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.
