My wife and I are preparing to sell our house as our family has outgrown it over the last 5 years. We considered an addition, but the $250,000 cost for adding 750 square feet at a 7% interest rate didn’t seem justifiable. Our current mortgage is at 2.875% with a principal of $350,000. While the financials might look favorable, the addition wouldn’t address all our needs, including better schools for our kids. Sometimes, it’s not just about the numbers but also about finding the right fit for your family’s needs. Wishing luck to everyone with sub 3% mortgages! And no, renting is not an option for us due to unfavorable local rental laws.
I walked away from a 2.75% mortgage to move closer to family and start our own, despite moving to a higher-cost living area. Our new rate is 6.75%, but the proximity to family and the beach is invaluable. Remember, life isn’t just numbers on a spreadsheet.
Relocating for a better school district as well, even though it means higher costs. Long commutes for a better education isn’t worth it.
Bailey said:
Relocating for a better school district as well, even though it means higher costs. Long commutes for a better education isn’t worth it.
Have you considered private schools as an alternative?
Instead of moving, we are considering a $100K home equity line of credit to make necessary adjustments to our current home, which has a mortgage at 2.74%.
It’s a tough decision to leave a low-interest mortgage. As a first-time buyer currently searching, it seems like a rare situation. Good luck with your next home purchase!
We’re in a similar situation. Our family has grown and our small 2 bed, 1 bath home isn’t enough anymore, despite our low 2.3% mortgage rate.
We’ll be facing a similar decision this spring. It’s daunting to leave such a low rate behind.
Also considering moving from our affordable home due to space constraints, even though it means accepting a much higher interest rate.
Looking to downsize but finding that smaller homes are just as expensive due to their convenience.
We chose to stay in our lower mortgage rate home longer to save for a new house and possibly keep the current one as a rental.
Having rentals isn’t as lucrative as it used to be, especially with the current economic conditions. The risks now are much higher than before.
Moving might seem costly, but staying could result in negative equity from expensive additions that don’t significantly increase home value.
Rowan said:
Moving might seem costly, but staying could result in negative equity from expensive additions that don’t significantly increase home value.
Many of my neighbors have added to their homes and seen a good return on their investment.
How long do you have left on your current mortgage? It might influence your decision.
We recently moved from a 2.4% rate to 6.1% but are very happy in our new home.
We moved from a townhouse to a smaller condo but are now looking for something bigger due to changing family needs, despite the higher rates.
We’re planning to move from our starter home for more space and privacy, considering renting out our current home if the economics work out.
We opted to rent for a few years after selling our home to wait out the competitive market and save for a bigger place.
Is your mortgage assumable? That might be an option worth exploring.