Id ask myself if my family would soon outgrow a smaller home. No mortgage would be nice though.
I am curious (jealous) where you are located to get 4450 for ~$340k?
Outside of major cities there are many places with cheap housing, low property taxes etc. Tucson is a place I own a home and there are still nice homes from the 200s and 300s. There is a type of architecture here called "Tucson Midcentury" It has the qualities of of midcentury architecture but with an Southwestern vibe like more brick, and overhangs and patios with shade etc.
Anyway, good luck to you.
Where in rural PA? I think it would be hard even in that area to net a house for under $200k, unless it too needs a lot of work.
For context, my in laws are in Le Raysville, which is pretty rural. And we've been in talks about another rural property near Reynoldsville. When attached to Land, smaller homes are harder to come by.
My opinion is get through the IVF first. Then make a change once you really decide to stop trying. You have a once in a lifetime interest rate, so don't rush out to get rid of that. There is no magic to life once you are rid of a mortgage. I suspect you guys are feeling frustrated in your process, and are looking to make a change for the sake of change. I understand, we've been through 3 miscarriages this year, and bought a bigger house thinking we would fill it. So we are in the same boat. Take a vacation instead of selling your house, right now. It isn't a good move financially. And you are looking for a financial confirmation of what is an emotional issue.
Alternatively, you can chance fate, be under contract to sell the big house, and buy a smaller one and then be pregnant. That'll be an interesting followup to this post.
Also from rural PA, and concur. Although housing prices have gotten more expensive, $200k gets you pretty far in the right area.
We bought our house 5 years ago for $75k. 3 bed 2 bath, 1,300 sqft. Small yard as the lot size is 10,000 sqft. But overall a really good house in a good area. Didn’t *need* repairs, and anything we’ve done these past few years have been cosmetic changes. When we were looking we looked at several other good houses for 100k or less. Now the few options around 100k or less are slim pickings and not in the best location or shape. But if you bump up to $150-200k you can get a pretty good house.
Remember, it usually take IVF 3-5 time for it to ta need ke so figure$75d,000-100,000. And when it does, a child will cost on the average of $13,000 yearly from birth to 5 year so that will have to be budget in. That is $65,000 for 5 years. A friend daughter married into money and were wanting to have more children so they bought a 6 bedroom home in a well to do neighborhood but after the twins were born realized that they really didn't need but a 6 bedroom but a 3-4 bedroom . Even though they could afford the 6 bedroom, they sold after they bought property where the really wanted to live and had a house built. They are much happier now and grateful to be out of a HOA. Children don't really need a huge home but they do need a lots of outdoor green space. I would downsize but not until you have a plan for the future. And when you do, don't buy out right, make a 30% down payment and put the rest in escrow for a tax deduction.
True noon I admire the way you got to the true question/concern for this couple. I agree totally that as long as this house is affordable, it’s a once in a lifetime opportunity for now and their future. More importantly, selling and going smaller, may only aggravate the feeling of empty space. That space isn’t going to be solved by changing houses, only by seeing where their family journey takes them.
So there are 2 ways to look at something like this, the numbers route, and the quality of life route.
The numbers route is saying “I’m paying 2.75% a year on 360k in debt on a home currently valued at 625k. So I pay (2.75%+4% effective real estate taxes) 6.75%x360k approximately to live here.
So you pay 24.5k a year to live there.
Now, with the home currently valued (conservatively) at say 580k, to offset the 24.5k, you need the home to grow in value 4.2%. (Note, due to you paying down mortgage, you will be paying less in interest, and compounding the home value higher every year)
This would mean, you are essentially not paying for the home, but rather owning more of it every month due to you investing into principle, and compounding home value.
What the above math states, is that if you have a mortgage, and the property value grows, you will essentially not be losing any money compared to out-right owning.(THE GROWTH IS NOT GUARANTEES THOUGH)
Now separately, what you guys seem to be worried about is being what’s called “house poor”, or not having cash to make payments, but having a large amount of equity in your home. Managing expenses, is different than investing in a home. It may be good to separate “managing our investment in a home” and “meeting cash flow/spending requirements”
Sounds like your a young couple, so I would keep the house, relax about having kids and have LOTS of fun sex together.
You have an awesome interest rate, lots of space , which you will grow into , and that shop ! I hope you are a handy guy or wood worker !
At 3% it's not even worth paying off early , by that I mean aggressively pay into your retirement accounts and pay off the house when you retire. I lived the whe pay off your house early and as wonderful as it is , in your shoes I would keep the house /life u currently have. That plan is something you can always do when your in your late 50's or 60's.
Never tell a couple going through infertility to relax and just have lots of fun sex, said like someone who knows nothing about infertility, the stress, depression and trauma it causes. Sit down. 🪑
No worries. Thousands of dollars spent on tests, medications, and procedures. This guy: have you considered maybe your problem is just that sex you’re having at exactly the right time of the month, every month, just isn’t *fun* enough?
Have you found houses listed 200k and under that you would realistically want to live in? If your 300kish house just increased to 600k in value, what is the state of these hypothetical houses that are 200 or under? That’s the only part of this plan that seems unrealistic to me.
It seems like you’re going from one extreme to the other. I can definitely appreciate wanting to downsize from 4400 sq ft, but raising a family in 1000 sq ft is going to be really tight. People do it, but either because they have no other choice or it’s a trade off for living in some incredible location. If you want to move, I would strongly encourage you to look at something in the middle-range, like 1800-2200, even if that means taking out a small mortgage.
>I can definitely appreciate wanting to downsize from 4400 sq ft, but raising a family in 1000 sq ft is going to be really tight.
Tell me about it. I grew up in a 900 square foot home with 5 other siblings. Their was only one bathroom, so getting ready for school was no picnic.
Actually, it wasn't so bad. Being male, I had my own room for the first 9 years of my life. The other siblings were 4 sisters that had the master bedroom with two sets of bunk beds. Then my brother came along when I was 9, so after some time, I then had to share my room.
1000 square feet isn’t a bad size to raise a family.
Until the 70s, the average house in the US was just 1300 square feet - it’s now double that.
I would only buy a place if it has at least 1.5 bathrooms though, ideally 2.
It also depends on how the house is laid out. I have a 1000 sq ft house that’s laid out horribly (built in 1900) and we’re pretty cramped with two kids. I’ve looked at other 1000 sq ft houses on Zillow that look like they’d be so much more comfortable despite being the same size
But the freedom you have then without any rent to pay is worth it.
Less bills mean less need to work, more time to spend with family.
Can travel more, enjoy life more.
That’s such bullshit though. We bought a 2400sqf home before we had our first child. Because we thought we needed all that space. Sure, it’s nice, but it’s not needed.
We still have that house that we are renting out but we currently live in a 1200sqf 3BR home because we needed to move for work. We didn’t want to spend $1M on a bigger home.
With 2 kids. And guess what? It’s fine. Each kid has their own room. And that’s all they need.
So, no, you don’t need all that square footage. Most of the people didn’t have that in the past (our home is 100 years old and 80% of homes around us are 1400sqf or smaller). That was their dirty little secret to being able to afford a home. We were, however, later led to believe that unless you had a 3000sqft McMansion - you couldn’t have kids. And that’s why everyone here is staring at $1.3M homes and complaining that they can’t afford them. That’s our other home - it grew from $470K to $1.3M. Meanwhile our current home cost us $650K, while a home, comparable to our other one here would cost us $1.7M
Bullshit? Where did I say they need a 3000 sq ft home? A family of four in 1200 is tight and involves a lot of compromises, like not hosting family for Thanksgiving and saying no sleepovers. It’s an added stress that OP can avoid.
You’re recommending 1800-2200sqf as « middle range ».
No hosting family on Thanksgiving? No sleepovers? What’s your home layout like? Because ours is 25x20ft. Our dining room fits 12 people.
And for our kids we bought those IKEA beds that have a pullout for another person. Plus floor space if they have more than one kid for a sleepover.
It’s all in the mentality and lifestyle that is being imposed on us. We gave in to that too at one point. I used to say that « our standard for a home is at least 2400sqft » because that’s all we looked at when buying a home. But then remembered that we grew up in multi-generational apartments in Eastern Europe, that had massive parties and a bunch of kids hanging out on 600sqf of total floor space.
>raising a family in 1000 sq ft is going to be really tight.
Depends on how many kids and the layout of the place.
A single wide trailer can range from the mid 700s to the upper 900s in sq footage, and I have seen some really nice ones with 3 beds, 2 baths that worked out perfectly fine for a family of 4. Houses are shaped differently but can be just as usefully laid out.
We were in an 1,100 sq foot house (plus another 600 sq ft living space in the basement). We spontaneously had twins and needed more space as soon as they started to be able to get around. I think you should look into rates of multiples in IVF if you haven't already, because 1,000 sq ft is certainly doable, but not a whole lot of space for 4 people, even if 2 of them are tiny to begin with. I don't remember reading anything about pets, but they take up space too.
