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We have been in our "new" house for 10 months...

Budmantom

Budmantom

Lifer
My wife says "it feels like we are never going to move".

We've been looking for a new house for about a week and the house that we are in now is worth about 25%+ more than what we purchased it for. Our house is a 4/2, it has new(er) flooring, bathrooms, appliances and paint and it's only the two of us, it's just hard to get rid of a house that's appreciating and has such low payments.

I don't mind moving and a brand new house would be nice but I know that the mortgage will go up and I just hate that thought.
 
WTF, 10 months? I stay in apartments for a year. We are going to stay in our house for years (moved in in June). Why are you going to move? That's an awesome way to lose money if you do that every year or two (closing costs and realty fees!).
 
Why are you moving when you're already in a great house that's appreciating and has such low payments? Closer to work?
 
Yeah it looks like we are going to move.

The reasons we are moving is because my wife wants a new kitchen and that will be about ($20k+) and a newer house will be more efficient and will need less maintenance. I bought the house right before we got married and she didn't have much input(I think this may be part of her motivation). We won't lose money, if that was the case we would stay.

We are both within 5 minutes of work and if we move it will be about 10 so that's not a factor.

The thought of higher payments and uncertainty of interest rates is unsettling, I guesss that's what we all deal with.

 
Originally posted by: Budmantom

The reasons we are moving is because my wife wants a new kitchen and that will be about ($20k+) and a newer house will be more efficient and will need less maintenance. I bought the house right before we got married and she didn't have much input(I think this may be part of her motivation). We won't lose money, if that was the case we would stay.

The thought of higher payments and uncertainty of interest rates is unsettling, I guesss that's what we all deal with.
Click to expand...

Or you could just make the kitchen improvements with a home equity loan and avoid the hassle of sales, moving, and a new mortgage. But if your wife is dead-set on a new house, I'd start talking to lenders to see if someone will give you a rate lock.
 
I hope this is not indicative of her whims in the future. She sounds like my mom. My poor dad never gets to stay in one place too long because they always up and move to a better house.
If you're willing to assume the responsibilities that will come with a new home and moving after only a year doesn't bother you then do it. Only you know what's best for you. Seems like you should at least give it another year, though but I know how women are so I feel you there.
 
Originally posted by: FeathersMcGraw
Originally posted by: Budmantom

The reasons we are moving is because my wife wants a new kitchen and that will be about ($20k+) and a newer house will be more efficient and will need less maintenance. I bought the house right before we got married and she didn't have much input(I think this may be part of her motivation). We won't lose money, if that was the case we would stay.

The thought of higher payments and uncertainty of interest rates is unsettling, I guesss that's what we all deal with.
Click to expand...

Or you could just make the kitchen improvements with a home equity loan and avoid the hassle of sales, moving, and a new mortgage. But if your wife is dead-set on a new house, I'd start talking to lenders to see if someone will give you a rate lock.
Click to expand...

We thought about re-doing the kitchen and for a few thousand more we could have a new house, the rate lock sounds good but I'm not sure if you can do that for 4-5 months.



Originally posted by: PanzerIV
I hope this is not indicative of her whims in the future. She sounds like my mom. My poor dad never gets to stay in one place too long because they always up and move to a better house.
If you're willing to assume the responsibilities that will come with a new home and moving after only a year doesn't bother you then do it. Only you know what's best for you. Seems like you should at least give it another year, though but I know how women are so I feel you there.
Click to expand...

I don't think it's indicative of the future she/we are normally pretty down to earth about these kind of things.

Women are the way they are and sometimes it's easier to go along to get along 😉



 
Originally posted by: PanzerIV
I hope this is not indicative of her whims in the future. She sounds like my mom. My poor dad never gets to stay in one place too long because they always up and move to a better house.
If you're willing to assume the responsibilities that will come with a new home and moving after only a year doesn't bother you then do it. Only you know what's best for you. Seems like you should at least give it another year, though but I know how women are so I feel you there.
Click to expand...
Don't forget closing costs and realty fees 🙂
 
Moving can be addicting. Personally, I'm sooo happy that I've been in this house for 6 years now. Unfortunately, it looks like we're gonna be moving soon.

It's hard on the kids to move, change schools, friends etc.

Good luck in your new abode!
 
I wouldn't worry too much about the interest rates. they should float around their current levels for several more months.
 
