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Moving from condo to house?
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GreenGirl05
LIF Adolescent
Member since 1/06 834 total posts
Name:
J
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Moving from condo to house?
We have only been in our condo for 1 year....but with the house prices the way they are it's tempting to scoop up a house....anyone have experience with moving soon after they bought? TIA for any advice!
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Posted 8/22/08 10:05 AM  |
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Prudential Douglas Elliman Real Estate
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Moving from condo to house?
there a few things to consider before you buy a house
1- since you only bought your condo 1 year ago- can you afford to sell it?
would you make money on it or lose money on it?
2- it takes 5 years to re-coup the closing costs generally - and the first 5 to 7 years of the loan are normally just interest
3- don't forgot about the real estate agent you will have to pay to sell your condo- average 6%
while it is better to trade up in a down market- that rule normally works best for people that bought before the last peak
play around with the numbers and see if it would work out for you
good luck
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| Posted 8/22/08 10:11 AM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: Moving from condo to house?
Posted by Beth1210
there a few things to consider before you buy a house
1- since you only bought your condo 1 year ago- can you afford to sell it?
would you make money on it or lose money on it?
2- it takes 5 years to re-coup the closing costs generally - and the first 5 to 7 years of the loan are normally just interest
3- don't forgot about the real estate agent you will have to pay to sell your condo- average 6%
while it is better to trade up in a down market- that rule normally works best for people that bought before the last peak
play around with the numbers and see if it would work out for you
good luck
I agree with this--we've lived in our condo 4 years and are now selling to buy a house, but people who bought in the past year would be losing to sell now. It all depends on how much you would lose when you consider closing costs, the decreased value, agent fees, etc., but i would wait another couple years and see how the market goes. Houses seem to be staying steady or going down a bit for now.
ETA: We've been looking at houses for 6 months--there aren't too many "great steals!" as people think. The really low prices generally mean a LOT of work. We haven't seen one house that I would consider a steal to scoop up.
Message edited 8/22/2008 10:53:43 AM.
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| Posted 8/22/08 10:44 AM |
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