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Old 07-19-2018, 06:50 PM
 
3,666 posts, read 4,902,610 times
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So here it goes....we are a family of 5. Kids are all under 6 years old. I work near tysons. New, stable IT job that I imagine will be the job I'll retire from. Currently 37 and i'm the only one working (given the 3 kids, wife stays with kids. Cheaper).

Our current home in sterling is 4 bedrooms, 2500 sq ft, quarter acre, and is worth about $600k and paid off. Was thinking about saving another $200k over the next 3 years (separate from currentsavings - no debt) and putting 20% down on a 1.0 to 1.15M home in the Vienna area. 5 bedroom. Then sell this house and directly apply towards principle, and end up with a $200k-$350k balance.

I wanted to do this transition primarily due to what I believe will be space issues once the kids become teens. I also think its important to do this before the kids are in middle school as to not mess too much with their social life, progress, etc

I think Vienna has better schools (right?) Than the sterling area. Vienna would be MUCH closer to my work. 15 mins vs 30 minutes as well. I also would imagine that a more expensive home would appreciate faster dollar for dollar...but obviously will cost more to maintain....and more taxes, etc etc.

Has anyone done a similar move? Any obvious things I'm missing?

Last edited by Thinking-man; 07-19-2018 at 07:02 PM..
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Old 07-22-2018, 01:13 PM
 
Location: Vienna, VA
273 posts, read 146,352 times
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Sounds like a good plan. Personally I would lower that TSLA position a bit, put enough down so you qualify for a regular loan instead of a jumbo loan. Keep the low rate mortgage and invest the rest.
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Old 07-22-2018, 07:24 PM
 
Location: DC Metro area
13 posts, read 5,784 times
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Sounds like a smart plan. And while you seem to be very savvy (based on your savings and the fact that your home is paid off), I would talk to an accountant about this. Most people advise putting as little down as possible and save the cash for emergencies. If you need it to help pay the mortgage, you have it but they advise not putting it into the house which is not as liquid should you need it.
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Old 07-25-2018, 08:31 AM
 
3,666 posts, read 4,902,610 times
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Quote:
Originally Posted by xsellent View Post
Sounds like a smart plan. And while you seem to be very savvy (based on your savings and the fact that your home is paid off), I would talk to an accountant about this. Most people advise putting as little down as possible and save the cash for emergencies. If you need it to help pay the mortgage, you have it but they advise not putting it into the house which is not as liquid should you need it.
thanks for the reply.
I must say that i really enjoy the 'mortgage free' life.....so my goal will be to pay off the remaining 200-350k mortgage on the new home off as quickly as possibly....10 years at most if not 5 or 6.

that said, i will probably take your advice and talk to an accountant. I'm unfortunately not getting as much advice and direction here as i thought i would.
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Old 08-07-2018, 06:41 AM
 
3,666 posts, read 4,902,610 times
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Any other thoughts or ideas anyone? the good people of this forum have never failed me with solid advice
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