runRN,
Please don't take this the wrong way, but your other option is to stay in your current house, and be thankful that you have a home for your family. Of course you may feel like you have outgrown it, as you had more childrena nd accumulated more things, but does your home keep you warm, and secure? I really don't understand when people keep one house, and buy another one to live in, counting on the rent to cover the first house payment. I live in Ca, and in 2005 I rented a house from a family taht said it was way too small for them, they would never move back into it, but it was their first home, so they didn't want to sell it. I was paying 1500 a month, knowing that was more than their mortgage. Fast forward 2 years to 2007, and I receive a letter in the mail stating that their second house is in foreclosure, and they have to move back into their first house-remember the one that was way too small and they would never move back into. Let's not forget the for sale signs in both of their late model auto's-an suv and a full size truck. Last time I checked, they filed Bankruptcy. When our grandparents were growing up, they didn't have McMansions-they more than likely didnt even have their own bedroom, and undoubtably once they acquired in home bathrooms, they only had one.And they survived. They had all they needed, just not all they wanted. I know this was long winded, but I think a lot of us a lot of the time, myself included confuse needs and wants. Clear out some clutter. Have a garage sale.Wait until you have more equity in your house, and then sell if you must, but please don't buy another home banking on renters to pay the mortgage. What happens when they don't pay it? What hapens when they move in and destroy your home, because noone takes care of your stuff like you do. What would happen if they turned it into a meth house?Or burned it down? The list is endless, and once it happens it is too late. Just some things to think about. Good Luck!
