How long you’ve been in this house and how many years do you intend to stay? (new house, neighborhood)

[calgirlinnc]

Originally Posted by UnfairPark

Well, different folks take different strokes but whatever happened to the pilosophy of paying it off and living debt free. Life is unpredictable, why enter into new debt for superficial reasons? If house is too small or neighborhood is horrible or schools suck or commute kills or you found a fortune to buy with cash then sure but adding more debt just for fluff? It doesn’t make sense to me but may be i’m too old fashioned.

That's one way of looking at it. Of course that house will need repeated repairs and updates as systems fail or become worn out.

Or a person could do as my parents did. Every 3 to 5 years, they sold and bought a nicer house. The houses were always brand new. They bought in "better" areas each time, with better finishes etc. They were fortunate to make a lot on these transactions so that by the time they were retirement age, they paid cash for their homes. Of course this only works in an appreciating market.

[UnfairPark]

That’s another way of looking at it if you don’t count money you have to spend on sprucing up to sell, realtor commission, closing cost, mortgage interest, moving expenses etc. I doubt house upkeep costs more than all of these expenses. Unless you are buying in a low market and selling at peak and not paying mortgage interest, there isn’t much profit left. Uprooting kids and leaving neighbors has some value as well.

[Katana49]

Originally Posted by UnfairPark

Well, different folks take different strokes but whatever happened to the pilosophy of paying it off and living debt free. Life is unpredictable, why enter into new debt for superficial reasons? If house is too small or neighborhood is horrible or schools suck or commute kills or you found a fortune to buy with cash then sure but adding more debt just for fluff? It doesn’t make sense to me but may be i’m too old fashioned.

Define "fluff."

We switched homes because we didn't have a pool, and we really wanted a pool. We didn't even have a community pool... and the house had been listed as having one, so that was a sore spot with us for 4 years.

We wanted a 3 car garage, and the house had one... but it was a tandem style. Never again. While technically you can indeed fit 3 cars in there, the usability is far less than a standard 3 car. Hated having to juggle the cars.

We also had a child during this time... our home gym became the baby's room, and the game room became her playroom. So suddenly, the things that our house did offer that we liked were re-purposed.

As far as debt goes, our debt doubled. But, my income quadrupled. So, moving up in houses was a no brainer. We also beat the rush of all the Toyota people and other relos coming into the area, which was a prime consideration as to why we moved after just 4 years. But it was definitely the right decision as we got a good price for our old home, and our new home has appreciated in value by about $150k in less than 3 years. This house will be paid off in ~10 years, at that point, we may consider moving again if it's worth it to us. I don't anticipate my income increasing like it has the past few years, but any increases would make paying a higher mortgage even easier, so if a great house came along... who knows.

[calgirlinnc]

Originally Posted by UnfairPark

That’s another way of looking at it if you don’t count money you have to spend on sprucing up to sell, realtor commission, closing cost, mortgage interest, moving expenses etc. I doubt house upkeep costs more than all of these expenses. Unless you are buying in a low market and selling at peak and not paying mortgage interest, there isn’t much profit left. Uprooting kids and leaving neighbors has some value as well.

My parents didn't have to "spruce up to sell". My mother is meticulous. They bought new, decorated and landscaped, and sold at a profit. Closing costs were paid by the builder. I'm not sure what mortgage interest has to do with anything in this scenario.

It may not work for everyone, but it worked for them.

ETA: some people enjoy working on their home.
It's not "flipping", but it is a process and once that process is done, some people want to move on to the next home/yard. It is a creative outlet. (In answer to your original question of "why not stay in one home". I would be bored to death if I lived in one home for 30+ years, unless the home were completely amazing or in a perfect location (e.g., oceanfront).

[justsomeguy]

Originally Posted by UnfairPark

Well, different folks take different strokes but whatever happened to the pilosophy of paying it off and living debt free. Life is unpredictable, why enter into new debt for superficial reasons? If house is too small or neighborhood is horrible or schools suck or commute kills or you found a fortune to buy with cash then sure but adding more debt just for fluff? It doesn’t make sense to me but may be i’m too old fashioned.

Because most people don't buy a "forever home" until they've reached a point in life that they can and it makes sense for them to do so. You buy a starter home and move up to a bigger and better place as life and opportunities demand it. Family size and personal income typically increase over the course of one's life and as those things happen, it would make sense to swap out as your life situation changes.

[stargirl007]

We have been in our house for 3 years so far. We looked at the market briefly over the summer as we've talked about moving into a larger house, but ultimately decided we wanted to stay put at least a couple of extra years.

I think we realistically have 3 to 5 more years in this house though (we'd be early-mid 30s when we move). Really depends on how the new tax plan shakes up. If the new rule (5 of 8) comes into play, that will probably keep us to more of the latter.

We feel like our house is small, but the more we look at it - not sure if the lifestyle inflation of a larger house is worth it for us right now. We really enjoy having our PITI costs less than 10% of our income and we really like the idea of using these next few years to continue to max our retirement and investments vs pouring it into a larger home. And really trying to not buy too much house much too soon.

[lemonegg]

I was one of those people who was always moving. Mainly apartments. Except for my last move, I sold my houses because I was relocating. I lived in my last house for less than two years because I realized I just didn’t like the it. Should’ve rented for a couple of months to spend more time looking, then bought

I’ve lived in my current house for five years now. I don’t see myself moving anytime soon. Mainly because of the housing prices . Sure I could put my house on the market for $80,000 or more than I bought it for, but then I will have to pay an additional 100K for an upgraded house. When you add commission and fees, it’s not worth it. Besides, I like my house, neighborhood, and commute.

[Frisco_Dude]

Want: 10+ years
Probable: 5-6 years

I'm in my growth part of life though (20s). I bought for the long term to avoid the hassle of moving expenses. Not to mention, the time. Our income allowed us to do it.

Don't fall into the "Joneses" trap (low income/high debt/high spending) like I see out here a lot. You don't need a $400k house if you make $50k because YOLO or you deserve it

[BigDGeek]

Current house: 9 years.


No plans to sell anytime soon.

[Brookhavenr]

Lived in mine since '92, paid for 3 years ago. Just finishing updating. Debt free, except taxes, etc.. Be here till the good Lord takes me. Leave something for the Kids to fight over.