UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next
Author: CCSand Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127815  
Subject: Re: Move Now or Later? Date: 3/22/2004 2:40 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
millerpm wrote:

I take it you live in CA, hence the Prop 60 reference about age 55. Did you know you are also eligible if one of you is disabled?

Yes, but neither of us are disabled.

I'd run the numbers. How long are you planning on being in your next house? Through retirement? If so, run out a 10- or 20-year scenario on the increased taxes over that time period and compare it to your area's appreciation, which will pull up the price of the property you want to buy.

I would like to be in our next home through retirement, but it also has to be a home in which we can raise our son, and possibly another child if we choose to adopt another. The increased property taxes if we move now amount to about $200K over 30 years.

Here's where the math gets sticky:

If we are buying and selling in the same market, our current home price will rise, but so will the home we purchase. We'll get more equity out of our home by selling later, assuming the market goes up which our real estate agent thinks will happen. So is this a wash?

If we're not buying and selling in the same market, it's more clear. It would make more sense to buy now because the home will probably appreciate more than the $200K and it would also give us the opportunity to buy a home and have no mortgage at all.

CCSand
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next

Announcements

Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Macro Economics

Looking at Currency Ratios
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement