This may seem like a real estate question, but is really more a lifestyle question of sorts. If it needs to be moved to that forum please do!
I have gone back and forth about moving our primary residence. We do not have a job change, we would still want to stay in the same area, but our back yard is maybe 3 hundred feet from a highway, the noise is annoying and I really enjoy spending time in the back yard and want to put a pool in. I also would like more area to walk, currently we live in a large cul de sac, off of a somewhat busy road.
Otherwise our home is perfect, we have a large yard, nice layout, and only owe 230k at a very low interest rate.
Most everything we have looked at that is decent in this area is at least 500k, we would be able to sell our home for 390k, so at least 100k more in mortgage, plus the commissions and cost of moving which I calculated to be at least 30k.
We were pretty set on moving until recently, I have always wanted to eventually buy a small condo that we would use as a rental at our favorite beach spot with the thought that in 10 years when we plan to retire we would live there probably at least half the year. We have family at our primary residence, so completely moving is out of the question. But....if we buy this bigger, more expensive home here, that will make getting this condo more difficult. I have no idea which option will bring me more happiness, which is ultimately what I am looking for, better quality of life. I really wish we could find a way to do both, and possibly down the road we can find something closer to the cost of our current home, but right now we have not had any luck.
Either decision would be fine financially, the condo would probably almost pay for itself with rents, we may end up paying 500 per month out of pocket, but if we were there at least 4 times a year it would more than pay for itself, just by not having to pay 300 per night to stay somewhere.
We make combined 250k and my husband will likely be promoted in the next year and make another 20k possibly, but we are not banking on that. We are on track to retire in 10 years, which is a comfortable timeline for us, I already work part time, so I don't feel any huge crunch to retire super early. Thanks for any suggestions or personal experience that you share!
