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We bought in North Las Vegas for 285000 in the end of 2006. We love the house and neighborhood. Our house is now worth 220000. We'd have to rent it out if we move to the Springs. I am not sure if we can buy another house seeing the rent would not cover the mortgage. 500 dollars a month short. We don't have to move for about a year. what do yo think? I am also afraid to rent it out. Do you think it will get trashed? I also hate cigarette smoke and would not want someone to smoke in it.
I think you are answering your own questions...you don't seem comfortable with renting your home because you can not guarantee that someone will not smoke or do other undesireable things in your home. Also if the rent does not cover the mortgage and you will have another new mortgage on top of that, will you be able to afford both?
I would rent it and hang on to the house. Rent in CO if you have to. We rented our town home and found a fantastic tenant. Rentals are strong with the foreclosure market so you home may become a huge asset in the near future. Things will shake out in time and prices will bounce back up. The ones that simply walked away will be looking back with remorse.
Besides the house itself, how is the neighborhood the house is in ? Are people walking away in your neighborhood ? Are there lots of empty homes and foreclosures in your neighborhood ?
It is a nice one story with very good neighbors. Most people have paid 330,000 to 400,000 for the homes here. But, they are waiting it out as far as I can tell. I think it would rent for 1500 a month. It's a nice neighborhood. Many people have put in inground pools. It is not fancy. The biggest house plan is 1850 square feet, which is ours. It is very quiet street. Maybe 10 cars a day. Very private with high walls and no two story houses. I would love to move this house to Colorado Springs. I'm thankful were able to get this house being our first home for 285000. We didn't even pay a dollar to get in here and have a fixed VA loan. Now, you can get a mansion with a pool for 285000 here. I just saw a 3100 square foot one story new home for 300,000. Although, that's way to big for me; it just kills me that those fancy houses dropped 200,000 thousand. Financially we are in good shape considering my husband is supporting me and our three children on one job. We are very happy with not too much stuff. I love staying home with my 4 year old. I just want to move to COS because I think it will be a better place to raise him. I'm very bored here and if I could just take a simple walk with the smell of pines, I would be happy. I know I can go to Mt. Charleston but I'd rather live right in it.
Thanks for all your replies. Just wondering if is we would qualify for another house there.
You should be able to find another military family to rent your house. Renting may be your only choice if you have to move or else as you already know you will lose money when you sell.
Move this topic to the Vegas forum and you will get some good answers there also from the local real estate "experts"
Wow. You are already upside down one house in a declining market...and you are thinking of buying yet another house in yet another declining market? Isn't this pretty much a recipe for disaster? (possible future bankruptcy?)
Those 2006 prices won't be back for many many years. I would stick it out with what you have. What you want to do, and what you need to do are two very different things.
Wow. You are already upside down one house in a declining market...and you are thinking of buying yet another house in yet another declining market? Isn't this pretty much a recipe for disaster? (possible future bankruptcy?)
Those 2006 prices won't be back for many many years. I would stick it out with what you have. What you want to do, and what you need to do are two very different things.
Very good point! The market at this point is so crazy who knows when your current home will be worth again what you owe on it!
Wow. You are already upside down one house in a declining market...and you are thinking of buying yet another house in yet another declining market? Isn't this pretty much a recipe for disaster? (possible future bankruptcy?)
Those 2006 prices won't be back for many many years. I would stick it out with what you have. What you want to do, and what you need to do are two very different things.
Amen.
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