buying the it home for us

nickf2005

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Building is ridiculously expensive.

I looked at building before I bought my current house. It would've EASILY cost me 3x's as much.
We custom built. While not 3x, we could have gotten a lot more house for our money if we would have bought something standing, even if only 5 years old. But, we got everything exact to our wishes and it's truly a one-of-one.

That said, we just got appraised. It came back about $40k (6%ish) more than we have in it and we have great equity. In the end, doesn't matter unless something drastic happens, as we plan to never sell.

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nxhappy

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I am selling as well but not until March. If you can afford the 20%, do it for sure. If not, don't worry about it. FHA at 3% is no big deal. Sometimes it's a good idea to use the extra money to pay off debts if you need a better credit score. You could also dump into in 401k or retirement plan. Or even college funds if you have kids. One thing I learned, it's almost impossible to sell and buy at the same time. You are better off getting an apartment for a few months while the house is for sale. Then once it sells find your new home or build the new one. One good part is, selling all the old shit you don't need.
 

mysticsvt

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My only advice is don't buy a house you can't afford but absolutely don't buy a house you're not thrilled about. After 20 years of moving in the Military I told my wife to find our last home. Gave her the budget and man did she go straight to the top. But in Charleston 350K will buy a nice house. I have no regrets as I am happy in my castle where I spend most of my time...away from work that is....lol. Don't Skimp ;)
 

PhoenixM3

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Hi so we are looking into buying a bigger house in the near future, Hopefully the house market takes a dump, right were looking into a home around 400k, let me tell you 400k doesn't get you anything crazy in MA, I need a two car garage, wife's want a bigger kitchen and backyard, nicer neighborhood and school system, Been saving towards this goal for a long time, We own well still pay on a 240k home right owned for 10yrs planning to sell or rent the house, Now what will you guys do in this situation? put the 20% so there's no PMI, put even more of a down payment to have a nice comfortable mortgage or what? I know many of you have upgraded to a bigger home, Besides the current mortgage and a car payment we have no big debts and very little at that, I appreciate any suggestions for those who have done this.
Put the 20% down and do upgrades to the dream home.
 

Adower

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I just went through this. Bought a home in 2010 for 185k. Just sold it this past May for 315k. Pocketed about 180k.

Just bought a house for 565k that’s a complete fixer upper. However, every house in the area is over 1 million. I am confident our house will be over 1 million once its modeled too. If you can have a little luck on your side and buy low and sell high you can afford a house you never thought you could.

Pay the 20% down if you can with whatever you make from the sale.
 

08mojo

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Building is ridiculously expensive.

I looked at building before I bought my current house. It would've EASILY cost me 3x's as much.

^this. We are currently closing on a place. We wanted to go with a new build, but that quickly became a NO and looked for an existing home.
 

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