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Learning, Sharing, and Teaching => Real Estate and Landlording => Topic started by: Msilaine on February 29, 2016, 02:33:16 PM

Title: Selling house to move closer to job?
Post by: Msilaine on February 29, 2016, 02:33:16 PM
Hello, Mr. Money Mustache community.  Newbie, first post.  I thought I was pretty good at personal finances since I am a consumer bankruptcy/consumer protection lawyer.  Until I stumbled on Mr. Money Mustache, that is.  Now I realize what a novice I really am.  Humbled.

Ok, here's my question.  In 1999, we bought a five bedroom house for a family of five, excellent house, excellent neighborhood, near excellent schools in Fairfax VA.  Fast forward to now, the kids have moved out, it's just the two of us except when the kids come to visit.  We have a substantial amount of equity, interest rate on the remaining mortgage 3 1/8.  I love the house.  But it's usually too big for us - balanced against the fact that the mortgage is only $2400, and we get the tax deduction.

My bad news, I was just laid off from a good job only 6 miles away on residential streets.  My good news, I was just hired by another good job, this one 12 miles away, mostly interstate.  My husband has been commuting (in a Prius) to a place near my new job, but I drive a Highlander, so it's a big deal for me.  I expect that he could drop me off and pick me up at least some days a week, unless I need to go to court, which is typically 2-3 days a week.

Scouting out potential housing in the new area (Huntington Metro) - mostly condos, very expensive houses, or very old and tiny houses.  Tiny might not be bad, as it's mostly just the two of us, but we do love to have visitors over the holidays, last Christmas every bedroom was full and I loved it.  The rest of the year those bedrooms are closed off and unused.

Other factors - bankruptcy filings are down, so getting this job is really fortunate.  I'll make a lot more money than I would clear hanging up a shingle.  I intend to work for at least 7 more years, my husband intends to work for another 13 years.

Really interested in your thoughts.  Thank you.

Title: Re: Selling house to move closer to job?
Post by: FrugalFisherman10 on February 29, 2016, 02:57:19 PM
Hello and welcome to the forums!
My first reaction is: are you planning to move so close as to ride a bike to work? If not, why not?

If you're not planning on riding a bike, it's hard to answer your question without knowing how much time/traffic is involved. In my city, 12 miles can be much worse driving than 6 miles, so it would be worth it to move 6 miles closer. Or even closer than that.
 If 12 miles is not that much different in driving time from 6 miles, you may be missing the forest for the trees. While mileage and other factors about being on the road contribute to MMM philosophy against driving, a big piece of it is:
 how much time you are in the car       vs.         at home or somewhere else doing something else that makes you more happy.

(i.e., don't just be concerned with moving right away based on what MMM says. From a real perspective, moving is a big deal, and I would think you better be gaining a LOT of benefits over your current situation before making a move.)

(P.S. I don't think this thread should really go in the "Real Estate and Landlording" section, as it may not get the audience you are looking for. I would think "Welcome and General Discussion" or "ask a Mustachian" would be a more appropriate place. Yes your thread deals with houses, but the viewers in this subforum generally have discussions about selling vs. renting from a numbers perspective, real estate markets (trends, history), buying houses or property from an investment perspective. Hope that helps)

If you want to post some generic comparisons of closer options, how much time you'd spend driving, size of the house, price, etc. that would probably help people weigh in.
Title: Re: Selling house to move closer to job?
Post by: Msilaine on February 29, 2016, 07:07:30 PM
Thanks for your thoughts and advice.  Will repost in another section.

As for why not bike regularly to work, I can't really imagine biking to work in a lady's business suit, that is to say, silk blouse, pantyhose, skirt, jacket, makeup, blown dry hair, etc.  Even with a backpack, clothes would get wrinkled. Maybe I just lack imagination.  ;^)

Title: Re: Selling house to move closer to job?
Post by: adamcollin on March 02, 2016, 05:01:15 AM
 I donít think you should sell your house in order to get closer to new job. 
Title: Re: Selling house to move closer to job?
Post by: mamagoose on March 02, 2016, 09:09:47 AM
What if you took the Prius and your husband rode a bike to his job, then you could move to closer to his work? And rent out the megahouse to a family, while you can rent a cute little condo that fits the two of you better?
Title: Re: Selling house to move closer to job?
Post by: BlueHouse on March 02, 2016, 10:49:53 AM
How old are your children and do they have children yet?  Visits home for the holidays usually end when it becomes too unmanageable for your kids to pack up their kids and do multiple parent's houses.  I'd hang on to the house until the visits home taper off (and believe me, they will - in a few years, you'll be packing up to go visit your kids and grandkids on holidays. 

As for driving, I wouldn't worry about the extra 6 miles on interstate.  but I might think about a smaller car.  Congratulations on the new job.  That was fortunate timing!