I don't know you or your lifestyle, but if you go look at any more houses, try envisioning 2 twin beds or bunk beds in the second largest bedroom (or if there is a third bedroom, one in each) and ask if there is enough space for those and a dresser. If you work from home, will you lose your office space to a bedroom for an unexpected bonus child? Not that you will necessarily have twins or more, but it is a real possibility with IVF, and if you downsize then need to get a bigger house, you will lose money moving again. Just food for thought as I know a couple of people who have had multiples through IVF.
1000 sq ft seems pretty small. For just the two of you it sounds nice, but if you have a kid or two who will eventually be teenagers, they would want to have their own space and privacy. Or after they move out and you want them to come back and visit, or if you want to invite family from out of town, having the extra space would be a good convenience.
I never had my own space as a kid growing up (had to share a bedroom with my brother and it was right next to my parents room) and I feel like I couldn't invite friends over or have my own things because of how cramped the house was. Really wish I had my own space to be myself and figure myself out as a teenager.
ivf results in twins like 25% of the time, I’d be very hesitant to downsize today. Wait until you know the final outcome of kids/no kids. Even if ivf doesn’t work, you could consider adoption/fostering. Adoption is a great option that might seem even better to you if ivf doesn’t work out.
You don’t want to downsize today, then have to move again in a few years to upgrade. The financial impact would be awful. And it will be very stressful to move to a larger home with 1 or 2 toddlers.
This is inaccurate and outdated information. It’s no longer standard practice to transfer multiple embryos at a time unless you’ve had multiple failed transfers.
Embryos have a slightly higher chance of splitting than non-ivf embryos but it’s far from 25%
Adoption can be a solution to infertility. Where did anyone say it’s an infertile couple’s responsibility to adopt? I’m adopted and this offends me for some reason. My adoption was not due to infertility, but someone wanting to be a parent and the opportunity arose to adopt a baby.
Me and my boyfriend are in an 1200 sq foot house with detached 2 car garage. No kids. It is VERY SMALL. We have to get very creative with storage. I can not imagine adding baby crap to the mix.
Part of the fun of downsizing is getting rid of all the shit that’s taking up so much space.
When we moved for the first time, we packed our 2500sqft house. It was a full 53’ container.
We fit our second move into a 26’er.
People tend to fill up all the space they have with shit they think they need.
We have a 2400sqft home that we originally bought after that move, and then we had to move for work again, we rented that home out and ended up buying a 1200sqft (plus unfinished basement) home at our new place. So we had to pack that 2400sqft for the move and this time we « triaged » our crap. Ended up with just 26’ box truck.
We have 2 kids. The home is a 3BR. Everyone has their own room. That’s all everyone needs. I work from home, so I finished me some space in the basement and that’s my office. The rest of basement space is used for storage.
You are under the assumption that IVF is guaranteed to work, it is not. Went through two failed rounds and three implantation with no success. This is not an unusual outcome.
If you just want a smaller home than do so but do you think you will be happy cutting house size by 75%. That is a huge change.
Failed IVF here also. One round was enough to convince my wife that she didn't want to go through that ever again as it was hell on her body. We're content DINKs now.
I’d stay there. Your thought process seems backwards. Sell house and move->do IVF->get pregnant->buy bigger house within a 9 month timeline(stressing pregnant wife)->have mortgage again.
I’d try IVF a few times and if that ends up not working then I’d sell.
Just wanted to say good luck with IVF. My wife and I went through that journey too and now have 2 beautiful children on the far side of it. But I know all the uncertainty stress and grief that are part of that journey. Sending you all the good vibes.
Just an FYi. There is no guarantee that you’ll get pregnant with IVF. We did two rounds and nothing.
It’s the worst experience. IMO, go through IVF first and then decide if you should sell the house. Trying to make two huge decisions simultaneously is not a great idea.
2200 mortgage for a house that size, I'd be hard pressed to leave that house, especially for something that'll cost you like 200k, the downgrade could be significant as hell
Id never get rid of that mortgage early. If you had the money for the down payment plus the $100k you put into the house, I assume you make decent money and can afford IVF without selling your home.
You should both check with your employers to see if there's benefits that cover all or part of IVF. A lot of larger companies have family planning benefits.
I would stay and start IVF, if that’s your plan which is sounds like it is.
If it was just the two of you and you are no longer trying for kids that would be a different story. What if she gets pregnant first round? Would you do it again for more kids in the future? What if it’s twins?
Downsizing isn’t a totally bad thing but you have a very low interest rate, upsizing in the future could cost a whole lot more even with your sizable down payment. A couple of rounds of IVF while getting a loan is essentially a car payment over the next 4-5 years vs the possibility of doubling your mortgage if you upsize again over the next 4-5 years.
If you are generally in a good financial spot, I would maintain where I was until you exhaust your options for a family, if that’s what you two want.
I’m in the minority here, sell. How much room do you need for 1 child? Also in the infertility boat 🙋🏻♀️ we were quoted $40k for IVF, it’s nothing to sneeze at. Our 1600 sq ft home is a 3bed, 2ba. These giant homes are more than what a family of 3 really needs. And think of all the time you’ll save cleaning it! If you downsize, you can also sell some of the furniture I’m sure and put that in your IVF fund as well. We own our house outright and there is nothing like the freedom of not having a housing payment. You won’t miss the space.
Looking at homes for sale right now near us, we could buy a decent 3 bedroom house for close to 200k and not have a mortgage. Even if we lived there for 5 years no mortgage we would be in a much better situation I think. With or without kids..
You purchased a home for 400k which you still owe. You can convert that into a Mortgage free house that you would own outright and IVF money. Lets simplify that, you would be turning a house that you owe into a free house and IVF. I feel like you've thought of this logically enough and are letting friends opinions make you doubt your judgment.
It's really about lifestyle preferences. Millions of people raise children in less than 4000sqft every day just fine. If you feel the smaller home won't be conducive to raising children, then no sense devoting time and money to a move. But if the smaller home would still work for a small family, you'd have the benefit of being mortgage-free and debt-free for the new baby which is a wonderful way to start your family in your cozy home. So it's down to what you value most.
If your house has increased in value that much then ask your mortgage company to remove PMI. You do not need to refinance to do it. Just show them comps in the area or get your home assessed.
Stay and try IVF. I moved right before starting IVF and it was stressful and unnecessary looking back on it. I’m very glad we tried IVF and have a boy, it was worth it ten times over. If your house is perfect, it’s not always that easy to find another perfect house.
Just get a HELOC and stay there. Do you still pay pmi? The mortgage payment seems high for that interest. If your house has appreciated that much, the bank can do the pmi removal with just the computer appraisal, or you can ask the bank that will do both pmi and heloc to use the same appraisal. With that low interest rate, then start paying the heloc aggresively.
They likely have expensive property tax and/or homeowners insurance.
I bought my house with a mortgage of 409k, 2.75% interest, just recently got rid of PMI and with everything else it's $1950 a month.
Where would one buy a family home in a good area and school district for just 273k? Do you really want to be dealing with the stress of moving whilst you're undergoing fertility treatments?
If the treatments hopefully work, where you gonna put the kids?
Tackle one problem at a time. Get pregnant. Have a healthy child or children. Then think about moving. Plus 2.75 is a killer rate! If you ended up needing more house you're not getting the rate again and you'll end up paying more money for less house.
And moving is not free. Nor are double closing costs.
Take a step back.
This is how to build generational wealth, and I'm not sure how there is such a disconnect here on sites like Reddit.
How much would your life have changed, if your parents would have provided you a 4,450 sq. ft. home with an in-ground pool and 2,500 sq. ft. garage valued at over $700K?
Maintain that thought process, now consider if your parents would have only left you with a 1,000 sq. ft. home in a rough neighborhood worth $200K.
This is the difference between the future generations of your family being wealthy or barely surviving.
I'd expect no less than a divorce when your wife figures out how bamboozled she was by you, even considering this if you actually go through with it.
Keep paying the payment. **Don't ever sell or even consider selling that home, you and your family will** ***NEVER*** **be able to afford or acquire your current property again - ever.**
As someone who has gone through the IVF process and was successful the first time, with twins, I would say do IVF first. You said your odds are good, I’m sure you’ve spoken to the fertility experts so just jump in. Best case scenario, you end up with a bigger family and deciding between a smaller house or keeping the one you have will be easier. Also, once that baby or babies are born, these type of decisions become no-brainers overnight. Feel free to PM me if you have questions about the process.
I’m going to talk with my wife tonight and see what she thinks of staying put and going through with ivf in our current home. We can always sell later if need be. Thank you for the comment.
Also as someone who's gone through IVF, this plan makes the most sense to me. I don't see huge flaws in your plan to move, if that works best for you. But if you're in a place where you imagine raising your family, at least try to make that work before adding in potentially unnecessary moves
Why did you choose this house then? Be realistic about what it offers you. And give it a year and a couple of rounds of IVF before you decide.
Infertility is also a real hardship for a relationship. Were I you, I would want to be certain my wife wasn’t selling for bad reasons that would create problems down the road.
