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My basic question is, is it worth it to sell our current home, to buy one that is worth about 120% of our current home? We could probably live in our current home until the kids go to college, but we'd love just a bit more space, and a less busy street. From a financial/investment standpoint, is this a bad idea? Is it only worthwhile to move if we are really moving up?
Well, one question to ask yourself is, "how's the neighborhood?" - Do you think the neighborhood will improve / get worse / remain the same - in the next 5 years?
I can't adivse you on the market - because each market is very different. But it's important to condsider if your area is moving "up" or "down". Of course if you were to sell your home the question is - What are you trading it in for?
To get real world advise contact a good local buyer's agent and see what s/he might have to say. Perhaps you could find out what you could buy and where your house stands in your local market.
Best wishes.
Well, one question to ask yourself is, "how's the neighborhood?" - Do you think the neighborhood will improve / get worse / remain the same - in the next 5 years?
I can't adivse you on the market - because each market is very different. But it's important to condsider if your area is moving "up" or "down". Of course if you were to sell your home the question is - What are you trading it in for?
To get real world advise contact a good local buyer's agent and see what s/he might have to say. Perhaps you could find out what you could buy and where your house stands in your local market.
Best wishes.
The neighborhood probably wouldn't be significantly better if we move. Our current house is in a small group of maybe 12-15 houses by our builder, and the surrounding houses are all bigger and nicer. We could easily buy a bigger house in the same kind of neighborhood as we are currently in.
It would be a wise decision to seek for a proffesional real estate agent's advice first. Moving is no easy feat. You need to consider a lot of things. Like the selling part or the trade off.
How long have you lived in your house? You pay most of your interest in the first 10-15 years of your loan (30yr loan) so you need to factor that into it and not just the purchase price.
How long have you lived in your house? You pay most of your interest in the first 10-15 years of your loan (30yr loan) so you need to factor that into it and not just the purchase price.
We've been in our house almost 3 years and probably wouldn't be able to move for another 2-3 years. We have about $120K in equity (carried over from our first house) and the house is worth about $315K
Deciding to move within the same general area is always a little tricky. The home you buy may very well be a comp for the home you sell. Thus regardless of the direction of the market your transactions have more than average impact on each other.
It is harder to sell home on busier streets and always will be. The homes on quieter streets generally will command a bit of premium even if the size is the same.
Rather than focusing JUST on how much more the new house you should consider the DELTA between what you have into your existing house RELATIVE to what it would realistically would sell for now and COMPARE THIS to the best case scenario on the houses you might consider AS FAR AS their potential to return the money you spend on the upgrade.
If you spend 20% more for a larger house on a quieter street odds are probably good that someone else will feel ok doing the same down the road.
This logic generally works UNTIL you get to a point where the house you are selling is already WAY ABOVE the median price for the area. At that point you should consider moving to an that has a higher median price.
It really all depends on the range of houses in an area. I know some areas where the most expensive house is literally 10X more than the least, but generally the range is tighter. If spending XX% more puts you way outside of the range of most houses it is generally better to consider another area...
On average most people buy a house about 30% more than the one they live in now.
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