| Posted By |
Message |
peanutbutter2
Carpe diem!
Member since 11/10 5287 total posts
Name:
|
How soon is too soon?/What are some potential pitfalls of this? Re:selling house
DH and I bought our house about 2.5 years ago with the expectation that we would live here for 6 years tops but likely closer to 5. It's a starter home. We would eventually like to move to mid/easternish Nassau and be in a larger home.
DH and I were talking last night, and we could afford a larger home in one of our desired areas now....so we are motivated to do it as soon as we can. We would just like to save some more for security. I can't possibly see all of this (saving, selling, buying) coming into fruition in less than a year, so we'd be here for about 3.5+ years.
Is there anything wrong with this? Are there any possible "penalties" that could result? We don't have a penalty for paying our mortgage early. We also had our house appraised a few months ago, and it's valued at about 50-60K more than what we paid (we bought a foreclosure).
|
Posted 9/4/12 7:18 AM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
|
|
Re: How soon is too soon?/What are some potential pitfalls of this? Re:selling house
I don't think there is any harm in beginning to look.
I think the difficult thing many already-homeowners run into is timing of everything. (i.e. selling their current home, finding something new that is ready for move or in some cases, having to stay with family until these things can happen).
What is your financial/job situation overall?
DH and I bought back in 2008 and had a wonderful cushion in the bank. He then had a horrible year (he's self-employed) and we basically had to drain our savings.
It hasn't quite recovered yet although we are very, very slowly getting there.
Personally, we are going to be stuck in our "starter" home for some time because it's lost value and we don't have the money to do upgrades.
|
| Posted 9/4/12 7:47 AM |
| |
|
peanutbutter2
Carpe diem!
Member since 11/10 5287 total posts
Name:
|
Re: How soon is too soon?/What are some potential pitfalls of this? Re:selling house
Posted by mzsocialworker1
I don't think there is any harm in beginning to look.
I think the difficult thing many already-homeowners run into is timing of everything. (i.e. selling their current home, finding something new that is ready for move or in some cases, having to stay with family until these things can happen).
What is your financial/job situation overall?
DH and I bought back in 2008 and had a wonderful cushion in the bank. He then had a horrible year (he's self-employed) and we basically had to drain our savings.
It hasn't quite recovered yet although we are very, very slowly getting there.
Personally, we are going to be stuck in our "starter" home for some time because it's lost value and we don't have the money to do upgrades.
Thanks for the advice!
We both have steady jobs, and I'm confident that we could build a big cushion in our savings account within six months.
The transition period is definitely something that I worry about (having to find someplace to live), but I swear our RE is a magician....so that eases my mind a bit.
Message edited 9/4/2012 8:01:43 AM.
|
| Posted 9/4/12 8:00 AM |
| |
|
MrsRapz
mahna mahna!
Member since 2/12 1952 total posts
Name:
|
How soon is too soon?/What are some potential pitfalls of this? Re:selling house
You should check your current mortgage to see if there are pre-payment penalties (I think in most cases there won't be).
There's nothing wrong with moving out sooner otherwise.
|
| Posted 9/4/12 12:01 PM |
| |
|
Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
|
How soon is too soon?/What are some potential pitfalls of this? Re:selling house
Although your house appraised for that much more, I would definitely look at comps in the area. You don't want to put it up for sale for something that is way overpriced.
Other than that, I don't see how there would be any penalties.
|
| Posted 9/4/12 12:19 PM |
| |
|
sameinitials
insert creative comment here
Member since 2/12 1998 total posts
Name:
|
How soon is too soon?/What are some potential pitfalls of this? Re:selling house
I agree with the others - there's nothing wrong with moving sooner. We closed on our condo a year ago so I haven't been super on top of how the market is right now, but it's my impression that they are still low enough to make it a good idea to buy now rather than putting it off. Maybe think about renting your current house, if you are concerned about the timing?
|
| Posted 9/4/12 1:25 PM |
| |
|
