I’d like to move. My house is paid for and is worth a lot right now. Just think, if I sold it I could by a smaller house for the same amount of money since the new houses are just as expensive. I would still be the old guy across the street no matter where I moved though.
I’m rather hoping we never have to move again. We moved for my wife’s job about three years ago. Started the orchard and garden from negative territory (had to remove a bunch of firs). I finally have taken care of all of the deferred maintenance and upgrades. But it’s in a better neighborhood and a better floor plan.
Equity and the value of your current home isn’t everything. We bought four acres and a farmhouse for a song and remodeled. Still had less than 80K in it. Got into a condemnation dispute with the state, and they ended up paying us more than we had in it, just for a half acre of it. Sounds perfect. And homestead keeps property taxes to $1,100. Even more when the place cross the road, a five acre cow pasture, sold for 1.2 mil.
We had inquires, and it sounded good, but because of the market here, we would have had to put half of it into a new place and pay very high property taxes on that. We declined. We would never find a place we like as well as what we’re on. Makes you rethink.
My husband refinanced so many times that after 28 years we still owe more than the original sale price. I only recently found out that his auto payments were only the minimum. I am trying to fix it.
The value of my house has doubled since I bought it… but the price of a replacement (i could stand) has quadrupled, so I guess I’ll be here for a while.
We can’t compete with the cash offers, no inspection and close in 2 weeks offers. Oh, and the high interest rates. Ideally we’d sell our place and live in the street until the housing market collapses and as long as we had buried our money instead of investing we could afford to buy our house back.
“Aye, there’s the rub.” Sure we could make a nice tidy profit on this house if we sold it (not so much now as a few months ago even) but…where do you go next and how much will it cost you? NPR just had a report this week that said what you ended up paying for a mortgage on a 700k + home this time last year is what you would now pay on about a $450k home due to the rise in interest rates.
When we married we lived in an apartment for 9 years, then bought this house.
House is paid off (paid it off early in the mortage’s life by adding a bit to the payments each time he got a raise). It serves the 2 of us well.
Only problem I can foresee as we age is the steps into the house and the stairs up to the bedroom/down to the basement from the main floor as we age. It is particularly on my mind right now as I pulled a muscle in my left leg last week and still have a problem getting myself up and down the stairs – and cannot carry anything down the stairs unless it fits in my pocket or I hang a shopping bag over one arm as I need one hand on the banister and one on the wall opposite it to go down the stairs.
We have never been fortunate enough to have children so our house is not as other houses as it is filled with our assorted hobbies and jobs. We have a general crafts studio in what should be the family room, dining room doubles as extra sewing room space when needed, living room is his “loom room” from mid January to mid "December (move all to the studio for storage for a month so can have a Christmas tree in living room), a wood shop in the garage, a leather shop and spare inventory storage in the basement, along with additional wood shop items which cannot take the weather changes in the garage, and an office in the middle bedroom. There is no way we would be comfortable in a smaller house and definitely not a apartment (or other common living building) as we are both late night people – as I write this it is 2:07 am and it will probably be another hour before he comes down to have late night snack (our third meal of the day and another couple of hours at least before we go to bed – and then I will have the TV while I fall asleep for another hour or so. Our smallest bedroom is where my bear collection is mostly located – it has sections of it around the house. Getting rid of this stuff would make life so boring – especially the last 3 years.
SpacedInvader Premium Member almost 2 years ago
I’d like to move. My house is paid for and is worth a lot right now. Just think, if I sold it I could by a smaller house for the same amount of money since the new houses are just as expensive. I would still be the old guy across the street no matter where I moved though.
ivendors almost 2 years ago
don’t forget the taxes
Olddog1 almost 2 years ago
That equity increase hasn’t kept up with the jump in home prices in the last two years.
NeedaChuckle Premium Member almost 2 years ago
Do the kids still own the land that they thought about building on years ago?
Ignatz Premium Member almost 2 years ago
If everything has risen, so has your house, and you should be able to sell it for more than you bought it for.
