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Real Estate
Reply to "Want to downsize-Sell and take loss but save, or wait for appreciation?"
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[quote=Anonymous]We bought for 750K in 2011, and the house is too big for our needs and yard work is way more than we anticipated. We can move to a 550K townhouse and it has better schools, more compatible community/neighbors and minimal yard work. If we sell now for 750K (worst case), we take a 65K loss due to realtor fees, paint, carpet etc. Our mortgage is 200K, and we net 485K. So new mortgage will be really small ~65K. This will lead to a saving of $600 per month on mortgage (65K vs 200K) and another $500 monthly savings on upkeep (utilities, property tax etc) on the smaller TH. So saving of 1K per month, 12K per year. Plus the improvement in quality of life. So in 5 yrs we would have gained back the 65K lost. Does this calculation make sense, or should we just wait for it to appreciate so we can break even on the purchase price after the selling costs? [/quote]
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