My wife and I bought our house a little over five years ago in a sellers market. We paid a far asking price for the home and set it up with a 15 year mortgage, since I know we aren’t the most disciplined savers. At the time, I don’t know that we had expectations about how long we would live in the home, just that we did not want to be renting any longer. I will also add that we were both in love with the house and have been very happy in it so far.
We were the first of our friends group to own a home and as some of our other friends bought homes, my wife began to talk about wanting a new house and being able to pick out how everything looks. Here’s the issue: if we were to build a new house now with the same square footage, we are looking at paying somewhere in the range of 80% more than what we initially paid for our house. It just doesn’t make sense to me financially to trade our house (which is only 10 years old) for a brand new one at almost twice the cost. Plus, I can see that our friends who are buying houses now are getting smaller houses on 30 year mortgages and are paying basically the same amount that we are paying on our 15 year mortgage.
So I guess my question is has anyone else experienced this in the recent housing market, where you basically already have such a good deal on a house that you can’t bear to move to a new one? Did you stay and make upgrades to your current home to make up for this?
Submitted April 28, 2020 at 06:24PM by tuco-was-a-good-dude https://ift.tt/2SgBvR8
