Author Topic: Selling the too big house  (Read 1763 times)

rockeTree

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Selling the too big house
« on: March 03, 2016, 06:22:57 AM »
Partly inspired by you fine folks, last year my family decided to move from the house in the status-y neighborhood with the Barbie dream kitchen and the good schools (which our kids have aged out of) a few miles away, to a perfectly functional, reasonably updated, more walkable place at half the cost - less than half of what we had paid, in fact. Great!

Then it took the old place ages to sell; the feedback forms overwhelmingly said nice place, good condition, fairly priced, my clients will keep looking though. Now we finally have a buyer and an agreed price!  I have to write a check for $30k now. Feels lousy. But it's the right choice, yes? I worry that the market will promptly rocket when I sell just as it plummeted when I bought. Trying to remember that the cheaper place takes an easy eight years off the FIRE date, even with this check. :-(


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« Last Edit: March 26, 2017, 12:19:03 PM by rockeTree »

justajane

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Re: Selling the too big house
« Reply #1 on: March 03, 2016, 06:41:11 AM »
Yes, it was worth it! Once you factor in lower taxes, presumably lower utilities, and lower maintenance costs, there's no chance you're not going to come out ahead. Well done!

rockeTree

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Re: Selling the too big house
« Reply #2 on: March 03, 2016, 07:14:43 AM »
Thanks. Hard to tell when the sick feeling is neurosis or an actual warning to be heeded.  Tax difference is huge - since either way we're in a three bed townhouse the utilities gap is not yet (but bigger place was insulated to the gills and new place is not yet).


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SeanMC

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Re: Selling the too big house
« Reply #3 on: March 03, 2016, 07:52:14 AM »
It is the right choice, and it does feel lousy.

I wish I had the magic formula for the psychology of it. Loss of equity didn't feel better to me when I didn't have to write the check with the loss at sale (the loss already existed because I spent money on the house that vanished and never came back when I sold). In my case, I had purchased and closed on the house in 2008 less than 2 weeks before the crash. :(

You can look forward to the relief of being done with the house and sale + the increased savings moving forward from much lower expenses in housing/utilities.

rockeTree

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Re: Selling the too big house
« Reply #4 on: March 03, 2016, 10:50:56 AM »
Oh to be a boomer and know housing always, always goes up.

Now looking forward to scrimping to build up more liquid reserves as this will wipe ours out and a bit.


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