What would you do - stay or buy new?

[Anonymous]

OP, what's so much better about this other street that makes you consider increasing your mortgage payment for a lesser house? Free beer for life?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I think about this possibility all the time. I have a house I bought with a 2.75%. Good neighborhood and all that. But it's not really where I want to live and I bought it with the idea it'd be a stepping stone up to the type of house I always wanted to have, including on certain favorite streets/neighborhoods.

But the reality is now nearly 8% interest rates and to make it work I'd have to throw more money into the down, probably paying 60% down and would have to close out one of the investment funds. And things would be tight fir a bit. But I'd have a house that would make me much happier. Maybe. Who knows.

Stay in dull and boring with plenty of money in the bank versus a house you'd love and things are tight for a while. Not an easy decision.

OP here - I actually really love our neighborhood and love our neighbors for the most part. We are torn because we have young kids and are behind on retirement and college savings. We make a lot of money but have been aggressively paying off our college loans as well. Not sure it makes sense to take a financial risk for a new house but I know this is probably once in a decade chance to get on this street.

With these additional facts I wouldn’t even consider moving. You’d be trading the wistfulness of not living on a dreamy street (what exactly is so dreamy about it?) for actual financial stressers. Not at all worth it in my mind.

[Anonymous]

Stay. No question.

[Anonymous]

Anonymous wrote:OP, what's so much better about this other street that makes you consider increasing your mortgage payment for a lesser house? Free beer for life?

OP - its a quieter street than where we live and there are no backyard neighbors. Larger lot (0.5 vs 0.25 acres).

[Anonymous]

Not worth it to move unless it's a substantial upgrade.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP, what's so much better about this other street that makes you consider increasing your mortgage payment for a lesser house? Free beer for life?

OP - its a quieter street than where we live and there are no backyard neighbors. Larger lot (0.5 vs 0.25 acres).

Just stay build a fence and plant some trees.

[Anonymous]

What do you want to do with a larger lot, build a pool or garden?

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP, what's so much better about this other street that makes you consider increasing your mortgage payment for a lesser house? Free beer for life?

OP - its a quieter street than where we live and there are no backyard neighbors. Larger lot (0.5 vs 0.25 acres).

OP: Move if affordable. You know your priorities & preferences. A quieter street and private backyard can add years to one's life. Plus, quarter acre lots are too tiny to be able to enjoy one's land unless extensive privacy fencing and privacy trees are installed. Nevertheless, the numbers have to work or the added financial stress may balance out any gain.

[Anonymous]

We moved to a house a bit larger and with a bigger yard than our old house and lessons learned:
- it's expensive to sell your house- realtor fees, sprucing, etc.
-it's expensive and a TON of work to move
-new house doesn't necessarily make you happier
-kids grow up and are out of the house before you know it
-bigger yard= bigger maintenance and costs to upkeep
-new house may have some future costs you aren't aware of and inspector doesn't catch (happened to us !) devil you know is better than the one you don't....

In the end we are good with our move and the increased costs aren't burdensome for us but wanted to share our takeaways.

[Anonymous]

Stay put. Life is sweeter when you can afford it.

[Anonymous]

With still having student loans plus being behind in savings, you could wait until the next once every 10 years opportunity comes around? It sounds like you are still young and your kids are young. Many families we know upgraded around the time their kids were entering high school.

[Anonymous]

Anonymous wrote:With still having student loans plus being behind in savings, you could wait until the next once every 10 years opportunity comes around? It sounds like you are still young and your kids are young. Many families we know upgraded around the time their kids were entering high school.

Op - yes kids are still young. I wonder about this because once they are in high school you are on the downward slope of having kids at home. Does it make sense to upgrade a house then?

[Anonymous]

Anonymous wrote:

Anonymous wrote:With still having student loans plus being behind in savings, you could wait until the next once every 10 years opportunity comes around? It sounds like you are still young and your kids are young. Many families we know upgraded around the time their kids were entering high school.

Op - yes kids are still young. I wonder about this because once they are in high school you are on the downward slope of having kids at home. Does it make sense to upgrade a house then?

Yes, it could still make sense because these days kids often live at home again for awhile after college. Or you may want a place big enough to host large family gatherings, including to have kids and grandkids stay with you if visiting from far away. You would just want a place where you could age in place, such as not having too many steps to enter, maybe having a ground floor master and full bath or at least stairs that could have a lift added.