Hi everyone,
This is my first post, so please be easy on me! I will do a detailed case study in coming weeks, but I really respect the feedback on this forum and wanted to know - would you downsize in this situation?
We are family of 4 - 2 adults, 2 younger children.
Our current home is a detached 4 bedroom, 2.5 bathrooms, fairly large for us. In the current market, our house is worth approx $650,000. Our existing mortgage is $275,000. Current house needs some upgrades in coming years.
A house down the street from us has come up for sale - categorized as a townhouse, but only connected by garages on either side, 3 bed (plus den upstairs that could be 4th bedroom), 1.5 bathrooms. Downside is that most of the backyard is taken up by an in-ground pool, so no place for the kids to play unsupervised. Asking price is $519,000. if we were to downsize, our mortgage would be reduced to approx $145,000. This house has no upgrades required other than repainting some rooms. Additionally, property taxed and utilities would all be lower (minus pool associated costs).
My mustachian gut is telling me to go for it... any thoughts?