Is buying a new house when the current one is paid off a good idea?

Seeking Advice
21

Zariah said:

Daryn said:
What’s the price of the new home?

It’s listed at 195k. We put in our offer already because it seems like such a good deal for the size and land.

House prices are soaring everywhere, 195k seems like a bargain!

22

@Jesse
These off-topic comments don’t contribute to the discussion. Let’s stay focused on helping VK with their decision.

23

Given your family’s needs, moving sounds like a practical option. An experienced realtor and lender could provide detailed financial analysis to help you decide.

24

I recommend buying the new house if it fits your family’s needs. You can always renovate and sell your current home if needed.

25

Val said:
I recommend buying the new house if it fits your family’s needs. You can always renovate and sell your current home if needed.

We’re planning on making some upgrades to both houses. I’ll fix up the new one first, then spruce up the old one for sale or possibly rent.

26

@Zariah
Do you have enough funds to manage renovations on both houses? It’s crucial to ensure you’re not stretching your finances too thin.

27

Chen said:
@Zariah
Do you have enough funds to manage renovations on both houses? It’s crucial to ensure you’re not stretching your finances too thin.

I’ve budgeted carefully for the renovations. We have savings and the zero-percent credit card will cover any extra costs temporarily.

28

Think about the long-term benefits of a more comfortable home. It sounds like the new house could be a great fit for your family.

29

Oaklan said:
Think about the long-term benefits of a more comfortable home. It sounds like the new house could be a great fit for your family.

That’s true. We’ve passed up opportunities before, and I don’t want to have regrets about missing out on a great house for us.

30

Before making a decision, calculate the total costs of owning the new home, including mortgage, taxes, and upkeep. Also, ensure it’s thoroughly inspected.

31

Devin said:
Before making a decision, calculate the total costs of owning the new home, including mortgage, taxes, and upkeep. Also, ensure it’s thoroughly inspected.

We’re definitely planning a detailed inspection. I want to avoid any surprises that could affect our budget.

32

If you’re considering renting out your current home, it could be a good investment. It might even help finance the new house.

33

Marley said:
If you’re considering renting out your current home, it could be a good investment. It might even help finance the new house.

Renting is an option we’re seriously considering. It could provide a steady income and help with the new mortgage.

34

@Zariah
Renting out your first home could be a smart move. It’s a good way to build wealth and take advantage of real estate investment.

35

Val said:
@Zariah
Renting out your first home could be a smart move. It’s a good way to build wealth and take advantage of real estate investment.

Thanks for the encouragement! We’re leaning more towards this option now.

36

Absolutely go for the new house. It sounds like it would be a great improvement for your family’s quality of life.

37

Having two properties can be a solid financial strategy. You could use one as a rental for additional income.

38

Moving to a larger home sounds like a good decision based on your family’s needs. The new space could really enhance your daily life.

39

With your income and equity from the first home, you should be able to afford the new house comfortably. It’s worth considering for the extra space alone.

40

Consider all aspects, including your long-term financial security and the immediate benefits of more living space. Also, ensure you have sufficient insurance coverage.