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Old 06-03-2018, 04:48 PM
 
1 posts, read 359 times
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We bought our house in 2011 for $164,000. Right now I pay an additional $200 a month to the principle and currently we owe $131,000. Our neighbors house sold for $168,000 so I am confident we have a decent amount of equity built up so far. We recently financed some land out by a lake and that will be out forever home once we start building in 6-8 years.

I know we will stay in our current house for at least 5 more years and I undecided on the way ahead. I can continue to pay the extra $200 a month and have our mortgage down to almost $100,000 which will give us tons of breathing room when we sell the house or I can stop paying the additional $200 and put that $200 into a home repair fund so when we do sell the house in 5 years we will have cash set aside for painting, repairs, and other odds and ends.

I am about 75% decided which way to go but I was wondering what others thought or would do in the same situation. I do know we will need to replace carpets and hardwood floors prior to selling along with a fresh paint job. What are your thoughts? Thanks in advance.

Derek
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Old 06-03-2018, 08:10 PM
 
1,213 posts, read 424,610 times
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1. Don’t replace the flooring, unless it’s a super tight market for sellers. Offer a flooring concession or allowance instead.

2. Start saving.
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Old 06-03-2018, 08:15 PM
 
Location: Pittsburgh, not Paris. #MAGA.
9,363 posts, read 4,998,689 times
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I started off making an extra payment on my mortgage principle each month, but stopped and started to invest that (and more) into the market. With the historic rate of return on the market, I should be much, much better off investing than making an extra payment.
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Old 06-04-2018, 02:27 PM
 
4,452 posts, read 11,383,430 times
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Quote:
Originally Posted by RoamingTX View Post
1. Don’t replace the flooring, unless it’s a super tight market for sellers. Offer a flooring concession or allowance instead.

2. Start saving.
Flooring allowance not allowed by lenders. Seller can pay closing costs and pre-paid items or lower the price, but the seller cannot provide funds to the borrower for flooring.
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