Originally posted by: yamahaXS
why did you buy a house (presumably without your fiance's input) right before you married? Was she a mail order bride?
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I bought it for below market value, it was a deal too good to pass up. My fiance didn't object to buying the house she just didn't take an active role in finding it. I would have bought a mail order bride but I couldn't afford her and the house😉

 
Originally posted by: Budmantom
Originally posted by: yamahaXS
why did you buy a house (presumably without your fiance's input) right before you married? Was she a mail order bride?
Click to expand...

I bought it for below market value, it was a deal too good to pass up. My fiance didn't object to buying the house she just didn't take an active role in finding it. I would have bought a mail order bride but I couldn't afford her and the house😉
Click to expand...

If she didn't object then, then she shouldn't object now. 🙂 Tell her she is CAN be replaced.
 
How do you type that "Whipishhhh!" sound? You know, the one people make when referring to men that are really pussywhipped?
 
Originally posted by: Budmantom
We thought about re-doing the kitchen and for a few thousand more we could have a new house, the rate lock sounds good but I'm not sure if you can do that for 4-5 months.
Click to expand...
Most lenders will lock for up 180 days (6 months) upfront upon request for a fee (usually $500 or half a point, which is the lender's actual cost).
I don't recommend doing that because, as CPA said, rates should remain stable for most of this year. There will be some ups and downs though (as always). If you're rate-sensitive, you can try to time those, but be careful as it is not as easy as it sounds.

What I want to know is how your house appreciated 25%+ in 10 months? 😕

And if you going to move that much, why sell all your old homes and pay all those realtor costs? Why not keep them and get a stable of rentals?
 
Originally posted by: Vic
Originally posted by: Budmantom
We thought about re-doing the kitchen and for a few thousand more we could have a new house, the rate lock sounds good but I'm not sure if you can do that for 4-5 months.
Click to expand...
Most lenders will lock for up 180 days (6 months) upfront upon request for a fee (usually $500 or half a point, which is the lender's actual cost).
I don't recommend doing that because, as CPA said, rates should remain stable for most of this year. There will be some ups and downs though (as always). If you're rate-sensitive, you can try to time those, but be careful as it is not as easy as it sounds.

What I want to know is how your house appreciated 25%+ in 10 months? 😕

And if you going to move that much, why sell all your old homes and pay all those realtor costs? Why not keep them and get a stable of rentals?
Click to expand...

My guess is that the 25% does not factor in the cost of the improvements.
 
Originally posted by: notfred
How do you type that "Whipishhhh!" sound? You know, the one people make when referring to men that are really pussywhipped?
Click to expand...

Lol, I don't think that's the case.

If I don't want to sell then we don't sell, I might hear about it for a week or so. The house we are in is in good shape but it is 20+ years old within the next 5 years it will need a new roof and a new fence add a kitchen and we will be at the price of the house we are looking at.

I would like a new house perhaps not this soon but who's to say the interest rates don't go up to 8% in a year than moving would not be an option.

 
Originally posted by: Vic
Originally posted by: Budmantom
We thought about re-doing the kitchen and for a few thousand more we could have a new house, the rate lock sounds good but I'm not sure if you can do that for 4-5 months.
Click to expand...
Most lenders will lock for up 180 days (6 months) upfront upon request for a fee (usually $500 or half a point, which is the lender's actual cost).
I don't recommend doing that because, as CPA said, rates should remain stable for most of this year. There will be some ups and downs though (as always). If you're rate-sensitive, you can try to time those, but be careful as it is not as easy as it sounds.

What I want to know is how your house appreciated 25%+ in 10 months? 😕

And if you going to move that much, why sell all your old homes and pay all those realtor costs? Why not keep them and get a stable of rentals?
Click to expand...

Thanks Vic I will call about the 6month lock.

The house didn't appreciate 25%, I bought it from a relative that needed to free up her credit to buy another house. In her case time was of the essence and she needed to have an offer on her house before she could make an offer on her new house. I couldn't afford what the house was worth but she couldn't wait to sell so we settled on a price and we avoided realtor fees. It ended up being a win win situation.

As for keeping it as a rental I am rather apprehensive about one in that price range, we already have a couple and we can manage if something happens with them, this one might be a bit much.

The cost of improvements has been under a $1000, most of the improvements where done before we bought the house.

 
My new place increased 10% before I even moved in. Yippie. Hopefully the market won't crash when I go to sell it in two years.
 
my place increased 40k, but everyone else increased about that much too, so its a wash. I am looking for a piece of land right now thou.
 
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