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Location: Stuck on the East Coast, hoping to head West
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Just curious how people decide when to sell. Did you take a break from home ownership?
I have owned houses for 20 years. I was actually happy renting, but I felt pressure to buy, especially after I had kids.
I debate about selling because my mortgage is about $1000 less a month then renting in my area. FWIW, that extra $1000 gets us into a luxury apartment with awesome amenities. Obvi, mortgage is only part of the story since repairs and maintenance are never-ending and are definitely causing relationship stress. Its not only the cost of upkeep, but the time and headache.
I also keep housing records and I know in the upcoming 5 years, we are looking at roof replacement and HVAC. I want to get out now.
Anyway, hubby and I are stuck on deciding when to sell. I'm done with owning--especially because I handle all repairs/painting, etc. I spent 6 hours on a sweltering summer day doing HOA- mandated yardwork. Ridiculous. Anyway, he is ONLY looking at mortgage vs rent. He also lives in some kind of magical place where repairs just happen or you can simply ignore them and things stay okay. I want to live in this magical place. I think it's called renting.
I was never happy renting. However, I'm considering putting my house on the market and renting because I want to move out of town and want to be able to do it without leaving much baggage behind.
I'm interested in the responses to your question, because I'm finding myself facing a similar dilemma. I own a lovely house, but I bought it 12 years ago thinking the day might come when my retired parents would need/want to move in with me. That seems unlikely to happen, and the house is much bigger than I need. Because I work long hours, I end up paying others to do most of the yardwork, snow shoveling, etc., and I have a 30 minute commute to work. And I've discovered big-time repairs stress the hell out of me (and I've had more than my fair share of those with this house; right now it's a roof leak). So do severe thunderstorms, which my town sees regularly.
I've recently discovered a lovely 2 bedroom luxury condo for sale that's within easy walking distance to my workplace. It's been fully updated and is gorgeous. No more fussing with leaky roofs and windows, cranky AC units, etc! I'd trade the big yard for a manicured common grounds and a small private balcony, and I'd get a swimming pool and 24 hour security as well. The condo and my house are roughly the same price, and the monthly condo fees cost about the same as the monthly utilities and maintenance I'm paying on my current house. And it's a sturdy concrete-and-steel building, with the windows facing east, so I'd not see and feel the storms as much. On paper, it's a no-brainer: I should buy the condo and sell my house.
But in practice I'm struggling to pull the trigger and make an offer. My house is finished just the way I like it, and I love my neighbors. I've come to dislike yardwork, but do love to grow tomatoes in my garden, and don't know how well they'd do in pots on the condo balcony. And while the condo would allow me to keep my birds, if anyone complained about them making too much noise I'd have to rehome them. It's not likely to happen, as the units are well insulated, but I can't 100% rule out it happening.
How do you know when it's time to make a change, and when you're clinging to something purely out of habit and because you're used to it, and not because it's what is best for you? I'm afraid that's what I'm doing if I stay in my house... but on the other hand, if I sell it and decide I made a mistake, I won't be able to get it back. What to do?
I have owned houses for 20 years. I was actually happy renting...
I think that is an important point in favor of the two o you selling your place and renting. Some people just aren't happy in shared living situations like apartments and condos, and need a single family home to be happy. But in your case, it sounds like the upkeep of your place is causing too much stress, and renting may be the better deal for you both psychologically if not financially.
It's OK to spend more to get what you want, so long as you can afford it! And it sounds like you can.
We did not take a break from ownership, but we did downsize.
Our mortgage went to zero$.
We moved from a single-family house to a duplex.
Older house to new house.
Got ants in our pants after 24 years of living in our dream house.
The new, much smaller back yard is actually better for growing plants and we grow a lot more.
We know more neighbors in our new "ghetto" neighborhood because we build a great front patio which we sit on almost every day.
I bought a brand new home in 1997 in a nice golf course community - starter home priced for 1st time home buyers ( near bottom of price schedule for new builder trac homes )
Fast forward to 2011 ( actually made up my mind to sell and move about a year prior ).
I lived on a culdesac and other neighbors were not taking care of their yards and a few 'renters' had moved into our street.
Cleaned it up and priced it to sell. Sold it to the 1st person to look at it - full asking price. It was the nicest looking most well kept house on the entire block.
Got the hell out of the crappy neighborhood and into a much nicer area next city over.
Location: Stuck on the East Coast, hoping to head West
4,641 posts, read 11,941,823 times
Reputation: 9887
Quote:
Originally Posted by StrkAliteN
I bought a brand new home in 1997 in a nice golf course community - starter home priced for 1st time home buyers ( near bottom of price schedule for new builder trac homes )
Fast forward to 2011 ( actually made up my mind to sell and move about a year prior ).
I lived on a culdesac and other neighbors were not taking care of their yards and a few 'renters' had moved into our street.
Cleaned it up and priced it to sell. Sold it to the 1st person to look at it - full asking price. It was the nicest looking most well kept house on the entire block.
Got the hell out of the crappy neighborhood and into a much nicer area next city over.
Best move I ever made.
Good for you!
Ahhh, see this is what I'm talking about. I live on a cul-de-sac and have a shared driveway. I can't step out my door without seeing neighbors. We have a renter who moved in and I have noticed upkeep going down. We have an HOA, but still, I live in aging neighborhood and it shows.
The HOA is another issue. I feel like they might as well be a landlord, especially since the President lives next door and drives me insane.
I feel like we're in a transitional phase of our life right now. I've got 2 in college and youngest is in last year of high school. Yeah, there's a good chance they will come back for a year or two, but they also talking about leaving the state. The $1000 difference is max. Renting would give me some flexibility to go bigger or downsize as I want. Also, hubby is unhappy in job and our house is holding us back.
I don't feel any kind of emotional attachment to the house. To me, it is a money pit and time sucker. I think that's why I was okay with renting.
Location: Stuck on the East Coast, hoping to head West
4,641 posts, read 11,941,823 times
Reputation: 9887
Quote:
Originally Posted by GotHereQuickAsICould
For a thousand a month, you could pay a handyman to come by regularly to do projects.
That's the husband's argument, too; however, if you average the costs of all the repairs over the years, I bet we're actually paying close to that now as it is.
I feel like we're in a transitional phase of our life right now. I've got 2 in college and youngest is in last year of high school. Yeah, there's a good chance they will come back for a year or two, but they also talking about leaving the state. The $1000 difference is max. Renting would give me some flexibility to go bigger or downsize as I want. Also, hubby is unhappy in job and our house is holding us back.
I don't feel any kind of emotional attachment to the house. To me, it is a money pit and time sucker. I think that's why I was okay with renting.
Given what you've said above, I'd hold off on selling your house for another year, until your youngest has graduated and is off to college. Then heed the Call of the Apartment and downsize! You'll both be happier. It makes no sense to voluntarily keep yourself tied to a boat anchor if it's anchoring you someplace you'd rather not be.
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