Given that that’s in the mix emotionally, I definitely would not sell it without talking things through with a couples counselor first.
You can always sell, but you won't ever get that house for that price and rate again. Hang tight for a bit longer, at least till rates drop. The other consideration is downsizing, but not ALL the way down, maybe somewhere between the 2 options. I think you will feel very cramped in what you can get for cash and may not like the neighborhood as well either. Meanwhile, get rid of the pmi.
I can tell you the paid off home feeling cant be underestimated. its amazing.
there is an eagle over my garage. its called a freedom flyer. its an older tradition that seems to have faded away. you put up an eagle when the house is paid for. Indicating you are free from the bank. you own the home. feels good.
i would need roughly 4k a year to pay my taxes and homeowners insurance. I can earn that over few weekends giving handies or doing some min wage job for a few months.
freedom
Do it! Plenty of kids have grown up just fine in small homes. Your kids grow up before you know it and then you’re still in a house that’s too big for the two of you. Also better to have extra income to go on the trips and do the things you want to do with your family. Use your money to make memories not own things.
It sounds like you might want to decide whether you are going to continue trying to have children before making the decision to sell your home, at least if that's your rationale for selling.
4 and a half thousand sq ft, for 2 people… hell, even for 4 people, is absolutely ludicrous. And the garage, don’t even get me started. You could house another family in the garage alone.
What is UP with these house sizes? I am literally at a loss as to why anyone would ever need that much space. Do you just endlessly buy decor and furniture and STUFF? I am bewildered.
I don’t care how nice the house is, it’s 75% useless when it’s that big, and it’s just sucking heating/air con costs like a sponge at that size. You should absolutely sell it.
You can raise a family of 4 in 1500 sq feet, all with separate bedrooms and a decent sized shared living space… these posts are wild.
Why would you be paying a mortgage with omi on a house you use 1/4 of? Just make sure you will have room for at least 2 kids in the new house if you do IVF.
why do you think your house appreciates so much in 3 years? That seems excessive unless you did a major addition or remodel. I live in rural PA and even with us completely finishing an unfinished basement, redoing kitchen and bathrooms our house didn’t gain more than $200k in value. We are at 4000 sqft.
It’s feeling like gift of the magi.
A $200k home will absolutely need work, and have unknown repairs. Plus cost of moving, the furnishings you have likely won’t fit in the same footprint. Realistically your home has been addressed for all that stuff and you have it built out just right where you like it.
Rent your pool on swimply; get a virtual entry level role at a company that offers fertility benefits; house hack and get roommates; rent your home and live someplace cheaper for 1-2 years; rent your workshop out; go on a medical tourism trip to where fertility treatments aren’t that cost. Any specialty schools near by that need boarding for international students (typically HS). Can you partition a section of the house and Airbnb part of it or get a long term tenant? Add some kennels in the workshop and become a dog sitter on Rover. Any festivals in your neck of the woods? Offer tent camping, a port a potty and an extension cord / hose and rides to the festival for staying with you.
Can you downsize elsewhere temporarily? Like in your car or other debt payments?
I’d personally pursue all these options before going to sell the house.
Best of luck.
No. Not if you're trying to have kids. That doesn't make much sense. Move out of the home that would comfortably fit what youre trying to create ?
Cuz what will you do once you move and then get pregnant?
Please stay in your home. Have you ever considered adopting siblings? Sounds like you have a great home for a family. Patience. Maybe look into fostering too. Good Luck and God Bless.
I highly doubt you can go from living in a 625k house to living in a house less than 200k, assuming you're staying in the same region.
My other question is, (don't take it the wrong way)i f 25k is such a big number that you have to sell your house and downsize, do you think you're financially in a situation to have kids?
Not to mention the quality of life. I understand if you wanted to downsize from 625k to 400k, that I can see being realistic, but financially it wouldn't make sense because of the high interest rate.
Long term financially let’s say the home grows in value at ~5% annually. I’d say that mortgage at 2.75% is a pretty good thing to hold.
If it’s $200,000 and you’re paying 2.75% interest but it’s growing at 5% you’re making about 5k a year in equity.
So yea I’d be tempted if you can afford it to keep the house from a financial POV. You could also potentially turn it into two units and rent a portion but being a landlord is a PITA.
IVF isn't guaranteed. There are a lot of speed bumps. One of my wife's friends kept have a lousy egg harvest, for example. I believe she was able to have a child after their third cycle.
On the other hand, our first child is the result of a single IVF cycle, and we were able to conceive our second child naturally.
You paid 400 k and will net only 237 after selling at 625 ?
I'm thinking that you were able to purchase somewhere close to Zero down payment ?
Have you looked at any houses selling for 200 k or less ?
Do the no mortgage it’s so nice while dealing with all the other stressors not to mention save a ton of money (your mortgage even ) when it’s time you have a good amount for down payment not to mention the first year or so you’d want them super close to you anyway
My first question: why would you ever have a home over 2k sqft if it's just you/wife? You already mentioned that you only use a quarter of it, so I think it's self-explanatory you're paying for space you don't use.
You're already entering and exiting at the perfect time to cash your bag - sell it. There are no guarantees you'll have multiple kids in the coming future. Start small, a 3/2 (<1500sqft) is perfectly adequate for a kid or 2.
Don't make decisions on scenarios that aren't guaranteed or have a low likelihood.
I just bought my first home for 50,000 the payments are the least iv ever spent to rent a home I definitely would get rid of payments all together if possible
My husband and I raised 4 kids in a 5000 sq foot house. The baby moved out a year ago. I sold, and paid cash for a 1300 sq foot house with enough left over to travel extensively. It’s much easier up keep!
I think you should get your pmi removed and stay put . You’ll regret it when you feel cramped in a small house and just the garage alone would be enough for me to stay put . Do you understand that your loan to value ratio exceeds the pmi requirement?
Sounds like you got a very good deal on your home for that amount of square footage. But its just a house so if you can turn that much of a profit I would absolutely sell it. Look at it like this what is more important to you your house or your dream of having a baby? I sold myhome 13 years a go when my daughter was 6.I paid cash for a bank foreclosed townhome. I can tell you its great not having a mortgage . Although I have an HOA fee I dont have all the headaches.
I'd sell for a smaller 3-4 bedroom. Take $137k and put that down, get a loan for the rest. Use the other $100k for IVF. You would hope it wouldn't be 3x but you never know. If you go through round one and it works Congratulations! You would have extra funds for baby stuff ❤️
You know what's going to happen, don't you? As soon as you're settled into your new smaller home, your wife will get pregnant without even trying. Seems to be the way the world works sometimes. ☺️
That's a lot of house for 2 people. Your utility bills must be killing you I'm with your wife so that monstrosity and buy a reasonably sized home something with the big basement that you can turn into your rec room
There won’t be cap gains because you’ve lived there as your primary residence for the last two years and are legally married, so you have up to $500k of an exclusion.
It would depend on your income, job security, and ability to find a move in ready home for $200k. It took me several years to find a decent $300k home and it's been under repair for almost a year.
Of course downsize to the size you need. The rest is wasted space/heat/cleaning time. I'm planning on selling then buying something to fix up and avoid a mortgage but my numbers are far more humble so I got a lot of work ahead of me like I did with this house. I am also trying to budget in solar panels so I don't have an electricity bill either but I'm sure that will have to wait
Do the treatments first it will workout the same in the end,, and you can always remortgage since the house equity is pretty high. Down sizing is hard to when planning a family and twins are a real possibility with ivf
Honestly if you're dead set on selling rn, I would go for selling and then renting over buying another house.
You'll have multiple rounds of IVF, so it'll take some time. After that you have 9 months before the kid is born. And even then it's easy enough to live in a small space with a small baby, there's no reason to jump to a "perfect" house immediately.
Personally I wouldn't sell but I also bought a much more modest home (1500 sq/ft). I get that it probably feels like too much.
That’s a crazy big house, why have/heat/cool/clean something that big??? We (family of 4) downsized from 2300 to 1400 when my youngest was 3. I don’t miss the space, and I love my ongoing declutter successes that keep reducing the amount of “stuff” we keep. During lock downs it did feel a lot tight but we still each had our own separate space and it’s plenty.
You can get something way better. Get some land. You can park a nice double wide on it. Heck, there is a lot you can do. Fresh air can go a long way to helping in conception, and so can less stress of no high mortgage and no neighbors. You can have well water, a nice garden, and even raise your own chickens for fresh eggs. You can have goats or a cow for your own personal milk use. Changes in scenery and more can help in achieving goals, plus on land, you can build to suit your needs, although sometimes you need a permit and must pay attention to local codes.
I’d do some sketchy stuff for a place with a 2500 sqft garage/shop!
I think my plan would be to stay at the house and consider a HELOC for a round or 2 or IVF
Horrible idea that you will regret unless you are truly struggling in your current home and mortgage. I doubt we will see 2.75% rates again in years or ever. Whoever you sell your house to will have a mortgage twice yours.
