We have lived in our current house for 11 years. Our mortgage payment is about what many people in our area pay in rent in each month. It's really a very nice house, but we would like something bigger with a few upgrades. Because our mortgage payment has been so small, we have been able to save 17% of our salary directly out of our paychecks. We also are able to eat out when we want and go on vacation a couple of times a year, etc. But my husband is unhappy in the house because we're always tripping over each other and everything is always cluttered because we're out of space.
We have found a house we like, but we will be nearly doubling our mortgage payment and probably wouldn't be able to save much for awhile. Is it stupid to stop saving for awhile to put that money into the house? I don't want to be house poor, but I want my husband to be happy too.
2006-12-01 10:16:38 · 8 answers · asked by Brooke22365 4 in Business & Finance ➔ Renting & Real Estate
Consider building an addition on your current place. It wont cost as much as buying a new place and you can probably utilize a home-equity line of credit to do it and your mortgage will only go up slightly which will in turn make your husband happier and still allow you to save money as well.
2006-12-01 10:21:36 · answer #1 · answered by tchem75 5 · 2⤊ 1⤋
Go house shopping seriously. Look for a home that meets your space requirements yet doesnt break your back. If you think your husband is unhappy now see what wil happen when debt takes over your life. A larger home with double the payment is only the beginning. Your RE taxes will probably go up, your utilities will go up, your furniture needs and decorating needs will escalate. A house can take over your whole life only to make you unhappy. A house somewhat bigger than what you have I and less expensive is probably the way to go. Do a lot of looking and when dealing with RE agents, make them stay in your price range. They will show you houses that you will fall in love with but will be way out of your price range. Look at the less epensive houses with an eye to what you can do to make them look better. I have seen more relationships fails because of money problems. You need to have money for vacations, dinners out and time together.
2006-12-01 18:51:15 · answer #2 · answered by juncogirl3 6 · 1⤊ 0⤋
first ask yourself a couple of question and be honest:
what is the reason i want to move?
if i didn't move what are the drawbacks?
the area you want to buy are the price going down more than the area your are in? you might want to wait but then again the interest rates might go up. I wish i had a crystal ball.
find out the houses are selling for in the are you want to move to to get a better idea of how much you will need out of you current home.
if you are serious then:
1st, find the right Realtor, interview several.
remember, now it is a buyers market, so even if you find the right home it might not be on the market later on because you still need to sell yours first. Ask yourself if you would be able to pay two mortgage.
Price it right. Main reason why most listing go expired is because price it too high (what i mean is buyer do not think the house is worth the price that is listed, buyers always determine the prices in any market.)
next, you might want to consider renting while you are looking for you new home or maybe stay with family or friends.
write down what you want for you next home (# of bd rms, pool, etc.)
take it to a Realtor for them to check the MLS (not going to cost you anything)
remember again, right now its a buyers market, so lot of inventory.
good luck.
2006-12-01 21:36:57 · answer #3 · answered by Elvis I 1 · 0⤊ 0⤋
In the current UK property market, the problem many people have is that in order for them to get onto the property ladder, many people are over extending themselves.
I suggest you look into the part ownership route, or look at renting a larger place and continue saving money.
With the part ownership option, you can have anything from a 30-70% share of the property. Some schemes allow you to pay for your share only (you need a bigger share for that) others will incorporate a 30% share with an allied rent.
Look around. there are a lot of options available.
2006-12-01 18:29:50 · answer #4 · answered by tjb742001 2 · 0⤊ 1⤋
Sell. Depending on your area you have a considerable amount of equity now and may be able to upgrade with little or no increase to your monthly payments. There are several creative ways to keep your payments as low as they are now. One way is to extend your amortization back up to twenty years. Consult your financial institution and express your concerns regarding your dilemma. Any mortgage professional wanting your business will go the extra mile to help you. Don't be afraid you will find a way.
2006-12-01 18:31:24 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Upgrading to a larger house is often the best investment you'll make. Property will increase in value and chances are after 11 years you will pull a significant amount out of your current house to put down on a new home.
2006-12-01 21:20:31 · answer #6 · answered by Anonymous · 0⤊ 0⤋
My opinion is put your house on the market for a price that will get you enough money to be comfortable in a larger house. If you don't get it then stay put. Don't hang yourself out to dry and it costs nothing to put your house on the market, even if it's too high for the current market.
2006-12-01 19:05:41 · answer #7 · answered by Anonymous · 0⤊ 0⤋
contact me so i can go over the rest of your lifestyle and monetary requirements. mary allbright
highergroundfinsvc@yahoo.com. i am a broker/owner. there are ways to manage money in real estate, live well and eat!
2006-12-02 11:42:35 · answer #8 · answered by MARY A 2 · 0⤊ 0⤋