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  1. #1
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    Default Would you move to different area for a better house?

    We currently live in a great area, in the sense that the street is in a demand area with the houses across the road all on the water. In the last 6 years the value of our property has increased a fair bit.
    It's a small house on not bad land size, but i would love bigger. I would love to have an extra bedroom and a garage and pool! Lol we are not in a financial position to renovate or add a pool, but we could sell our house (it is our first home) and buy a better house in a different area further from the water and beach but that has everything we want. Would you do it? Even if you lived in an area where the value of your home increases at a decent rate every year?

    I think maybe i want to much... lol but its hard seeing all these beautiful houses only 5 mins away that we could live in for the same price 😕

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    Five mins away? Hell yes, I would sell!

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    Quote Originally Posted by CakeyMumma View Post
    Five mins away? Hell yes, I would sell!
    Hehe thanks cakeymumma!

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    SuperGranny is offline Worlds best grandma! Winner 2012 - Most Helpful Member
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    do the sums. remember you have pay real estate commissions, and maybe mortgage fees for paying out the house loan. also solicitors fees. usually, you will find, if you are getting a good price for your house, you will be paying a high price for the next house. if you think you can really make the change and be still in the same financial situation, still the same debt, or perhaps just a little bit more, then you could go ahead and do it. but sit down and do the sums. Marie.

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    As pp said depending on the sale price of both houses you could be up for close to $100k or more in stamp duty, agents fees and advertising so I would get quotes on extensions and pools and see if it is affordable before packing up and selling

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    That is definitely something to consider with the fee's. Didn't realise they could add up to so much!

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    Gotta check all your options. My husband and I just had a similar situation - great area but we needed a bigger house. We weighted up selling and buying bigger in same area or renovating. It actually ended up cheaper for us to refinance our mortgage and spend $70 000 to expand the house and get it the size we needed. Only added about $30 a fortnight to our mortgage and we are still in a great area where our house value is going up.

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    I know you said you're not in a financial position to renovate but if your house has gone up in value, can you borrow against the equity to renovate?

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    If it's only 5 minutes away and would give you everything you want then I'd look into it for sure. Just make yourself aware of all the costs involved & weigh up if it's worth it, but if you'd keep your same lifestyle & live in a similar area then I say go for it

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    Yeah its gone up easily 100,000, if not more than that now that my neighbours sold their properties for great prices.

    I'm really going to look into the refinancing the loan than. Do you think it will matter with me only working one day and with kids now? Im worried coz when we got the home loan i was working full time and no kids..


 

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