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re: Anyone else probably stuck in their current house forever?
Posted on 6/9/23 at 8:24 am to ghost2most
Posted on 6/9/23 at 8:24 am to ghost2most
quote:
My insurance isn't expensive but the property taxes are nuts.
Yea, I'm north of Austin and insurance is a breeze, but 1k+ a month in property taxes makes me sweat.
0
Posted on 6/9/23 at 8:46 am to ghost2most
quote:
House appreciated by a couple hundred thousand.
Doesn't sound like you're stuck
Cashing out and renting is a worthwhile consideration and allows you more mobility in the future
Posted on 6/9/23 at 9:50 am to jlsufan
quote:
Where in hill country?
About 20 minutes East of Boerne off 46.
You've been there obviously so you know what I'm talking about but the difference in quality of life from this area to Baton Rouge/NOLA is night and day.
Only bad thing about the area is that too many people are coming and property taxes. But there's no major crime, no racial issues, good schools, roads, etc.
My only regret is I didn't move here sooner. Jealous that my kids get to grow up here and I was stuck in LA until my mid 20s.
This post was edited on 6/9/23 at 9:53 am
Posted on 6/9/23 at 9:54 am to ghost2most
quote:
6 percent or whatever it is today
was looking yesterday, 30 year fixed is at 7 percent...
Posted on 6/9/23 at 10:30 am to ghost2most
Bought a house way less than we could afford close to 10 years ago. Our income has almost doubled and we refinanced to 2.5% a few years ago.
Thanks to that we can now afford a 529, maxed Roth IRAs, private school and be very comfortable.
I wouldn’t say we are stuck in our home but it wouldn’t be in our best interest to sell.
Thanks to that we can now afford a 529, maxed Roth IRAs, private school and be very comfortable.
I wouldn’t say we are stuck in our home but it wouldn’t be in our best interest to sell.
This post was edited on 6/9/23 at 10:34 am
Posted on 6/9/23 at 11:58 am to TrouserTrout
Anyone else probably stuck in their current house forever?
That was always my plan.
That was always my plan.
Posted on 6/9/23 at 12:33 pm to ghost2most
We bought our home in 2011 and refi from a 30 to a 15 at 2.6% in 2020. It would make sense financially to ride it out, but we want to get out of the city. I wasn't raised in the city and don't want to raise my kids in the city either. We are about to close on some land with the intention to build in 1-2 years. Sometimes it isn't about coming out ahead financially - it's about quality of life for me. So, while I know that I'm leaving money on the table, I'm proceeding with this plan because I don't want to regret not doing sooner, later in life. Not everything needs to be viewed as a financial investment. Just my two cents.
Posted on 6/9/23 at 12:42 pm to ghost2most
Same but I can’t complain.
The only reason we ever had the ability to afford a house was because rates dropped so low. I pay less on my mortgage than a crappy studio apartment.
The only reason we ever had the ability to afford a house was because rates dropped so low. I pay less on my mortgage than a crappy studio apartment.
Posted on 6/9/23 at 1:06 pm to ghost2most
I would not say forever but we are off-script for sure.
Bought here in 2015. Plan was to sell in 2020 and move into something bigger / nicer something with a nice pool, bankyard area (we have a very small backyard), etc. A house where we could do more entertaining.
So early 2020, started getting our act together, thinking about what we really wanted, etc. Then COVID hit so we paused. Then, some things happeend that let to a 9 month seperation. We are back together and better than ever, but by the time we got comfortable again with the idea of buying something else, prices jacked up, followed by rates, followed by insurance costs.
We have decided that our next move, whevever that is, will be out of the area. If we can hold off for about 6 more years and get our kids through school, then we will look for something somewhere else, likely a smaller house but more land. In the meantime, we are looking to make small improvements here and there. The house is fine for all of our needs but not a ton of our wants.
Bought here in 2015. Plan was to sell in 2020 and move into something bigger / nicer something with a nice pool, bankyard area (we have a very small backyard), etc. A house where we could do more entertaining.
So early 2020, started getting our act together, thinking about what we really wanted, etc. Then COVID hit so we paused. Then, some things happeend that let to a 9 month seperation. We are back together and better than ever, but by the time we got comfortable again with the idea of buying something else, prices jacked up, followed by rates, followed by insurance costs.
We have decided that our next move, whevever that is, will be out of the area. If we can hold off for about 6 more years and get our kids through school, then we will look for something somewhere else, likely a smaller house but more land. In the meantime, we are looking to make small improvements here and there. The house is fine for all of our needs but not a ton of our wants.
