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Would you sell your home given these details...

Would you sell your home given these details...

Disclaimer; priviliged post. My husband and I own a home in a HCOL area and we have just signed an agreement with a realtor to sell our home. I'm afraid we might regret it if we sell it?

Here are the details: - home purchased for $1,050,000 - my parents were going to build an ADU on the property (2 acres) so they put down $400k cash and my husband and I took on the mortgage payment on a $650k mortgage - this $400k was NOT a gift to us. - my parents backed out and so we owe them $410k (they made improvements to the land prior to backing out). - we have paid them back $276k cash so far so we have a balance of $134k remaining owed to them - our mortgage rate is 2.87%

We have made significant improvements to both the land and house and are going to list the house at $2M

  • IF the house sells for $2M and after our % that the realtor(s) receive, minus the $134k and paying off the remainder of our mortgage we have the potential to come out with 1.2M

Given mortgage rates ATM and the HCOL area we're in I'm looking at homes that would fit our needs and my mind is 🥴 at what our monthly mortgage would be. We'd go from paying about $4k/mo on our mortgage (taxes, insurance, premium) to about $8-10k/mo. And quite honestly, a lot of the houses that are available are fixer-uppers and STILL, our mortgage would be astronomical.

Are we making a mistake by listing/selling our home? We are tied to the area because of family and our jobs so leaving the area isn't an option.

Thanks for any input!

submitted by /u/veesquee
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1begjmx/would_you_sell_your_home_given_these_details/
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