Frustrated - not willing to pull the trigger

[Anonymous]

What is your mortgage rate now? Moving into a nicer house on a bigger lot in the same area won’t be a little bit more expensive, it will be a LOT more expensive. Plus up front cash for closing, and expenses related to getting your house ready to sell etc. If your kids are young, your DH is probably thinking about eventual college educations to save for etc.

I don’t think you’re wrong to want a nicer house with more space. But maybe sit down and crunch the numbers with DH and figure out exactly how much the move would cost and how much more you can afford that he would be comfortable with and then only look at houses under that.

[Anonymous]

Did you do the math? If you have a sub %3 rate. Moving to a house thats exactly the same loan amount as your old house will cost you DOUBLE the monthly PITI with the new rates.
I pay $3200 for a originally $750k house (sun 3 rate). Same house is now $900k but i couldn't even afford it at $750k with the new interest rates.

[Anonymous]

It is madness to move right now if you have a 2.5 rate, unless money is of no object.

[Anonymous]

Are you two looking at houses online or are you actually getting off the couch, putting clothes on and touring homes? Why don't you take the lead on securing a mortgage, digging up the tax forms, etc?

[Anonymous]

Don't move. You say he is the major breadwinner and he is nervous about moving. You are willing to pay a lot more just to have a bigger yard in the same neighborhood and a few things more fixed up?

Moving is expensive and a major hassle. I would use the money you would have spent on the larger house to fix up your current house. If you can see your neighbor, maybe put in a fence? Fix up rooms so that you enjoy being in them. You are the one in charge of your happiness. Find activities that make you happy. Spend time out with your family. You will make some great memories and it will probably be cheaper!

[Anonymous]

Anonymous wrote:

Anonymous wrote:I mean if there is no need to move you're kind of insane given mortgage rates????

OP - yea thats another thing to consider. We have an under 3% interest rate right now. It would be nuts even for the right house to move right?

I would not give up a low mortgage rate unless I had to do it.

[Anonymous]

You have a want, not a need OP.

[Anonymous]

I have to concur with the others. I think about moving all the time because I'm bored by the neighborhood (which is really fine, just not for me) and want 20% more space. There's a few neighborhoods I really want to move to and I know I'll derive satisfaction living there.

But it means giving up 2.75% interest rate for 7.5+. Which is not funny. Even if I throw a lot more money into the equity in the next house, it's still not funny. I'd be giving up a super cheap mortgage for something I could barely afford even if the price differential between current house and hypothetical new house isn't that great. It's all down to the interest rates.

Then I have the stress and hassle of selling current property to buy the new one. It obviously can happen and people do it all the time, but even though current property is move-in ready, I can't list it until the right house comes along. A lot of paperwork, a lot of silly money disappears for no good reason in transaction fees and agent fees, then moving costs. It all adds up. And then get saddled with a mortgage more than double my current mortgage.

That's what your DH is thinking.

[Anonymous]

You don't sound rich. Don't move.

Talk to DH about saving for a real renovation.

[Anonymous]

Inertia is a powerful part of the universe.

[Anonymous]

Wanting a house that is "already done" instead of leveraging your extremely, extremely, extremely favorable financial situation to do extensive renovations is pretty nutty. You could cultivate a massive private backyard perimeter so that you cannot see your neighbor smoking in her bathrobe. You could do whatever you want.

If you move and give up your interest rate, you are flushing so much money down the toilet.

[Anonymous]

Anonymous wrote:Are you two looking at houses online or are you actually getting off the couch, putting clothes on and touring homes? Why don't you take the lead on securing a mortgage, digging up the tax forms, etc?

This. Have you prepped your home for sale? How quickly could you list it? Talked to a mortgage broker? Until you have done those things, you are not actually house hunting.

Also, of course the person on the hook for making most of the income is more nervous about committing himself to higher expenses.