It doesn’t make any sense to say you couldn’t afford a house as nice as this one if you sell this one.
[Traveler] Premium Member almost 2 years ago
Unfortunately, the housing bubble, while it hasn’t popped, most of the air has escaped from it.
david_42 almost 2 years ago
I’m rather hoping we never have to move again. We moved for my wife’s job about three years ago. Started the orchard and garden from negative territory (had to remove a bunch of firs). I finally have taken care of all of the deferred maintenance and upgrades. But it’s in a better neighborhood and a better floor plan.
MeGoNow Premium Member almost 2 years ago
Equity and the value of your current home isn’t everything. We bought four acres and a farmhouse for a song and remodeled. Still had less than 80K in it. Got into a condemnation dispute with the state, and they ended up paying us more than we had in it, just for a half acre of it. Sounds perfect. And homestead keeps property taxes to $1,100. Even more when the place cross the road, a five acre cow pasture, sold for 1.2 mil.
We had inquires, and it sounded good, but because of the market here, we would have had to put half of it into a new place and pay very high property taxes on that. We declined. We would never find a place we like as well as what we’re on. Makes you rethink.
exness Premium Member almost 2 years ago
My husband refinanced so many times that after 28 years we still owe more than the original sale price. I only recently found out that his auto payments were only the minimum. I am trying to fix it.
rogern710 almost 2 years ago
And the junk mail would still find you…
Cozmik Cowboy almost 2 years ago
The web page has been the same for months now. Not complaining, just getting worried; you OK, Jimmy?
KEA almost 2 years ago
The value of my house has doubled since I bought it… but the price of a replacement (i could stand) has quadrupled, so I guess I’ll be here for a while.
paranormal almost 2 years ago
Janis sounds like a banker…
kencrosno almost 2 years ago
We can’t compete with the cash offers, no inspection and close in 2 weeks offers. Oh, and the high interest rates. Ideally we’d sell our place and live in the street until the housing market collapses and as long as we had buried our money instead of investing we could afford to buy our house back.
BC in NC Premium Member almost 2 years ago
“Aye, there’s the rub.” Sure we could make a nice tidy profit on this house if we sold it (not so much now as a few months ago even) but…where do you go next and how much will it cost you? NPR just had a report this week that said what you ended up paying for a mortgage on a 700k + home this time last year is what you would now pay on about a $450k home due to the rise in interest rates.
mafastore almost 2 years ago
When we married we lived in an apartment for 9 years, then bought this house.
House is paid off (paid it off early in the mortage’s life by adding a bit to the payments each time he got a raise). It serves the 2 of us well.
Only problem I can foresee as we age is the steps into the house and the stairs up to the bedroom/down to the basement from the main floor as we age. It is particularly on my mind right now as I pulled a muscle in my left leg last week and still have a problem getting myself up and down the stairs – and cannot carry anything down the stairs unless it fits in my pocket or I hang a shopping bag over one arm as I need one hand on the banister and one on the wall opposite it to go down the stairs.
We have never been fortunate enough to have children so our house is not as other houses as it is filled with our assorted hobbies and jobs. We have a general crafts studio in what should be the family room, dining room doubles as extra sewing room space when needed, living room is his “loom room” from mid January to mid "December (move all to the studio for storage for a month so can have a Christmas tree in living room), a wood shop in the garage, a leather shop and spare inventory storage in the basement, along with additional wood shop items which cannot take the weather changes in the garage, and an office in the middle bedroom. There is no way we would be comfortable in a smaller house and definitely not a apartment (or other common living building) as we are both late night people – as I write this it is 2:07 am and it will probably be another hour before he comes down to have late night snack (our third meal of the day and another couple of hours at least before we go to bed – and then I will have the TV while I fall asleep for another hour or so. Our smallest bedroom is where my bear collection is mostly located – it has sections of it around the house. Getting rid of this stuff would make life so boring – especially the last 3 years.