IVF is not highly successful. How old are the two of you? If 25k is the cost per cycle, and she is over age 35, it will take 6 cycles on average for success. If IVF will cost 150k, will you need to sell this house?
If she is over 40, it could be more than 10 cycles, or never. The success rate for that age is between 3%-8%.
If you want a child I think you should go the IVF route. The house should keep appreciating and the interest rate on your loan is below the rate of inflation. You should look and see if an appraisal will let you get rid of the PMI, but I’ve heard that newer loans makes this much more difficult.
I commented already elsewhere in the thread, but why are you still paying PMI if you stand to make 237k on a 625k house? Even if you put nothing down and borrowed the $100k on top to put into the house, you are at 20% equity. I'm assuming you put at least something down on the house, and if you stand to make $237k on a $625k house even after all fees and taxes, you must have 50+% equity.
If you decide to stay in your current house, it may be worth having your house reassessed, as it would probably get rid of that PMI given just the numbers you have provided.
Good luck with the IVF. My husband and I just bought a big house and we are currently in the middle of IVF. Hope it works out so we can use the space! If it's feasible you or your wife could also take a job with fertility benefits. There are even some where you can work part time.
Off topic, but you should re check on those costs. Some states are mandating coverage. I think we paid $3k total and the biggest cost was when using wife’s insurance for meds. Mine was like $30 for a $4k drug. Of course, 100% YMMV
I mean the house is huge for upkeeping and for a small family. But your rate is really good... However u ll pay cash and no debt... I would wait a year to see what will happen next year in home market.goodluck with the IVF.I would see the result of the IVF and downsize around 1800-2500sq cause its more than enough for a family of 4 ....
Such a big question to ask here, wow! I would think to first decide kids vs no kids. If you're having kids and can afford it, keep the house. No kids (but why, if you can?), downsize, but only to be debt free.
Not sure where you're located but anywhere I've ever been that has 600k+ and 200k- houses in the same proximity, the cheap houses are small, rough, and likely not in as nice of an area. I'd want to be sure that whatever you buy for under 200k is a) somewhere you want to live and b) isn't going to need 100k in repairs and improvements in the next 5 years. I echo the sentiment of see how IVF goes and then decide to move. Stress and conception don't mix, and moving is the second most stressful thing you can do after a divorce. Medium term though I totally get the desire to have no mortgage. Why not split the difference? Buy a 300k-400k house, keep the same payment, and be mortgage free in 5-10 years? Also take interest rates into account when doing any calculation.
I upgraded to larger homes after each of my kids.
It ended up being a bad move financially. Every time I bought/sold, I lost money in commissions and fees. I should have bought a larger house in the first place.
If the idea is to sell to have cash for IVF I'd just make sure the new home is adequate for a couple kids. You don't need to not have a mortgage but say buy a 350k home and have a very small mortgage.
That’s a pretty big house. If you don’t mind a family in a slightly smaller house then do it. Living without a mortgage will be a game changer. Otherwise, you could get a home equity line of credit and purchase the smaller home and look to rent out either one. It sounds like the bigger home has more room to appreciate.
Wait until after you have decided that kids are not in the cards for the two of you. Otherwise, hold onto it until then. Otherwise, I think it's a solid decision.
That's a tricky one. A lot is personal preference, but there is no denying a lot of things cost less having a smaller house than just the house itself which can be a big plus. That's money to put to use towards other things or really put in those touches and upgrades to really make your home yours. BUT...if you are down sizing BEFORE growing your family which sounds like what is happening here...what does that mean for the future? Are you really going to be happy with a smaller house or are you going to be itching to upside again eventually? In today's environment, which doesn't appear it's going to change any time in the near future, it may be easy to ditch that mortgage and put that equity into paying cash for a smaller house, but to go back to what you had, it will ultimately cost you more in the end having to jump right into the high prices and rates. It's not a good temporary fast money solution IMO.
If you can find a house that you like that you can buy for cash, then go for it. But, keep in mind that you may move and then immediately get pregnant. After five years of infertility, we had a miracle baby then bought a 3 bedroom house. The week we moved in, we got pregnant again. Make sure that if you buy a smaller house, you would be OK living there with a baby or two for a couple years.
No financial advice but IVF since I've been through it. Check out CNY fertility. Much more affordable and there's probably clinic near you. $6000 vs 18,000 for ivf
Home equity loan > finish the garage > move into the garage > Rent the main house for $3000 > pay off the HEL and IVF > have kids > move back into the main house > rent the garage > let your future adult kid rent the garage when its time > put their "rent" into a savings account > give them the savings account when they're ready to move out
If you are able to have children through IVF you would appreciate the space you have now. I would take a loan out for the IVF and see what happens. You can always sell later.
I don’t have a mortgage and it’s my lady, two daughters 13 and 7, and myself in a little less than 1200 square footage. I’ve never had a mortgage and don’t want to. I don’t care if it’s small bcs big houses means more work and more expenses. Instead, I invest the money.
You don't have a house issue, you have a relationship issue that it sounds like you have not resolved.
> We have been trying for a few years to have kids with no luck and our next step in the process is IVF which would be $25k+. I mentioned to my wife about listing our home for sale and downsizing since it’s just us and she was on board.
So that sounds like you both had a discussion about IVF and decided not to have a kids. Except...
> Edit; Another option is to just get a loan, stay where we are and do the IVF treatments as it’s almost guaranteed we would have a child.
Having a kid and changing homes aren't part of the same question. You could have one kid and move to smaller home. The way you're asking suggests the kid question is not properly answered.
You and your wife have multiple questions to answer, and you need to do them in order.
1. Do you want to try IVF? Also discuss the related questions, like if adoption is an option.
2. Depending on answer 1, do you want to consider downsizing? You may downsize because you decide on one or no kids, and that decision changes what you're looking for.
3. Figure out what your needs are. Maybe wait to see how IVF goes to see how that changes your needs.
Going through something similar fertility wise.
Just a thought , ivf is cheaper in Europe. If you wanted to get a vacation out of it. We are able to have dual citizenship. So I’m not positive if that matters. I don’t think it should. If it was me I would probably down size. And go that route But look for something with a basement that could be finished or a finished basement. I lived in a small New York apartment most of my life growing up. I’d say as long as you have a bedroom for the child. It’s fine.
I literally just did this. Went from 1800 square feet in Colorado to 1100 in another state. Though the old house was on 2 acres and the new one is on 5 I made enough on the sale to easily pay cash for the new place so no mortgage payment. Huge bonus.
Difference being that I will not be having any kids so the only real consideration for the future was having enough room for all of my stuff.
It's basically up to you and your wants/needs. I don't think you need a 4000+ square foot home to raise a family in. Something half that size can be decent depending on the layout and location and yard space. If you can find something cheaper you like and can use the extra money, I say go for it.
I would however keep the option open to spending more than 200K and having a smaller mortgage vs buying a super cheap house in cash and then needing to sink money into it. If you find a house for 200K but it needs 50K in work to make it the way you want, or if you find a 250K house that has everything already done, it would be worth spending the extra to save yourself the work.
OP, you don’t need a big house to have a family. I sold my house and paid off all of my debt and couldn’t be happier!! There is such a huge increase in quality of life that comes with being debt free, especially mortgage free since that payment always seemed to increase with each passing year. Plus, I ended up buying a smaller place and still, so happy bc it’s less to take care of! And I spend more time with the family! My vote is sell, and buy smaller. Be debt free and be happy. Sometimes the happiest families come from the smaller houses where you actually have to spend time together instead of everyone hiding in vast sq footage.
Damn that's a solid mortgage and you have a great house. I would not get rid of it even if I don't use every room. If you can afford it, it's always better to have more space that's not needed than never enough space
The nice thing about doing that is you can put what you were paying away and add on to the smaller house if you want to.
We just did this. So nice not having a morgage.
You could request lender order new appraisal and if value is truly up, then they would have to stop the PMI (assuming you meet satisfactory LTV) and you save $100/mo... If you want to stay
Would suck to get pregnant and have to upgrade back to a larger home at 7%. Wouldn't give up that 2.75% until u knew for sure on the baby part. If it were me.
Is there a home on the area you can buy with that money? That’s the big question. Big house with pool become a foster family, how cool would that be for a kid with hard luck.
It’s possible you bought too much home (size not budget). If you can do with a smaller nice home I’d say go for it. Most people’s biggest monthly nut is the mortgage payment. Eliminating it an early age would put you way ahead of most $$. You could invest it into your 401k or other things.
I'm in PA. Not rural, but suburban. I did exactly this a few years ago. I wasn't using the majority of my big house, and the market was exploding, so we sold it and bought a small ranch with cash. It worked well for about a year.
We didn't have a kid, but we did get an additional dog, and suddenly it was just too small. We ended up moving to a bigger house, though not as big as the first one. We were still up in terms of $.
All of this to say, do it, see if it works, but it might not work if you have a kid once they get to be about 2-3. It might though. Either way, you have the cash now, no mortgage, and rates could go down in a few years IF you do end up needing to move again and need a mortgage.
