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now the question is:
Is it a good time to sell and rent closer to work?
Is it better to rent it out, wait for house prices to increase and sell later?
stay put, build equity and decide later? (not an option as commute is bad for wife)
The topic is a question: Sell or Stay? yet you say in your very first post that staying is not an option because of the commute.
Quote:
Originally Posted by addy_milford
thank you for bringing up a very good point that we missed. I agree it's tough to move with a child leaving all his friends behind.
Maybe I'm weird but I don't see this as an issue for a long time. Even so, the family has to do what is best for the family's well being and that concept should be a part of a child's upbringing.
Quote:
Originally Posted by addy_milford
I know that I also paid ~$2k mortgage every month but I would be paying that as rent too all these years if I didnt buy a house. Is my math wrong?
Your math is very wrong, IMO.
Quote:
Originally Posted by addy_milford
public transportation would be better but it would add 20 more minutes to the commute each way. but i agree that she can relax in the train. She can not work during commute though.
Is that really a problem? I've worked in IT for years and years under incredible pressure and never used "Can I work on the train?" as a criteria for choosing a job. I think that's a bit much.
Quote:
Originally Posted by rrah
You math is wrong from the standpoint that you're looking at the loan amount. You should be looking at the amount you paid for the house, $240,000, to determine the loss. My opinion, but I always look at the big picture.
I did the math quickly before.
$240,000 + 37,000 + 15,000 =292,000 (the cost of the house and selling expenses)
292000-275000(sales price)=$17,000 loss. That's far less than I originally ball parked. You have to ask yourself, were the years you spent in the house worth losing 17K. In your situation I'd probably think of it as extra "rent" for those years.
The above is the correct math, but wouldn't loss be a bit larger since the seller would be paying commission to the real estate agent and have to pay for a lawyer, title search, fix any issues the potential buyer requests, etc.?
I will try to keep it short in the first post, feel free to ask questions:
We bought a house in 2014 for $240k. The commute was 40 min in the morning and 1 hour in the evening at that time. The wife and I work in the same town, so we used to commute together.
Fast forward 4 years, We have a 18 month toddler now and I am working from home full time for the past year and will continue to do so. The commute went up to 2.5 hrs total for the wife due to increase in traffic. The house prices went up too in our area. Should we sell and move closer to work? or stay put and sell it a year later?
Here is the break down of numbers:
sale price in 2014 240000
loan amount 235000 (30 yr @ 3.75%)
closing costs 16000 ($5k downpayment + escrow + fees)
appliances 3000 (we had to buy new ones as old ones were crap)
open concept 7000
kitchen+Bath update 4000
refinance cost(2015) 2000 (15 year @ 3.25%)
resale repairs 3000
Wall AC Unit 2000
current loan amount 200000
mortgage + Interest + taxes + ins = $2150
The comps are around $280k for a 3 bed home. Ours is 4 bed 2 bath cape, note that the kitchen and main bath are updated. We are planning to sell it for $275k and move closer to work (<15 min to work).
We can't afford a house closer to work, HCOL area with bad schools. We looked at an updated, decent 2 bed 2 bath apartment which is 10 min away from work. The rent + parking + utilities would be $2400.
now the question is:
Is it a good time to sell and rent closer to work?
Is it better to rent it out, wait for house prices to increase and sell later?
stay put, build equity and decide later? (not an option as commute is bad for wife)
again, feel free to ask any questions if i missed any details
Forget the sale price and the loan amount. Here are the figures that will help you figure this out.
$21,000 - ($3K appliances, $7K open concept, $4k kitchen.bath update, $2K refinance, $5 repairs/AC) Divided by 48 months (comes to to $438/month.
So in your household, if Mama ain't happy who cares, the rest of you are still happy as clams?
Sounds like the OP has a different dynamic going on his family.
Your post implied that one person needs to be placated because if they are upset, the whole house is upset. To me, that's a pretty juvenile way for grown ups to behave. A spouse should not have to give in to everything because the other person has to have their way or they will be angry and take it out on everyone in the household.
Your post implied that one person needs to be placated because if they are upset, the whole house is upset. To me, that's a pretty juvenile way for grown ups to behave. A spouse should not have to give in to everything because the other person has to have their way or they will be angry and take it out on everyone in the household.
It's the other way around!
If my spouse isn't happy then I will do what all I can do to make her/him happy. This might require me doing some sacrifices, but end of the day if I make her happy, I will be happy knowing that I made her happy.
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