Trying to figure out the best option in my head....

Buy a new home, and keep the same monthly payments, but incur 80k(ish) more in debt

Or stay in existing smaller home, where space is an issue and I dont have a real office to work out of etc

What would ramsey do?

For the down payment on a new home, we could also do some extensive remodeling on existing, but still wont have the extra overall space. Looking for an increase of about 1,000 square feet

Uncle Dave would pay cash for what he could afford...


However, being that we aren't him... I'd buy a slightly bigger home and go into a bit more debt. Life's too short to be miserable and crowded in your home if you can afford to get a little bigger one. Only going to get worse as the kids get older.

I hear a home will be available in Vistancia this June.

sweathog wrote:I hear a home will be available in Vistancia this June.

Dislike!

The question Dave would ask is, do you have equity in your current home? If you're not upside down, then buying a slightly bigger home would not be out of the question. If you have the down payment for the next home, you can put it down and purchase it, then sell your current home, pay down the new mortgage and carry a little bit extra debt. Remember the 25% rule. If your mortgage and property tax monthly is more more than 25% of your monthly "take home" pay, then you have too much in "house".

Take home pay is after all the taxes. No factor for health insurance or retirement contributions.

Skatchkins wrote:Dislike!

"You must spread some Reputation around before giving it to Skatchkins again."

2ndchance wrote:The question Dave would ask is, do you have equity in your current home? If you're not upside down, then buying a slightly bigger home would not be out of the question. If you have the down payment for the next home, you can put it down and purchase it, then sell your current home, pay down the new mortgage and carry a little bit extra debt. Remember the 25% rule. If your mortgage and property tax monthly is more more than 25% of your monthly "take home" pay, then you have too much in "house".

Take home pay is after all the taxes. No factor for health insurance or retirement contributions.

Yeah we arent upside down anymore, owe 239, could sell for 240. Because the bad loan we have now and some weird refinance law, a new home for about 80k more would actually be the same monthly mortgage as our existing one

I say you buy a new home. 😜


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