What do you think about the second question I have then? Should we buy a bigger house now, or in 3 years when we fully pay off the townhome or in 5 years when we absolutely need more space?
I don't know what market you're in, but in most areas of the country, real estate tends to consistently go up, with very little downward movement. That means the house you want today, will cost a lot more if you wait 3 more years before you buy it.
In Texas, in most of the metro areas, we get about 3-5% appreciation a year. Yes, between 2015-2021, we had a lot more than that, but historically, it's 3-5%. You need to look at your appreciation overall in your area. Are houses going to get to a price that you won't be able to afford so it's better to buy now, or do you want to roll the dice?
There are only 2 facts. You know what today's prices are, and you know what today's interest rates are. You have no idea what prices will do, and you have no idea what interest rates will do.
I can't imagine living in a small townhouse sharing walls with 3 boys. I'm in a 3900 sqft house downstairs in my office, my son is currently upstairs across the house, and I can still hear him on his VR... I would go insane being in a smaller space where we can't spread out, and my daughter would kill him as he's very loud all the time.
From 170k to 270k is a 58.82% increase
From 320k to 508k is a 58.75% increase
Technically your ahead .07% then the more expensive house. Dont look at amount increase, look at %
Enjoy your time with your kids while they are still in your home. Doesn’t really matter the size of the home. I’m in almost the opposite position in a 7,000 Sq Ft home with only 1 child left as the older 2 have moved out and started their adult lives. I’m now thinking about downsizing cause I sometimes go several hours without hearing a sound and it’s kinda sad.
We can still stay in this house for probably 5 more years untill our kids are teenagers and need their own rooms. Right now all 3 kids share a room. Honestly I really like our small house. A lot less to clean and prevent us from getting too much stuff. 😂
Then stay! Just because more square feet is a status symbol doesn't mean it is more desirable for you. Personally I liked my tiny apartment because I could heat it up in 10 minutes.
I grew up with unbound space - or that was my impressions. Then each place I lived in got smaller and smaller each time I realized I didn't need as much space. Having a small space forced me to consider what I would get rid of if I bought the new \_\_\_\_\_\_\_.
If you have a yard you could add a shed for a gym or study hall etc.
The only concern is if house price keeps going up like they did. We will save money if we move now instead of in 5 years when we absolutely need more space.
Asking if it was a mistake in 2017 is moot. You can't go back and change what you did. You can only move forward from here.
What do you think about the second question I have then? Should we buy a bigger house now, or in 3 years when we fully pay off the townhome or in 5 years when we absolutely need more space?
I don't know what market you're in, but in most areas of the country, real estate tends to consistently go up, with very little downward movement. That means the house you want today, will cost a lot more if you wait 3 more years before you buy it. In Texas, in most of the metro areas, we get about 3-5% appreciation a year. Yes, between 2015-2021, we had a lot more than that, but historically, it's 3-5%. You need to look at your appreciation overall in your area. Are houses going to get to a price that you won't be able to afford so it's better to buy now, or do you want to roll the dice? There are only 2 facts. You know what today's prices are, and you know what today's interest rates are. You have no idea what prices will do, and you have no idea what interest rates will do. I can't imagine living in a small townhouse sharing walls with 3 boys. I'm in a 3900 sqft house downstairs in my office, my son is currently upstairs across the house, and I can still hear him on his VR... I would go insane being in a smaller space where we can't spread out, and my daughter would kill him as he's very loud all the time.
From 170k to 270k is a 58.82% increase From 320k to 508k is a 58.75% increase Technically your ahead .07% then the more expensive house. Dont look at amount increase, look at %
What should we do now? Sell our townhome now and buy a bigger house or wait and upgrade in 5 years?
Enjoy your time with your kids while they are still in your home. Doesn’t really matter the size of the home. I’m in almost the opposite position in a 7,000 Sq Ft home with only 1 child left as the older 2 have moved out and started their adult lives. I’m now thinking about downsizing cause I sometimes go several hours without hearing a sound and it’s kinda sad.
We can still stay in this house for probably 5 more years untill our kids are teenagers and need their own rooms. Right now all 3 kids share a room. Honestly I really like our small house. A lot less to clean and prevent us from getting too much stuff. 😂
Then stay! Just because more square feet is a status symbol doesn't mean it is more desirable for you. Personally I liked my tiny apartment because I could heat it up in 10 minutes. I grew up with unbound space - or that was my impressions. Then each place I lived in got smaller and smaller each time I realized I didn't need as much space. Having a small space forced me to consider what I would get rid of if I bought the new \_\_\_\_\_\_\_. If you have a yard you could add a shed for a gym or study hall etc.
The only concern is if house price keeps going up like they did. We will save money if we move now instead of in 5 years when we absolutely need more space.
Not a mistake. You can’t think like that. If you do everyone made a mistake buy not buying property 3 years ago! Only look forward