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To stay or sell... from a financial perspective

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Money Talk > Real Estate

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adamjohnson
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To stay or sell... from a financial perspective  Reply with quote  

This is our 2nd home and we bought it pre kids. It doesn’t meet our needs post kids very well... layout issues, so we thought about moving to a better well suited home in the same area...Here’s the kicker however...we’ve been in this house for 10 years (it’s 14 yrs old) and have a low interest rate and low payments. The new mortgage because this area has really grown in price, would be $1,000 extra per month on a newer 4 to 5 year old home. Since our home is 14 years old, we are going to have major system replacements in the next 8 years such as roof, hvac x 2, exterior paint again, carpet, refinish hardwood floors, and kitchen or bathroom renovations in the next 10 years. We plan on staying in either this house or the next 13 more years. Our current house would be close to 30 years old at the time and def would require renovated rooms to sell. As of right now...everything is still on trend.
more: sun quảng an, sun láng hạ
Calculating the financials of staying verses going and having a $1,000 extra on the payment, on paper it appears to be fairly even since our current house will require a lot of money dumped into it. Our income is around $140,000 and would be looking at a 3 to 5 year old house around $440,000 with 20% or more down. The newer home will be a while before systems fail and won’t require renovations, although the payment $1,000 more per month and the interest rate much higher than our current one. We bought the current one for 290,000.
more: sun láng hạ
Is it smarter to just stay and dump a lot of money into this one or just buy the newer upgraded place if you were in our situation?[/url]
Post Mon Sep 10, 2018 9:00 am
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