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Regular Contributor
Posts: 185
Registered: ‎06-04-2015

Re: Too many options, I'm confusing myself...


tcbofade wrote:

SteelerNYC wrote:

tcbofade wrote:

Thanks all for the excellent responses.

 

We are still chewing on this one.  Kiddo is about to start college and is planning to live at home and commute for her first four years, and we are absolutely fine with that.  (Our home is open, available, and rent free for full time students.)

 

Kiddo has NEVER liked her bedroom and is probably more ready to sell out and move than either of her parents are.  Smiley Happy

 

Frankly, I LOVE the idea of buying a smaller house cash and having NO mortgage payment.

 

DW and I (and TWO of the kiddos) put a lot of blood, sweat, and elbow grease into rebuilding this home and making it "ours".  ( How many of you have a 200 sq ft laundry room???)

 

...still thinkin....


My entire apartment is just 295 sq ft. Haha.


Oh my.  We are spoiled and we know it.

 

We spent a weekend at the Hilton last year, and missed our bedroom and custom bathroom. 

 

(You know you are spoiled when you weekend at the Hilton and find the accomodations sub par....)

 

For the moment, I think that we are going to stay put.  Over the next few years, our home value should continue to increase while our mortgage balance goes down... we've got quite a bit of home equity, and are gaining every year.

 

Might stay put until that number gets large enough to purchase a medium sized house with it...


Could be a good plan also.

 

My folks sold the house I grew up in 3 years ago (3/2, 2000 sq ft, yard/pool, due for a gut reno, $1600/month mortgage) and paid cash for a 2/2 1600 sq ft move in ready condo and never looked back. They now pay just $350/month in association dues which includes cable, water, exterior upkeep, landscaping and have two heated pools they don't have to maintain.

 

They are loving the easy life. 

Ch 7 Discharge May 2015: EQ 588/TU 552/EX 570
March 2017: EQ 681/TU 659/EX 674

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Valued Contributor
Posts: 1,157
Registered: ‎10-17-2014

Re: Too many options, I'm confusing myself...

I can't offer anything from a parental POV but I can say the most satisfying and de-stressing financial thing I ever did was pay off my house.



Frequent Contributor
Posts: 436
Registered: ‎01-15-2017

Re: Too many options, I'm confusing myself...

Houses in the best school districts and neighborhoods will continue to appreciate faster than anything else.  Thats why I would keep it. Our house is over 5,000 sq feet plus the pool/guest house.  We have rooms we hardly use  but to clean.  We have the top schools in the county for our neighborhood. That's why we won't leave.  The new houses just don't seem to be built like the old ones. 

Highlighted
Senior Contributor
Posts: 3,662
Registered: ‎09-26-2011

Re: Too many options, I'm confusing myself...


SteelerNYC wrote:

tcbofade wrote:

SteelerNYC wrote:

tcbofade wrote:

Thanks all for the excellent responses.

 

We are still chewing on this one.  Kiddo is about to start college and is planning to live at home and commute for her first four years, and we are absolutely fine with that.  (Our home is open, available, and rent free for full time students.)

 

Kiddo has NEVER liked her bedroom and is probably more ready to sell out and move than either of her parents are.  Smiley Happy

 

Frankly, I LOVE the idea of buying a smaller house cash and having NO mortgage payment.

 

DW and I (and TWO of the kiddos) put a lot of blood, sweat, and elbow grease into rebuilding this home and making it "ours".  ( How many of you have a 200 sq ft laundry room???)

 

...still thinkin....


My entire apartment is just 295 sq ft. Haha.


Oh my.  We are spoiled and we know it.

 

We spent a weekend at the Hilton last year, and missed our bedroom and custom bathroom. 

 

(You know you are spoiled when you weekend at the Hilton and find the accomodations sub par....)

 

For the moment, I think that we are going to stay put.  Over the next few years, our home value should continue to increase while our mortgage balance goes down... we've got quite a bit of home equity, and are gaining every year.

 

Might stay put until that number gets large enough to purchase a medium sized house with it...


Could be a good plan also.

 

My folks sold the house I grew up in 3 years ago (3/2, 2000 sq ft, yard/pool, due for a gut reno, $1600/month mortgage) and paid cash for a 2/2 1600 sq ft move in ready condo and never looked back. They now pay just $350/month in association dues which includes cable, water, exterior upkeep, landscaping and have two heated pools they don't have to maintain.

 

They are loving the easy life. 


This is EXACTLY what DW and I are thinking... she'll turn 47 this year, so we're eight years away from a 55+ community.  Should have more than enough equity to sell out, purchase a condo/duplex where someone ELSE paints the house, mows the yard....




Last App: 09/26/16.

Zero percent financing is where the devil lives...

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