Quote:
Originally Posted by wong21fr
Okay Wizened  I don't think it's as dire as you like to paint it. At least I hope it's not as dire as you like to paint it. But it's not like it effects me that much as I'm forced to drive pratically everywhere right now. plus, I'm already priced out of my neighborhood and will end up selling, realize a large ROI, and moving out to the burbs. Hey, Stapleton or Lowry look nice.  |
If I were a young parent living in a part of the city where real estate is appreciating faster than in other parts of the city, I would consider selling the house before the 2016 elections. Ideally, I would not get a mortgage on a replacement house, unless the equity from selling house #1 covered much of the total cost of house #2.
In such a transaction, IMO, the most important aspect is to remember that you likely will lose a portion of your purchase price on the 2nd house when the inevitable downturn occurs. Don't be frightened by this, and, concentrate on how much more economical your new house will be, bottom line.
The question, as always, is timing: no matter what you do, you are going to have to gamble.
My wife and I pay under $1000 for taxes, payment on principal, and insurance. That, IMO, is a good target for you and yours to consider.