Hey everyone I have a pretty important question to ask regarding finances. Situation is: *I have two 15 year old kids going to college in two years…one most likely on academic/athletic scholarship and one using reciprocity perk from work. *current home is worth about a million bucks, but I have projected repairs of nearly $100k over the next 5-6 years (roof, driveway, windows, etc.). Most likely will sell for about $950k. *Idea is to sell now and downsize to newer construction. Not as nice of a neighborhood, but still amazing. Not worried about resale value due to the crazy market we have in our area. Plan to be here another 10-20 years. New house is about $600k. *Will pocket and utilize small loan to have about $250k in liquid assets. Idea is to invest this now. I am in Oregon, married, and 44…. It sure how much I am going to get hit with capital gains. Also closing costs, etc. *Even with loan, my wife and I will be bringing home an additional $2500k a month after all bills and r...
One thing I feel like does not get discussed enough in real estate conversations is how much insurance, taxes, and HOA fees can completely change the real monthly cost of a house. A listing can look affordable on paper, but once you add in property taxes, insurance premiums, and sometimes HOA dues, the payment jumps way beyond what most buyers are actually comfortable with. In some cases, the house itself is not even the biggest problem anymore. The carrying costs are. What makes it frustrating is that sellers and agents often focus on the sticker price, while buyers are looking at the full picture. A home that seems borderline at list price can become a hard no once the real monthly number comes into view. I feel like this is one reason so many deals are getting stuck right now. Buyers are more cautious, and they are not just looking at what they can qualify for, but what they can actually live with every month. Anyone else seeing this become a bigger issue lately? submitte...