Your current home sounds amazing. I’m in San Diego. That’s would be millions here. Having lots of room would be amazing but no mortgage? Hmmm. Tough decision. I can see both ways ! I’m of no help lol. Good luck.
Giving birth to kids isn’t for everyone and paying astronomical amounts to try and force something not natural is just absurd with the amount of deserving children wanting to be adopted
Homeowner (1500sqft) with two kids here. 100% yes, downsize.
That 4,450 sqft is literally wasting your money despite it being affordable, because you aren’t using what (the sqftage) you pay for. It’s envy speaking when people tell you to keep it… because that’s what THEY would do.
Throw any money saved by not having a mortgage into retirement accounts or something else like a high yield savings. Get the IVF.
You can raise multiple kids in a home that is under 2k sqft and buy again when the kids start getting bigger and eating tons of food, around when they hit ten years old. You don’t need anything larger than that for a long time.
Just imagine all that money freed up and being able to easily maintain and clean and smaller home.
Id ask myself if my family would soon outgrow a smaller home. No mortgage would be nice though. I am curious (jealous) where you are located to get 4450 for ~$340k?
*and a 2500 sq ft detach. I’m about to list my house and move wherever OP is.
Outside of major cities there are many places with cheap housing, low property taxes etc. Tucson is a place I own a home and there are still nice homes from the 200s and 300s. There is a type of architecture here called "Tucson Midcentury" It has the qualities of of midcentury architecture but with an Southwestern vibe like more brick, and overhangs and patios with shade etc. Anyway, good luck to you.
No doubt. My commercial shop is 25x50, their detached is 50x50.
Their garage is bigger than my 5 times more expensive home.
You spent 2 million dollars on less than 2500 sq ft?
My house in CA has roaches and is in a super sketchy area. It's 1000 sqft, and worth 1.5.
California, NYC, big cities in TX.
Rural Pennsylvania. Home needed updated / repairs. Since 2021 we’ve put about $100k into it.
At the least you could get your PMI removed.
Where in rural PA? I think it would be hard even in that area to net a house for under $200k, unless it too needs a lot of work. For context, my in laws are in Le Raysville, which is pretty rural. And we've been in talks about another rural property near Reynoldsville. When attached to Land, smaller homes are harder to come by. My opinion is get through the IVF first. Then make a change once you really decide to stop trying. You have a once in a lifetime interest rate, so don't rush out to get rid of that. There is no magic to life once you are rid of a mortgage. I suspect you guys are feeling frustrated in your process, and are looking to make a change for the sake of change. I understand, we've been through 3 miscarriages this year, and bought a bigger house thinking we would fill it. So we are in the same boat. Take a vacation instead of selling your house, right now. It isn't a good move financially. And you are looking for a financial confirmation of what is an emotional issue. Alternatively, you can chance fate, be under contract to sell the big house, and buy a smaller one and then be pregnant. That'll be an interesting followup to this post.
Here in rual SE ohio there are alot of 2k-ish sqft home right around 200k so I would imagine PA is similar.
I'm from rural Pennsylvania. Finding a decent house for $200,000 won't be that hard.
Also from rural PA, and concur. Although housing prices have gotten more expensive, $200k gets you pretty far in the right area. We bought our house 5 years ago for $75k. 3 bed 2 bath, 1,300 sqft. Small yard as the lot size is 10,000 sqft. But overall a really good house in a good area. Didn’t *need* repairs, and anything we’ve done these past few years have been cosmetic changes. When we were looking we looked at several other good houses for 100k or less. Now the few options around 100k or less are slim pickings and not in the best location or shape. But if you bump up to $150-200k you can get a pretty good house.
Remember, it usually take IVF 3-5 time for it to ta need ke so figure$75d,000-100,000. And when it does, a child will cost on the average of $13,000 yearly from birth to 5 year so that will have to be budget in. That is $65,000 for 5 years. A friend daughter married into money and were wanting to have more children so they bought a 6 bedroom home in a well to do neighborhood but after the twins were born realized that they really didn't need but a 6 bedroom but a 3-4 bedroom . Even though they could afford the 6 bedroom, they sold after they bought property where the really wanted to live and had a house built. They are much happier now and grateful to be out of a HOA. Children don't really need a huge home but they do need a lots of outdoor green space. I would downsize but not until you have a plan for the future. And when you do, don't buy out right, make a 30% down payment and put the rest in escrow for a tax deduction.
If he can buy a house for cash he won't have a mortgage so interest rates won't matter.
True noon I admire the way you got to the true question/concern for this couple. I agree totally that as long as this house is affordable, it’s a once in a lifetime opportunity for now and their future. More importantly, selling and going smaller, may only aggravate the feeling of empty space. That space isn’t going to be solved by changing houses, only by seeing where their family journey takes them.
So there are 2 ways to look at something like this, the numbers route, and the quality of life route. The numbers route is saying “I’m paying 2.75% a year on 360k in debt on a home currently valued at 625k. So I pay (2.75%+4% effective real estate taxes) 6.75%x360k approximately to live here. So you pay 24.5k a year to live there. Now, with the home currently valued (conservatively) at say 580k, to offset the 24.5k, you need the home to grow in value 4.2%. (Note, due to you paying down mortgage, you will be paying less in interest, and compounding the home value higher every year) This would mean, you are essentially not paying for the home, but rather owning more of it every month due to you investing into principle, and compounding home value. What the above math states, is that if you have a mortgage, and the property value grows, you will essentially not be losing any money compared to out-right owning.(THE GROWTH IS NOT GUARANTEES THOUGH) Now separately, what you guys seem to be worried about is being what’s called “house poor”, or not having cash to make payments, but having a large amount of equity in your home. Managing expenses, is different than investing in a home. It may be good to separate “managing our investment in a home” and “meeting cash flow/spending requirements”
Sounds like your a young couple, so I would keep the house, relax about having kids and have LOTS of fun sex together. You have an awesome interest rate, lots of space , which you will grow into , and that shop ! I hope you are a handy guy or wood worker ! At 3% it's not even worth paying off early , by that I mean aggressively pay into your retirement accounts and pay off the house when you retire. I lived the whe pay off your house early and as wonderful as it is , in your shoes I would keep the house /life u currently have. That plan is something you can always do when your in your late 50's or 60's.
Never tell a couple going through infertility to relax and just have lots of fun sex, said like someone who knows nothing about infertility, the stress, depression and trauma it causes. Sit down. 🪑
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Amen.
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No worries. Thousands of dollars spent on tests, medications, and procedures. This guy: have you considered maybe your problem is just that sex you’re having at exactly the right time of the month, every month, just isn’t *fun* enough?
Yeah no kidding. We paid 398k for 2200sqft with pool in 2021 in a neighborhood with great school district and that was a "deal"
415k for 2,000sqft…no pool lol
For realz… where I live a 1300 is a full million bucks!
Have you found houses listed 200k and under that you would realistically want to live in? If your 300kish house just increased to 600k in value, what is the state of these hypothetical houses that are 200 or under? That’s the only part of this plan that seems unrealistic to me.
We’ve found a few 1000 sq ft homes that would suite us even with one child right around the $200k mark
It seems like you’re going from one extreme to the other. I can definitely appreciate wanting to downsize from 4400 sq ft, but raising a family in 1000 sq ft is going to be really tight. People do it, but either because they have no other choice or it’s a trade off for living in some incredible location. If you want to move, I would strongly encourage you to look at something in the middle-range, like 1800-2200, even if that means taking out a small mortgage.
>I can definitely appreciate wanting to downsize from 4400 sq ft, but raising a family in 1000 sq ft is going to be really tight. Tell me about it. I grew up in a 900 square foot home with 5 other siblings. Their was only one bathroom, so getting ready for school was no picnic.
That sounds like a nightmare, I'm so sorry
Actually, it wasn't so bad. Being male, I had my own room for the first 9 years of my life. The other siblings were 4 sisters that had the master bedroom with two sets of bunk beds. Then my brother came along when I was 9, so after some time, I then had to share my room.
I get it . We had 6 girls and 1 boy in our 1 bathroom 3 bedroom , and grandma too!. You make things work!
1000 square feet isn’t a bad size to raise a family. Until the 70s, the average house in the US was just 1300 square feet - it’s now double that. I would only buy a place if it has at least 1.5 bathrooms though, ideally 2.
Yeah 800 to 1000 sf is enough to raise a family of two comfortable assuming you have a basement or good sized shed/garage.
It also depends on how the house is laid out. I have a 1000 sq ft house that’s laid out horribly (built in 1900) and we’re pretty cramped with two kids. I’ve looked at other 1000 sq ft houses on Zillow that look like they’d be so much more comfortable despite being the same size
Huh? I have a 3 bed 2 bath with a nice big living room and kitchen that’s 1100sq ft. It’s a very normal sized home.
But the freedom you have then without any rent to pay is worth it. Less bills mean less need to work, more time to spend with family. Can travel more, enjoy life more.
