked back.. it does suck thinking that 10 years from now I would have had it paid off, but I was very much ready to move on from that place. Sounds like you may be on the same boat.
Same here but I'll be in the process come time June. 1 man and 2 dogs living on a half acre in a 3K sq ft house has taken a toll on me. I ready for either a townhouse or 3-2-2 in the DFW area.
 

GNBRETT

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A home is not an investment. It's simply where u lay ur head at night. A house is one the worst investments one could make on average.

Which is why it's widely known that a house is not an investment its simple where u live so live in a place that makes u happy just don't get too carried away and become house poor.

Have u tried paying bi-weekly vs. monthly? U pay the same amount u just end up making 13 payments a year vs. 12. U save a lot in interest over time.
 

ON D BIT

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A home is not an investment. It's simply where u lay ur head at night. A house is one the worst investments one could make on average.

Which is why it's widely known that a house is not an investment its simple where u live so live in a place that makes u happy just don't get too carried away and become house poor.

Have u tried paying bi-weekly vs. monthly? U pay the same amount u just end up making 13 payments a year vs. 12. U save a lot in interest over time.
I disagree. It’s one of the best investments out there and one that gives tax advantages that most investments don’t. As with all investments they could go up or down in any given year.

15 year loan 25% of take home pay and you will be set op.
 

GNBRETT

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On average it's very true. In fact, renting isn't any cheaper or more expensive in the end than owning a house would be especially when u factor in taxes, maintenance costs, up keep, etc....

Most of us paying $5-10k a year in taxes some way more. Own a house for ten years and u pay say $6k a year in taxes in 10 years that's $60k. Its unlikely the house went up in value $60k in 10 years. In fact, for millions they would happy to just break even.

A house is not an investment! Its where u live period! Yea, some score no doubt but most don't no doubt.

you're the first person I've ever heard ever say this
 

coposrv

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A home is not an investment. It's simply where u lay ur head at night. A house is one the worst investments one could make on average.

I agree completely. A single family home after property taxes, maintenance, interest on the money you bought, it is not a great investment at all. Most people think because they bought for 500 and sold for a million after 20 years they made 500 grand. Not so is the case.


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BlckBox04

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On average it's very true. In fact, renting isn't any cheaper or more expensive in the end than owning a house would be especially when u factor in taxes, maintenance costs, up keep, etc....

Most of us paying $5-10k a year in taxes some way more. Own a house for ten years and u pay say $6k a year in taxes in 10 years that's $60k. Its unlikely the house went up in value $60k in 10 years. In fact, for millions they would happy to just break even.

A house is not an investment! Its where u live period! Yea, some score no doubt but most don't no doubt.

a lot of economics factor in to a lot of this.

I pay a lot less for a mortgage on a nice sized townhome that has already gone up in value over the 2 years I've "owned". Now that I'm trying to sell it I'm going to end up making a nice chunk of money off of it. If I was renting I'd get nothing.
 

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