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If I expected to stay somewhere at least 5 years I would buy a house. But only if the values were good. If you plan on staying 10 years or longer Yes buy a house. Life is too short to keep waiting , and you found the house you want.
For instance if if my kids go to Pitt, they can't buy a house and make sense because the city areas there are pricey. If they go to say, Gannon (erie pa) I can buy a house for 50k, have a place for them to stay for 4-5 years, have their friends rent out rooms, have it paid off after 5 years and either rent/unload it.
If it were a family move, anything over a year I would probably try to buy but I wouldn't be all that picky and make sure I'm getting an OK deal.
5-7 years for it to make financial sense given the transaction cost of selling/buying/moving.
10+ years for it to make emotional sense given the transaction cost of selling/buying/moving.
I WOULD live in it forever. I just don't know if we will leave Illinois when my husband retires and my kids graduate from college.
I haven’t read through the entire thread so you may have covered this. I assume that currently you are halfway through a 30 year mortgage at your current house. As long as you can get the new house and still be in line with paying it off in a similar time frame as the current and your payments don’t adjust much, I would make the move if offer is accepted. 10 years is fine if you all decide to move after your husband retires. Just make sure to buy a home in the new city that can be paid off from the sell.
I haven’t read through the entire thread so you may have covered this. I assume that currently you are halfway through a 30 year mortgage at your current house. As long as you can get the new house and still be in line with paying it off in a similar time frame as the current and your payments don’t adjust much, I would make the move if offer is accepted. 10 years is fine if you all decide to move after your husband retires. Just make sure to buy a home in the new city that can be paid off from the sell.
I can pay it off in the same time period. I have 6 years left on my mortgage. At most I would get a 15 year and pay it off early. I am worried about some upcoming bit hits to value here. Property taxes are skyrocketing, income taxes are going to go up and now I am realizing this home might be subject to increasing aircraft noise. I am researching that now.
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