Posted on 6/9/23 at 1:35 pm to REB BEER
I'm in similar situation. Built in 2020, got a 15 year at 2.25%. Would love to move. Hate the neighborhood overall. I hate HOA's, and I'm the President of ours now. It's not the HOA or the rules, it's the people who think the rules don't apply to them and complain endlessly, also get fines for violations and gripe about it on facebook without even mentioning that they are in the wrong.
My issue is a people thing. But the only way I can see moving, is to find something I want, and be able to make the move and eliminate the mortgage as part of it, and I'm certain my wife won't downgrade from where we are.
My issue is a people thing. But the only way I can see moving, is to find something I want, and be able to make the move and eliminate the mortgage as part of it, and I'm certain my wife won't downgrade from where we are.
Posted on 6/9/23 at 1:43 pm to ghost2most
quote:
Pretty much stuck.
Same situation here.
I purchased a townhouse back in 2004 for $265K, now it is worth $505K. Had it remodeled a few years ago, everything is fine but I just feel I need more space. Interior and exterior. Does not make sense to move to a single family home at current house market & interest rates nowadays when I only have 10 years left on mortgage.
Only solution is to move North but I'm not ready to make that risk now.
Posted on 6/9/23 at 2:15 pm to ghost2most
quote:
Anyone else probably stuck in their current house forever?
Yes. I will die here. My coffin will be made out of my hardwood flooring.
Posted on 6/9/23 at 2:24 pm to ghost2most
yep...he's off of toutant beauregard but I've been on the east side of Boerne too...it's growing like crazy there...feels like Mayberry compared to BR/NOLA
Posted on 6/9/23 at 2:30 pm to Palomitz
quote:That's a lot of equity you can take off the table and invest and then maybe rent until things normalize more?
I purchased a townhouse back in 2004 for $265K, now it is worth $505K. Had it remodeled a few years ago, everything is fine but I just feel I need more space. Interior and exterior. Does not make sense to move to a single family home at current house market & interest rates nowadays when I only have 10 years left on mortgage.
Posted on 6/9/23 at 2:52 pm to jlsufan
quote:
yep...he's off of toutant beauregard but I've been on the east side of Boerne too...it's growing like crazy there...feels like Mayberry compared to BR/NOLA
No cultcha to speak of. Honestly, I don't miss NOLA at all. I haven't been back in a few years and the last time I did, all the bad feelings I had when I lived there came flooding back.
Just the overall idiocy and incompetence of people there.
I love it here. People are great and it's beautiful.
No hurricanes. Only draw back is the summer heat but it's drier at least. Just last year with no rain was a bitch.
This post was edited on 6/9/23 at 3:02 pm
Posted on 6/9/23 at 3:25 pm to ghost2most
We bought in 2020 and I'd be ok with dying here.
Posted on 6/9/23 at 3:56 pm to thegreatboudini
quote:
Close on Monday at 5.99. New construction home, great floor plan, and love the town we are moving to 30 miles from where we are now. We need a bigger home and can't delay any longer, and that's life. We can afford it and my highest earning years are ahead of me. We will be fine.
Similar situation. We closed this past Tuesday at 5.99%. This is our forever home. Family of 6, with 3 of our children under the age of 6.
We actually got spooked out last year around April when rates jumped to around 5-5.5%. We were 3 months from our house being completed, and had to get out of contract because we weren’t sure if we could handle the larger note. Fast forward 1 year…we see a house that checks off our list that is in a desirable neighborhood nearby, and is 1000 more square ft than what we’re living in (1550 sq ft). If we didn’t bite the bullet now, we were not sure what the future rates would look like. Didn’t want to be hanging on the sidelines for 3-4 years waiting for rates to go down, all the while trying to live in that small of space with our children getting physically bigger.
Posted on 6/9/23 at 5:04 pm to ghost2most
Our next house will definitely be cash and we’ll downsize to do it. No sense paying all that interest and likely die before the house is paid for.
This post was edited on 6/9/23 at 5:05 pm
Posted on 6/10/23 at 12:44 am to TejasHorn
quote:That's an odd choice when you don't even know what the rate will be. You have no ability to invest? Further, if you think you'll die there, then you should REALLY want to take out debt.
Our next house will definitely be cash and we’ll downsize to do it. No sense paying all that interest and likely die before the house is paid for.
Posted on 6/10/23 at 9:14 am to Big Scrub TX
People got stuck in starter homes. The wife and I decided to skip the starter homes craze and saved an extra 6 months and bought our forever home. This was 10 years ago so we are set. And at the time the mortgage,, taxes, and insurance was 20% of our take home but now it’s much less and we love everything about our house
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