Author Topic: Need Urgent Advice on Duplex Situation  (Read 1251 times)

almondjoy22

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Need Urgent Advice on Duplex Situation
« on: August 12, 2014, 11:58:50 AM »
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« Last Edit: August 13, 2014, 08:45:50 AM by almondjoy22 »

dragoncar

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Re: Need Urgent Advice on Duplex Situation
« Reply #1 on: August 12, 2014, 12:04:39 PM »
I can't comment on the financials, but what has changed since you made the offer and now?  Did you make a well-informed offer originally, or was it a hasty decision?  I wouldn't undo a well reasoned previous choice based only on cold feet now, but if the opposite is true (you've had more time to think about an impulsive purchase) then maybe you should back out?

waltworks

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Re: Need Urgent Advice on Duplex Situation
« Reply #2 on: August 12, 2014, 12:59:10 PM »
Hard to say without more on your financial situation but:
-You'll be paying more for your house *without* including maintenance which it sounds like will be huge. You'll have to be a landlord, which can suck and be lots of work as well. Hard to put a price on all that, of course.
-The 20 mile (each way?) commute is $20 a day in gas/depreciation/etc so if you're working 20 days a month that's another $400.
-I'm assuming your time is valuable so the commute, if it's a quick one, is an hour a day. Assuming you make $50/hour or so and you're very close to work now, that's another $1000/mo down the toilet.
-The tax savings are nice but unless you're in the 35% bracket or something, it's not going to change the math much. And if you're in the 35% bracket, WTF are you doing financing a 400k house? :)

So financially, sounds like a pretty terrible move. That's not the only consideration, though. If you really love the house and want to live there and you're ok with spending ~$20k/year extra to do so, do it.

-W

Another Reader

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Re: Need Urgent Advice on Duplex Situation
« Reply #3 on: August 12, 2014, 01:32:59 PM »
Is it possible that what you thought you wanted isn't really what you wanted after all?  If that is the case, I would pull the offer and not look back.