| Downsize home and mortgage smart idea? |
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mlinane
First Time Poster
Cash: $ 0.25
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Joined: 20 Sep 2005
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| Downsize home and mortgage smart idea? |
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My husband and I are considering selling our current home and downsizing to a smaller home and mortgage. We currently have about $150,000 in equity and our home is a 3 1/2 year old, 2000 sq ft colonial. This is a very popular style in our area (CT) and should sell easily. I'm a SAHM and with one income the additional $600+/month that we could save with a smaller mortgage would ease a lot of financial stress. After about 5 to 7 years we would plan on selling and moving to a larger home since I'd be working again.
The types of homes in the smaller price range tend to be ranches or raised ranches which are much harder to sell vs. the colonial. Our concern is that we have built so much equity that we may loose much of it by purchasing this type of home.
Is downsizing a good idea? Do you recommend finding a house to buy first or putting ours on the market?
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Tue Sep 20, 2005 6:09 pm |
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ushomeloans
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Location: Sacramento
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Find a house to buy first. Call a realtor, and they can guide you with everything, and answer specific question that apply to you and that market. Find one with a GRI, they seem to be in it for the long haul and are more knowledgable. Good luck
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Tue Sep 20, 2005 7:52 pm |
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xboxundone
Senior Member
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quote:
Originally posted by ushomeloans
Find a house to buy first. Call a realtor, and they can guide you with everything, and answer specific question that apply to you and that market. Find one with a GRI, they seem to be in it for the long haul and are more knowledgable. Good luck
As they stated it partly depends on your area. The key would be downsizing into a neighborhood that is just as popular as the one you are in. but keep in mind no one can predict the future...
But if the extra money helps yall sleep at night or pay off extra bills then why not do it?
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Tue Sep 20, 2005 8:40 pm |
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Rolo
Yo' Daddy
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Location: Colorado/Florida
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If you aren't happy in the home you are in now, then you need to change that. If you are living paycheck-to-paycheck, then you certainly need to change your situation.
Find a top-notch real-estate agent and she'll hook you up. I have been most fortunate with every agent I've had...they knew exactly what I wanted even before I did (no kidding).
"Expect me when you see me."
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Wed Sep 21, 2005 2:33 am |
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cmpolis
Member
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Joined: 20 Sep 2005
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I would suggest getting a smaller house and having a smaller payment especially if you are having trouble making ends meet.
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Wed Sep 21, 2005 5:14 am |
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