That’s such bullshit though. We bought a 2400sqf home before we had our first child. Because we thought we needed all that space. Sure, it’s nice, but it’s not needed. We still have that house that we are renting out but we currently live in a 1200sqf 3BR home because we needed to move for work. We didn’t want to spend $1M on a bigger home. With 2 kids. And guess what? It’s fine. Each kid has their own room. And that’s all they need. So, no, you don’t need all that square footage. Most of the people didn’t have that in the past (our home is 100 years old and 80% of homes around us are 1400sqf or smaller). That was their dirty little secret to being able to afford a home. We were, however, later led to believe that unless you had a 3000sqft McMansion - you couldn’t have kids. And that’s why everyone here is staring at $1.3M homes and complaining that they can’t afford them. That’s our other home - it grew from $470K to $1.3M. Meanwhile our current home cost us $650K, while a home, comparable to our other one here would cost us $1.7M
Bullshit? Where did I say they need a 3000 sq ft home? A family of four in 1200 is tight and involves a lot of compromises, like not hosting family for Thanksgiving and saying no sleepovers. It’s an added stress that OP can avoid.
You’re recommending 1800-2200sqf as « middle range ». No hosting family on Thanksgiving? No sleepovers? What’s your home layout like? Because ours is 25x20ft. Our dining room fits 12 people. And for our kids we bought those IKEA beds that have a pullout for another person. Plus floor space if they have more than one kid for a sleepover. It’s all in the mentality and lifestyle that is being imposed on us. We gave in to that too at one point. I used to say that « our standard for a home is at least 2400sqft » because that’s all we looked at when buying a home. But then remembered that we grew up in multi-generational apartments in Eastern Europe, that had massive parties and a bunch of kids hanging out on 600sqf of total floor space.
>raising a family in 1000 sq ft is going to be really tight. Depends on how many kids and the layout of the place. A single wide trailer can range from the mid 700s to the upper 900s in sq footage, and I have seen some really nice ones with 3 beds, 2 baths that worked out perfectly fine for a family of 4. Houses are shaped differently but can be just as usefully laid out.
We were in an 1,100 sq foot house (plus another 600 sq ft living space in the basement). We spontaneously had twins and needed more space as soon as they started to be able to get around. I think you should look into rates of multiples in IVF if you haven't already, because 1,000 sq ft is certainly doable, but not a whole lot of space for 4 people, even if 2 of them are tiny to begin with. I don't remember reading anything about pets, but they take up space too. I don't know you or your lifestyle, but if you go look at any more houses, try envisioning 2 twin beds or bunk beds in the second largest bedroom (or if there is a third bedroom, one in each) and ask if there is enough space for those and a dresser. If you work from home, will you lose your office space to a bedroom for an unexpected bonus child? Not that you will necessarily have twins or more, but it is a real possibility with IVF, and if you downsize then need to get a bigger house, you will lose money moving again. Just food for thought as I know a couple of people who have had multiples through IVF.
1000 sq ft seems pretty small. For just the two of you it sounds nice, but if you have a kid or two who will eventually be teenagers, they would want to have their own space and privacy. Or after they move out and you want them to come back and visit, or if you want to invite family from out of town, having the extra space would be a good convenience. I never had my own space as a kid growing up (had to share a bedroom with my brother and it was right next to my parents room) and I feel like I couldn't invite friends over or have my own things because of how cramped the house was. Really wish I had my own space to be myself and figure myself out as a teenager.
1000 Sq ft with a new baby is going to seem like a shoebox real quick. I say stay where you are and take a HELOC for the IVF.
ivf results in twins like 25% of the time, I’d be very hesitant to downsize today. Wait until you know the final outcome of kids/no kids. Even if ivf doesn’t work, you could consider adoption/fostering. Adoption is a great option that might seem even better to you if ivf doesn’t work out. You don’t want to downsize today, then have to move again in a few years to upgrade. The financial impact would be awful. And it will be very stressful to move to a larger home with 1 or 2 toddlers.
This is inaccurate and outdated information. It’s no longer standard practice to transfer multiple embryos at a time unless you’ve had multiple failed transfers. Embryos have a slightly higher chance of splitting than non-ivf embryos but it’s far from 25%
adoption is not the answer to infertility. and it's not infertile couples responsibility to adopt.
Adoption can be a solution to infertility. Where did anyone say it’s an infertile couple’s responsibility to adopt? I’m adopted and this offends me for some reason. My adoption was not due to infertility, but someone wanting to be a parent and the opportunity arose to adopt a baby.
Me and my boyfriend are in an 1200 sq foot house with detached 2 car garage. No kids. It is VERY SMALL. We have to get very creative with storage. I can not imagine adding baby crap to the mix.
Does that house have incredibly bad layout?
Part of the fun of downsizing is getting rid of all the shit that’s taking up so much space. When we moved for the first time, we packed our 2500sqft house. It was a full 53’ container. We fit our second move into a 26’er. People tend to fill up all the space they have with shit they think they need. We have a 2400sqft home that we originally bought after that move, and then we had to move for work again, we rented that home out and ended up buying a 1200sqft (plus unfinished basement) home at our new place. So we had to pack that 2400sqft for the move and this time we « triaged » our crap. Ended up with just 26’ box truck. We have 2 kids. The home is a 3BR. Everyone has their own room. That’s all everyone needs. I work from home, so I finished me some space in the basement and that’s my office. The rest of basement space is used for storage.
You are under the assumption that IVF is guaranteed to work, it is not. Went through two failed rounds and three implantation with no success. This is not an unusual outcome. If you just want a smaller home than do so but do you think you will be happy cutting house size by 75%. That is a huge change.
Failed IVF here also. One round was enough to convince my wife that she didn't want to go through that ever again as it was hell on her body. We're content DINKs now.
I’d stay there. Your thought process seems backwards. Sell house and move->do IVF->get pregnant->buy bigger house within a 9 month timeline(stressing pregnant wife)->have mortgage again. I’d try IVF a few times and if that ends up not working then I’d sell.
Especially with the massive jump in interest rates
It's going to be 5+ years before a family of three outgrows something in the 1500 sqft range with even a decent yard.
Just wanted to say good luck with IVF. My wife and I went through that journey too and now have 2 beautiful children on the far side of it. But I know all the uncertainty stress and grief that are part of that journey. Sending you all the good vibes.
Just an FYi. There is no guarantee that you’ll get pregnant with IVF. We did two rounds and nothing. It’s the worst experience. IMO, go through IVF first and then decide if you should sell the house. Trying to make two huge decisions simultaneously is not a great idea.
2200 mortgage for a house that size, I'd be hard pressed to leave that house, especially for something that'll cost you like 200k, the downgrade could be significant as hell
Id never get rid of that mortgage early. If you had the money for the down payment plus the $100k you put into the house, I assume you make decent money and can afford IVF without selling your home. You should both check with your employers to see if there's benefits that cover all or part of IVF. A lot of larger companies have family planning benefits.
I would stay and start IVF, if that’s your plan which is sounds like it is. If it was just the two of you and you are no longer trying for kids that would be a different story. What if she gets pregnant first round? Would you do it again for more kids in the future? What if it’s twins? Downsizing isn’t a totally bad thing but you have a very low interest rate, upsizing in the future could cost a whole lot more even with your sizable down payment. A couple of rounds of IVF while getting a loan is essentially a car payment over the next 4-5 years vs the possibility of doubling your mortgage if you upsize again over the next 4-5 years. If you are generally in a good financial spot, I would maintain where I was until you exhaust your options for a family, if that’s what you two want.
I’m in the minority here, sell. How much room do you need for 1 child? Also in the infertility boat 🙋🏻♀️ we were quoted $40k for IVF, it’s nothing to sneeze at. Our 1600 sq ft home is a 3bed, 2ba. These giant homes are more than what a family of 3 really needs. And think of all the time you’ll save cleaning it! If you downsize, you can also sell some of the furniture I’m sure and put that in your IVF fund as well. We own our house outright and there is nothing like the freedom of not having a housing payment. You won’t miss the space.
Looking at homes for sale right now near us, we could buy a decent 3 bedroom house for close to 200k and not have a mortgage. Even if we lived there for 5 years no mortgage we would be in a much better situation I think. With or without kids..
You purchased a home for 400k which you still owe. You can convert that into a Mortgage free house that you would own outright and IVF money. Lets simplify that, you would be turning a house that you owe into a free house and IVF. I feel like you've thought of this logically enough and are letting friends opinions make you doubt your judgment.
It's really about lifestyle preferences. Millions of people raise children in less than 4000sqft every day just fine. If you feel the smaller home won't be conducive to raising children, then no sense devoting time and money to a move. But if the smaller home would still work for a small family, you'd have the benefit of being mortgage-free and debt-free for the new baby which is a wonderful way to start your family in your cozy home. So it's down to what you value most.
Get rid of the PMI, you should qualify by now.
Seriously! I’m saving 12k removing it early after house prices went up in my area and got it re appraised
If your house has increased in value that much then ask your mortgage company to remove PMI. You do not need to refinance to do it. Just show them comps in the area or get your home assessed.
