March 04, 2008
I've decided to (try to) sell my house this spring due to several various reasons. I know it's a bad time to sell, but it's a good time to buy. I figure it wouldn't be terrible to take the hit first, then get the benefit later. There's no guarantee I'll be able to sell it at a price that is acceptable and in that case the world won't end and I'll continue to own the house.
This decision has resulted in a minor crisis because I can't decide what to do next. I'm channeling my 'gut', which says to (a) move closer to work, even though I'm not too far from it now, and (b) try to find something that costs less than what I sell my house for, and (c) something that is mostly updated as my current house wore me plumb out on renovation work. I also considered scaling WAY down, but can't think of a good way to do this and live close to work as well as allowing some space between myself and my neighbors. The idea was that I could pay off the purchase entirely and not have a mortgage. Well, the only people my age who don't have a mortgage received a special gift from their parents. So it isn't realistic. Instead I will try to get a 15 year loan this time so I can pay it off faster.
Anyhow, this means I'll spend less time on my bike while getting the house ready. I'm still kind of in denial about this decision so it hasn't set it that I am going to be spending most of my free time for two months painting, cleaning, and updating.
Posted by megabeth at March 4, 2008 04:57 PM
There is a balance there between work on the house (not as a hobby) and wanting it all done. I try to keep some distance from work, that way no one gets the idea that if someone needs to work late - you can you don't live far; or someone needs to come check on the alarm - hey, you don't live far... you get the idea. But I hope the part works out with the shorter mortgage at a lower cost!
Posted by: Outlaw3 at March 5, 2008 06:42 AM
We made the same decision. We're selling to do two things: move closer to work (indeed we will be in walking distance) and to scale down. But the new house, while smaller, is in a beautiful spot by a river. We'll have one car, and we won't use it daily (no need). In the long run, heating costs will be reduced, we'll buy much less gas, we'll save on insurance, and we will have less yard to maintain. It's all good, but the decision was difficult and moving and selling is a massive pain in the neck. Best of luck!
Posted by: chris robinson at March 5, 2008 07:19 AM
I guess you could always consider buying a loft downtown (such as one of the City Federal Building units.)
Posted by: Stan at March 6, 2008 09:07 AM
My personal valuation of a loft downtown is lower than what the sellers are asking. Mainly because you sacrifice some privacy and peace and quiet by living in a loft, and those things are valuable to me. If I wanted to sacrifice those things I think I should pay half of what an average house is worth. (Clearly the builders think differently.)
Also the market is flooded with lofts and they may not appreciate at the same rate as a house.
It would be nice not to have the responsibility of maintenance, but I do like having a yard for gardening.
Posted by: megabeth at March 6, 2008 09:15 AM
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