!homeowners would you rather stay in your slightly too small unglamorous house which you'll pay off completely within 7 years, or move to a much bigger more glamorous dream home, with a way bigger but still affordable mortgage for another 20 years?
I just don't know what people do in these situations.
I want the house but I don't want the added risk a bigger mortgage comes with. I.e. would need to build up bigger emergency fund despite having bigger outgoings.
I don't like my current house but I do like the idea of having no mortgage outgoings in 7 years.
What would you do or what have you done when faced with this decision?
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At current interest rates, get the small house you can pay off instead of paying to the interest jew for the rest of your life.
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You can refinance a mortgage
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This is terrible advice, don't listen to this goy.
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!commenters thanks for the advice so far which is basically:
Which pretty much matches my thought process.
I think I'll do the time-honoured thing and do nothing until the problem either goes away or becomes very clear what I should do.
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If you move then there will be things that you like about the new house but also things that you'll realise were better in the old house. This is also useless advice that won't help you to make a decision.
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What's the wife comfortable with?
If single pay that off and remortgage to buy a single family wreck that you turn into a legal duplex.
Now you'll have a source of income in 20 years (that someone else paid for).
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Wife wants the big house.
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I am jaded
, but is the current house your premarital property by chance?
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No current house is the second house we've owned together.
Went from starter home in 2010 to small family home in 2015 and now able to go to big family home.
My motivation for moving is basically: get my own shower/potty, garage, study, extra bedroom for guests/when I'm angry at my wife.
These might sound like basically for Burgers but this is Bongland so these things seem like a luxury in our tiny houses.
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Having your own space goes a long way
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A shocking revelation.
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Well that settles it.
Think of the children
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I like my small, cozy house. It needs work but the mortgage is so low I never really have to worry financially. As someone who grew up a poorcel that peace of mind is worth a less glamorous home.
So stay put and enjoy the comfort.
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Its up to you, can you personally handle not being in a house you don't like for seven more years? Even then, what then? You shaved off what you think is 13 years (I know thats not the math, shut up) off the other mortgage assuming prices and rates stay the same?
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Not really. Already getting annoying with the kids getting bigger. House isn't tiny, but the layout is weird in that everyone always seems to be in other's way.
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Is it a townhome? How old are the kids, as in, within the 7 years are any of them going to live on campus or something for college?
By the time my kids are in college I'll have 10 years left on my mortgage assuming im not paying more into the principle
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How many people are living in your house?
My parents home is much larger than ours and cleaning/maintaining it has become a pain.
You could always pay off your current home and take out equity for a second mortgage and rent out the first, when closer to retirement sell the second home and move into the cozy one
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Maintaining and managing our house the last couple years has proven to be much more of a headache than I ever imagined it would be, I have much more sympathy for seniors after dealing with contractors from abroad. We're about to have to take someone to court over the materials cost for a fence that never got ordered.
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Why would you ever pay someone to build a fence?
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Family of 4. One kid approaching teen years, the other one 8 but could do with more space.
Agree with the size/space/maintenance point, but our current house is 100+ years old so despite being smaller, doesn't have any benefits regarding maintenance. Very dusty as well and not sure why.
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Live in the house you want and can afford. Mortgages tend to be a good financial instrument and as long as the interest rat is reasonable you shouldn't worry too much about having one.
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Can you build on to the less glamorous house?
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Could do and that was our initial plan but for what we wanted, a 1.5 storey extension plus changing layout of existing house we were looking at £90k, and would still have e no garage, no en-suite, no study, etc.
So then started looking at moving and here we are asking dramatards for advice on major life choices.
No straightforward decisions.
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consoom more house bro
the bank needs the money
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Personally I'd go with the bigger house but not including the extra money going towards your mortgage, you'll have more money going towards other things like utilities and property tax, and most of all, your wife buying furniture and a bunch of useless shit to fill the extra rooms with. Also, I grew up in a town where everyone had a house and a backyard. Kids rarely shared bedrooms and often had basically a portion of the house just for them. I couldn't imagine being a teenager having to be around the rest of the family all the time. All the extra money going towards the house will just get passed on to your kids after you die anyway.
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I have a slightly too small house. We are considering just extending either in place or with transportable buildings. Maybe looking at 150-200k but when I compare that to adding xx to the mortgage to move after paying realestate agent etc it's not unfavourable
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I took the fixer upper that you own quickly. I have my beef with the smaller house but its really affordable. That goes double for winter, smaller home is cheaper to heat and insulate.
After having kids the bs of life and insurance has hit me fairly hard. Minimizing bills is the only thing keeping me afloat
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I love my house but I wish the master bathroom was like 50cm bigger in both directions. The cost per cm of upgrading to a bigger house isn't worth it. I'm staying put.
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Both presidential candidates have promised to make homes more affordable, so just wait for that and buy when they fulfil their promise.
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Bigger isn't always better. If it's a bigger yard then that's a bigger pain in the butt to maintain. Bigger house means I have to spend more time cleaning it as well if I don't want to hire a cleaning service
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