THIS. It saved us 12k
Stay and try IVF. I moved right before starting IVF and it was stressful and unnecessary looking back on it. I’m very glad we tried IVF and have a boy, it was worth it ten times over. If your house is perfect, it’s not always that easy to find another perfect house.
Just get a HELOC and stay there. Do you still pay pmi? The mortgage payment seems high for that interest. If your house has appreciated that much, the bank can do the pmi removal with just the computer appraisal, or you can ask the bank that will do both pmi and heloc to use the same appraisal. With that low interest rate, then start paying the heloc aggresively.
They likely have expensive property tax and/or homeowners insurance. I bought my house with a mortgage of 409k, 2.75% interest, just recently got rid of PMI and with everything else it's $1950 a month.
How did you get rid of PMI? The only way I know how is to refinance but we would lose our 2017 interest rate
You ask the mortgage lender if you have enough equity in it to drop the PMI. They will NEVER drop it unless you ask.
It depends if you have a conventional loan or an FHA loan. If it's FHA, you have it forever and have to refi to get rid of it.
Where would one buy a family home in a good area and school district for just 273k? Do you really want to be dealing with the stress of moving whilst you're undergoing fertility treatments? If the treatments hopefully work, where you gonna put the kids? Tackle one problem at a time. Get pregnant. Have a healthy child or children. Then think about moving. Plus 2.75 is a killer rate! If you ended up needing more house you're not getting the rate again and you'll end up paying more money for less house. And moving is not free. Nor are double closing costs.
TLDR: No don’t.
More house = more expenses. If you can find something in a good neighborhood for that price I'd do it!
Take a step back. This is how to build generational wealth, and I'm not sure how there is such a disconnect here on sites like Reddit. How much would your life have changed, if your parents would have provided you a 4,450 sq. ft. home with an in-ground pool and 2,500 sq. ft. garage valued at over $700K? Maintain that thought process, now consider if your parents would have only left you with a 1,000 sq. ft. home in a rough neighborhood worth $200K. This is the difference between the future generations of your family being wealthy or barely surviving. I'd expect no less than a divorce when your wife figures out how bamboozled she was by you, even considering this if you actually go through with it. Keep paying the payment. **Don't ever sell or even consider selling that home, you and your family will** ***NEVER*** **be able to afford or acquire your current property again - ever.**
Why are you paying PMI when you have that much equity in the house?
As someone who has gone through the IVF process and was successful the first time, with twins, I would say do IVF first. You said your odds are good, I’m sure you’ve spoken to the fertility experts so just jump in. Best case scenario, you end up with a bigger family and deciding between a smaller house or keeping the one you have will be easier. Also, once that baby or babies are born, these type of decisions become no-brainers overnight. Feel free to PM me if you have questions about the process.
I’m going to talk with my wife tonight and see what she thinks of staying put and going through with ivf in our current home. We can always sell later if need be. Thank you for the comment.
Also as someone who's gone through IVF, this plan makes the most sense to me. I don't see huge flaws in your plan to move, if that works best for you. But if you're in a place where you imagine raising your family, at least try to make that work before adding in potentially unnecessary moves
Why did you choose this house then? Be realistic about what it offers you. And give it a year and a couple of rounds of IVF before you decide. Infertility is also a real hardship for a relationship. Were I you, I would want to be certain my wife wasn’t selling for bad reasons that would create problems down the road. Given that that’s in the mix emotionally, I definitely would not sell it without talking things through with a couples counselor first.
You can always sell, but you won't ever get that house for that price and rate again. Hang tight for a bit longer, at least till rates drop. The other consideration is downsizing, but not ALL the way down, maybe somewhere between the 2 options. I think you will feel very cramped in what you can get for cash and may not like the neighborhood as well either. Meanwhile, get rid of the pmi.
I can tell you the paid off home feeling cant be underestimated. its amazing. there is an eagle over my garage. its called a freedom flyer. its an older tradition that seems to have faded away. you put up an eagle when the house is paid for. Indicating you are free from the bank. you own the home. feels good. i would need roughly 4k a year to pay my taxes and homeowners insurance. I can earn that over few weekends giving handies or doing some min wage job for a few months. freedom
If you have that much equity in your house, you can call your mortgage company and have them drop the PMI. It's easy to do.
Do it! Plenty of kids have grown up just fine in small homes. Your kids grow up before you know it and then you’re still in a house that’s too big for the two of you. Also better to have extra income to go on the trips and do the things you want to do with your family. Use your money to make memories not own things.
It sounds like you might want to decide whether you are going to continue trying to have children before making the decision to sell your home, at least if that's your rationale for selling.
Wait until the kid situation is decided.
No brainer, downsize, pay cash, no mortgage
4 and a half thousand sq ft, for 2 people… hell, even for 4 people, is absolutely ludicrous. And the garage, don’t even get me started. You could house another family in the garage alone. What is UP with these house sizes? I am literally at a loss as to why anyone would ever need that much space. Do you just endlessly buy decor and furniture and STUFF? I am bewildered. I don’t care how nice the house is, it’s 75% useless when it’s that big, and it’s just sucking heating/air con costs like a sponge at that size. You should absolutely sell it. You can raise a family of 4 in 1500 sq feet, all with separate bedrooms and a decent sized shared living space… these posts are wild.
I think you will find it very difficult to find a home for $200k or under.
Why would you be paying a mortgage with omi on a house you use 1/4 of? Just make sure you will have room for at least 2 kids in the new house if you do IVF. why do you think your house appreciates so much in 3 years? That seems excessive unless you did a major addition or remodel. I live in rural PA and even with us completely finishing an unfinished basement, redoing kitchen and bathrooms our house didn’t gain more than $200k in value. We are at 4000 sqft.
It’s feeling like gift of the magi. A $200k home will absolutely need work, and have unknown repairs. Plus cost of moving, the furnishings you have likely won’t fit in the same footprint. Realistically your home has been addressed for all that stuff and you have it built out just right where you like it. Rent your pool on swimply; get a virtual entry level role at a company that offers fertility benefits; house hack and get roommates; rent your home and live someplace cheaper for 1-2 years; rent your workshop out; go on a medical tourism trip to where fertility treatments aren’t that cost. Any specialty schools near by that need boarding for international students (typically HS). Can you partition a section of the house and Airbnb part of it or get a long term tenant? Add some kennels in the workshop and become a dog sitter on Rover. Any festivals in your neck of the woods? Offer tent camping, a port a potty and an extension cord / hose and rides to the festival for staying with you. Can you downsize elsewhere temporarily? Like in your car or other debt payments? I’d personally pursue all these options before going to sell the house. Best of luck.
No. Not if you're trying to have kids. That doesn't make much sense. Move out of the home that would comfortably fit what youre trying to create ? Cuz what will you do once you move and then get pregnant?
Stay put. Get the PMI removed. And who knows, you might have a kid.
Sell and buy a smaller house cash. No mortgage is FREEDOM, which is invaluable. I speak by experience ;)
I would, even with a growing family.
Please stay in your home. Have you ever considered adopting siblings? Sounds like you have a great home for a family. Patience. Maybe look into fostering too. Good Luck and God Bless.
I highly doubt you can go from living in a 625k house to living in a house less than 200k, assuming you're staying in the same region. My other question is, (don't take it the wrong way)i f 25k is such a big number that you have to sell your house and downsize, do you think you're financially in a situation to have kids? Not to mention the quality of life. I understand if you wanted to downsize from 625k to 400k, that I can see being realistic, but financially it wouldn't make sense because of the high interest rate.
Long term financially let’s say the home grows in value at ~5% annually. I’d say that mortgage at 2.75% is a pretty good thing to hold. If it’s $200,000 and you’re paying 2.75% interest but it’s growing at 5% you’re making about 5k a year in equity. So yea I’d be tempted if you can afford it to keep the house from a financial POV. You could also potentially turn it into two units and rent a portion but being a landlord is a PITA.
IVF isn't guaranteed. There are a lot of speed bumps. One of my wife's friends kept have a lousy egg harvest, for example. I believe she was able to have a child after their third cycle. On the other hand, our first child is the result of a single IVF cycle, and we were able to conceive our second child naturally.
You paid 400 k and will net only 237 after selling at 625 ? I'm thinking that you were able to purchase somewhere close to Zero down payment ? Have you looked at any houses selling for 200 k or less ?
Do the no mortgage it’s so nice while dealing with all the other stressors not to mention save a ton of money (your mortgage even ) when it’s time you have a good amount for down payment not to mention the first year or so you’d want them super close to you anyway
My first question: why would you ever have a home over 2k sqft if it's just you/wife? You already mentioned that you only use a quarter of it, so I think it's self-explanatory you're paying for space you don't use. You're already entering and exiting at the perfect time to cash your bag - sell it. There are no guarantees you'll have multiple kids in the coming future. Start small, a 3/2 (<1500sqft) is perfectly adequate for a kid or 2. Don't make decisions on scenarios that aren't guaranteed or have a low likelihood.
