Stay or sell, home related

[Crimson2v]

How many of you all have stayed in the first house you purchased and payed it off? We have 16 years left until ours is payed for which would leave us at being in our 50’s with no mortgage. We would love to sell now and get into something with more room and a little larger lot but would have to start over with a 30 year loan. We have two kids and our home is 1650 sq feet and is on .16 acre lot. The other issue is that we live within a couple of miles of a land fill and have noticed the smells are getting worse over time. Houses are selling quickly where we live and would give us an opportunity to move into a bigger home. We would really love to move to the beach when we retire and don’t want to mess that up by making a bad decision now. What would y’all do in this situation?

 

[HillbillyHotRod]

Paid off mortgage? We have moved numerous times, mainly do to work. When we last moved the market was in the tank so rented the old house out. As years went along market went crazy again so made a killing on the old house. Last year we exchanged that house for a condo on the beach where we intend to end up one day. Now this may be unusual but that is what we did. If you have the equity you can always get a 15 year loan.

 

[Blk04L]

First question: Nope. First house we were in there for 4 years. Sold it for ~79k gain.
Moved to another house for a "good" price and will look to sell in a year or two, hopefully for similar gains. Bought a 2,700 sf house on a quarter acre for 270k, with 15k in options, and now the base price for the home is 313k.

Could look into a 15 year loan for your next house unless the area you want to move to is pricey. We got a 30 year loan for both homes but put down more on principal every month.

It's hard to say what I would do in that situation. Age? Time till retirement?
Kids ages?

How's the prices in the new area? Over inflated already, or still seem decent for the price per sqft and the area looks prime for growth?

 

[VENOM1]

I’m my opinion, it comes down to how much equity you have in your current house paired with how much more the possible larger house is annually. We bought our first home in 2009 and have sold and moved three times since then. Each move allowed us to get into a nicer home on a larger lot while keeping our mortgage payment(not including property taxes) within $100 of our original. This was due to home values skyrocketing as well as being on a constant hunt.

 

[Stanley]

I came close. We sold our first house with $12,000 mortgage left. We got something bigger so the kids have more space and it was the right move for us. We sold the old house for $210k which paid off some property we have were our last house will be and we put $100k down on the current house. My wife and I are in our early 40's.

 

[DAVESVT2000]

How many years until the landfill is at capacity, till it’s capped ?

that would be part of my decision making if I were you.

 

[Geno-04]

Sounds like your not 100 percent happy at this house, you also said house’s are selling quickly. I would move, maybe look into a 15 year mortgage.

 

[BlckBox04]

move away from the landfill now while you still have the chance to get anything out of your property

 

[Crimson2v]

Our kids are 4 and 6, I have about 22 years until I can retire. My wife has about 24 years. We bought our house in 06 for 178k, we have refinanced a couple of times. The last was to get rid of pmi. We owe 143k and could possibly sell for 240-250 but I need to do the flooring before that is possible. The new houses in my area are going for 350 and up with same or less land. The area we are looking at seems up and coming, we could get a 2600 square foot house with .75 acre for low to mid 300’s. I don’t think we can afford a 15 year mortgage with the prices the way they are. The landfill is supposed to be capped in 2033. The thing I worry about of course is our health and our kids health, also if people keep complaining and word gets out our property value will plummet. Another concern is college, we have two kids and that’s going to cost a ton of money too.

 

[Lambeau]

move away from the landfill now while you still have the chance to get anything out of your property

This ↑
Easy for me to say, but if there's a landfill close, I'd bail.

What I do know: Housing development in our city next to a dump that was closed for years, found toxins in their well water. It's been a cluster since.

 

[DSG2003Mach1]

so even after the flooring and a low sale price say you walk away with 75k. A new house at 350 you're financing 275. That doesn't seem too bad and you get away from the landfill that could cause all kinds of issues (especially during the extensive testing done at the time a landfill is shut down). Unless you just can't afford the note on the new mortgage I don't see the problem here.

 

[Crimson2v]

We are comfortable with our payment now but after preschool is done and truck is payed for we should have some more money to put towards a higher house payment. We have town water, not on a well so I don’t know if that would be a concern?

 

[BlckBox04]

We are comfortable with our payment now but after preschool is done and truck is payed for we should have some more money to put towards a higher house payment. We have town water, not on a well so I don’t know if that would be a concern?

what town are you in? I'll try and find out more about the landfill

 

[Blk04L]

We are comfortable with our payment now but after preschool is done and truck is payed for we should have some more money to put towards a higher house payment. We have town water, not on a well so I don’t know if that would be a concern?

Shouldn't be.

You're not in Brunswick County, right? They found a crap load of "toxic PFAs" in that tap water. Highest tested in the nation per a new report.

 

[Blk04L]

damn site

 

[VenomVeins]

move away from the landfill now while you still have the chance to get anything out of your property

This.

So much this.

 

[Crimson2v]

We are in Holly Springs, NC. The land fill is the south wake landfill.

 

[BlckBox04]

We are in Holly Springs, NC. The land fill is the south wake landfill.

yea that baby isn't going anywhere. They project it to be at capacity by 2033 but more than likely they'll find more cells to open or they're going to move to an adjacent space within the zone. They just opened this south site in 2007 so you're actually in the background of 2 landfills, the north zone and the south zone.

Move...

Edit: I just looked again, there's three more zones that are already developed to open as workface when this zone closes

 

[Crimson2v]

Yeah I saw on their map they have three more areas to put trash in, plus they said it could get up to 500ft high. We have been tossing the idea back and forth for a while, sounds like its best we move on. I just hope wake county doesn’t plop another land fill where we are thinking about moving to.

 

[BlckBox04]

Yeah I saw on their map they have three more areas to put trash in, plus they said it could get up to 500ft high. We have been tossing the idea back and forth for a while, sounds like its best we move on. I just hope wake county doesn’t plop another land fill where we are thinking about moving to.

they'll never have two landfill's in one county that isn't on one property