Gonna sell and buy somewhere cheap and have $0 mortgage

[Anonymous]

My house is in an up and coming neighborhood but in the last 8 yrs i've owned it it hasn't appreciated much. It's fine but i don't love it. I could hang on to it but i am sick of it. Mice, neighborhood crime, shoveling snow, etc. SO OVER IT. Will probably sell this spring for $450,000. I owe $260,000 on it. I'm struggling to pay for private school so taking DC out. I could then buy a large condo/townhouse in silver spring for $150,000 and send my kid to local MCPS school. I'm REALLY loving the idea of having $0 mortgage and $0 school fees and not shoveling my own snow or dealing with landscaping; having a pool and tennis courts and better security.

I work in downtown silver spring but I plan to resign bc I hate it.

What would you do?

[Anonymous]

not all of the MCPS are good. Make sure you do your homework .

[Anonymous]

Go for it! Living the dream.

[Anonymous]

true, but it doesn't have to be super, super top-top. we're talking K and with the extra time and money i can supplement and do trips and classes and activities

[Anonymous]

Anonymous wrote:My house is in an up and coming neighborhood but in the last 8 yrs i've owned it it hasn't appreciated much. It's fine but i don't love it. I could hang on to it but i am sick of it. Mice, neighborhood crime, shoveling snow, etc. SO OVER IT. Will probably sell this spring for $450,000. I owe $260,000 on it. I'm struggling to pay for private school so taking DC out. I could then buy a large condo/townhouse in silver spring for $150,000 and send my kid to local MCPS school. I'm REALLY loving the idea of having $0 mortgage and $0 school fees and not shoveling my own snow or dealing with landscaping; having a pool and tennis courts and better security.

I work in downtown silver spring but I plan to resign bc I hate it.

What would you do?

I am genuinely curious were you think you can buy a property outright for $160,00 (about all you'd have left when you sell) that has good schools?

[Anonymous]

0 mortgage may seem attractive but then you don't get the deduction for interest paid. Just factor that in too.

[Anonymous]

$150k? In Silver Spring?

[Anonymous]

I am genuinely curious were you think you can buy a property outright for $160,00 (about all you'd have left when you sell) that has good schools?

here?

http://www.trulia.com/property/3142874104-9-Ashmont-Ct-Silver-Spring-MD-20906#photo-5

[Anonymous]

Anonymous wrote:I am genuinely curious were you think you can buy a property outright for $160,00 (about all you'd have left when you sell) that has good schools?

here?

http://www.trulia.com/property/3142874104-9-Ashmont-Ct-Silver-Spring-MD-20906#photo-5

That's the opening bid on a foreclosure, not necessarily the sale price.

[Anonymous]

true. and its this weekend so it's not like i can bid but maybe there willl be others like it?

[Anonymous]

as a realtor and silver spring resident i can tell you your plan is flawed. i would expect to pay at least 220 and thats lucky.

[Anonymous]

And 20906 isn't a great area. Crummy schools and crime.

[Anonymous]

Anonymous wrote:0 mortgage may seem attractive but then you don't get the deduction for interest paid. Just factor that in too.

I think OP would rather pay $0 in mortgage interest than pay $1000 a month in mortgage interest and get $250-$300 of it back as a tax deduction.

[Anonymous]

You might be able to pull off your clever plot in downtown Frederick. Maybe Bowie. But Silver Spring? I'm not sure how good of an area of Silver Spring it'd be.

[Anonymous]

Anonymous wrote:

Anonymous wrote:0 mortgage may seem attractive but then you don't get the deduction for interest paid. Just factor that in too.

I think OP would rather pay $0 in mortgage interest than pay $1000 a month in mortgage interest and get $250-$300 of it back as a tax deduction.

No shit. Do you people really think the mortgage deduction is free money or something? Do you get some sort of strange satisfaction giving $4 to a bank rather than $1 to the government?