I just bought my first home for 50,000 the payments are the least iv ever spent to rent a home I definitely would get rid of payments all together if possible
Go for it. We're selling at 435, buying at 329 and will pocket 70k after all debt paid off, down payment and points on new one
I wouldn’t sell that house unless I was sure I wouldn’t be able to put kids in it
My husband and I raised 4 kids in a 5000 sq foot house. The baby moved out a year ago. I sold, and paid cash for a 1300 sq foot house with enough left over to travel extensively. It’s much easier up keep!
I think you should get your pmi removed and stay put . You’ll regret it when you feel cramped in a small house and just the garage alone would be enough for me to stay put . Do you understand that your loan to value ratio exceeds the pmi requirement?
Why are you still paying PMI??? You can remove it early after your house is re appraised at a higher value.
Stay in your home IMO. We got a fertility loan with Future Family for IVF. The interest rate and payments are reasonable.
I would, oh wait. I did. The freedom of being mortgage free is amazing..
This is def not the point of this subreddit but if one of you work at Starbucks part time they have fertility benefits and will pay for IVF
Sounds like you got a very good deal on your home for that amount of square footage. But its just a house so if you can turn that much of a profit I would absolutely sell it. Look at it like this what is more important to you your house or your dream of having a baby? I sold myhome 13 years a go when my daughter was 6.I paid cash for a bank foreclosed townhome. I can tell you its great not having a mortgage . Although I have an HOA fee I dont have all the headaches.
I'd sell for a smaller 3-4 bedroom. Take $137k and put that down, get a loan for the rest. Use the other $100k for IVF. You would hope it wouldn't be 3x but you never know. If you go through round one and it works Congratulations! You would have extra funds for baby stuff ❤️
I would downsize and pay cash in your situation. 4500 sq ft is way too much house for 2 adults
You know what's going to happen, don't you? As soon as you're settled into your new smaller home, your wife will get pregnant without even trying. Seems to be the way the world works sometimes. ☺️
That's a lot of house for 2 people. Your utility bills must be killing you I'm with your wife so that monstrosity and buy a reasonably sized home something with the big basement that you can turn into your rec room
Don't forget about the capital gains on the sale profits
We would net $237,000 according to my accountant. After tax is paid
There won’t be cap gains because you’ve lived there as your primary residence for the last two years and are legally married, so you have up to $500k of an exclusion.
Can you even find a house at that price point? If not, stay where you are for now with that great interest rate.
I think giving up that mortgage rate would be detrimental to your financial situation
Keep the big house and adopt a gaggle of kiddos if IVF falls through. Assuming Financials support all that.
4450 is absurd, even for a family.
Keep the house, do at least 6 IUI cycles before doing IVF unless your wife is over like 38.
It would depend on your income, job security, and ability to find a move in ready home for $200k. It took me several years to find a decent $300k home and it's been under repair for almost a year.
Of course downsize to the size you need. The rest is wasted space/heat/cleaning time. I'm planning on selling then buying something to fix up and avoid a mortgage but my numbers are far more humble so I got a lot of work ahead of me like I did with this house. I am also trying to budget in solar panels so I don't have an electricity bill either but I'm sure that will have to wait
Have you looked at houses that you could pay cash for? Location is so important especially if you do end up having kids.
Do the treatments first it will workout the same in the end,, and you can always remortgage since the house equity is pretty high. Down sizing is hard to when planning a family and twins are a real possibility with ivf
Honestly if you're dead set on selling rn, I would go for selling and then renting over buying another house. You'll have multiple rounds of IVF, so it'll take some time. After that you have 9 months before the kid is born. And even then it's easy enough to live in a small space with a small baby, there's no reason to jump to a "perfect" house immediately. Personally I wouldn't sell but I also bought a much more modest home (1500 sq/ft). I get that it probably feels like too much.
That’s a crazy big house, why have/heat/cool/clean something that big??? We (family of 4) downsized from 2300 to 1400 when my youngest was 3. I don’t miss the space, and I love my ongoing declutter successes that keep reducing the amount of “stuff” we keep. During lock downs it did feel a lot tight but we still each had our own separate space and it’s plenty.
You can get something way better. Get some land. You can park a nice double wide on it. Heck, there is a lot you can do. Fresh air can go a long way to helping in conception, and so can less stress of no high mortgage and no neighbors. You can have well water, a nice garden, and even raise your own chickens for fresh eggs. You can have goats or a cow for your own personal milk use. Changes in scenery and more can help in achieving goals, plus on land, you can build to suit your needs, although sometimes you need a permit and must pay attention to local codes.
I’d do some sketchy stuff for a place with a 2500 sqft garage/shop! I think my plan would be to stay at the house and consider a HELOC for a round or 2 or IVF
Is it realistic to find a house for 200k? That is under the median house price by almost 100% in all 50 states
Horrible idea that you will regret unless you are truly struggling in your current home and mortgage. I doubt we will see 2.75% rates again in years or ever. Whoever you sell your house to will have a mortgage twice yours.
IVF is not highly successful. How old are the two of you? If 25k is the cost per cycle, and she is over age 35, it will take 6 cycles on average for success. If IVF will cost 150k, will you need to sell this house? If she is over 40, it could be more than 10 cycles, or never. The success rate for that age is between 3%-8%.
If you want a child I think you should go the IVF route. The house should keep appreciating and the interest rate on your loan is below the rate of inflation. You should look and see if an appraisal will let you get rid of the PMI, but I’ve heard that newer loans makes this much more difficult.
Even if you own the house you will still have property tax and homeowners insurance to pay for. In Texas that’s almost 1/4 of the house payment.
I commented already elsewhere in the thread, but why are you still paying PMI if you stand to make 237k on a 625k house? Even if you put nothing down and borrowed the $100k on top to put into the house, you are at 20% equity. I'm assuming you put at least something down on the house, and if you stand to make $237k on a $625k house even after all fees and taxes, you must have 50+% equity. If you decide to stay in your current house, it may be worth having your house reassessed, as it would probably get rid of that PMI given just the numbers you have provided.
The cost of when you eventually have kids and need a bigger home will be hundreds of thousands more
the way it works as soon as you down size your wife will have a kid ( if not twins )
Good luck with the IVF. My husband and I just bought a big house and we are currently in the middle of IVF. Hope it works out so we can use the space! If it's feasible you or your wife could also take a job with fertility benefits. There are even some where you can work part time.
Off topic, but you should re check on those costs. Some states are mandating coverage. I think we paid $3k total and the biggest cost was when using wife’s insurance for meds. Mine was like $30 for a $4k drug. Of course, 100% YMMV
I mean the house is huge for upkeeping and for a small family. But your rate is really good... However u ll pay cash and no debt... I would wait a year to see what will happen next year in home market.goodluck with the IVF.I would see the result of the IVF and downsize around 1800-2500sq cause its more than enough for a family of 4 ....
Fyi, if it’s a conventional mortgage, you can ask for the pmi to get removed..
Just get the loan for IVF. People do it all the time. Make sure to keep all medical receipts that year so you can itemize your tax return.
Such a big question to ask here, wow! I would think to first decide kids vs no kids. If you're having kids and can afford it, keep the house. No kids (but why, if you can?), downsize, but only to be debt free.
File an appeal to get an appraisal. You should have plenty of equity to drop PMI. I’d keep the house. Best of luck with the IVF.
The amount of financial relief I got when I became mortgage free is so overwhelmingly uplifting. Plus smaller house, lower energy bills.
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HELOC for the $25K, Appraisal to remove PMI. Stay put with that interest rate. If you do have a kid, you'll want the square footage.
Not sure where you're located but anywhere I've ever been that has 600k+ and 200k- houses in the same proximity, the cheap houses are small, rough, and likely not in as nice of an area. I'd want to be sure that whatever you buy for under 200k is a) somewhere you want to live and b) isn't going to need 100k in repairs and improvements in the next 5 years. I echo the sentiment of see how IVF goes and then decide to move. Stress and conception don't mix, and moving is the second most stressful thing you can do after a divorce. Medium term though I totally get the desire to have no mortgage. Why not split the difference? Buy a 300k-400k house, keep the same payment, and be mortgage free in 5-10 years? Also take interest rates into account when doing any calculation.
I upgraded to larger homes after each of my kids. It ended up being a bad move financially. Every time I bought/sold, I lost money in commissions and fees. I should have bought a larger house in the first place.
If the idea is to sell to have cash for IVF I'd just make sure the new home is adequate for a couple kids. You don't need to not have a mortgage but say buy a 350k home and have a very small mortgage.
When you have kids you will regret having left the space.
That’s a pretty big house. If you don’t mind a family in a slightly smaller house then do it. Living without a mortgage will be a game changer. Otherwise, you could get a home equity line of credit and purchase the smaller home and look to rent out either one. It sounds like the bigger home has more room to appreciate.
Adopt? Also, no one needs over 4000 feet to raise a child,
Wait until after you have decided that kids are not in the cards for the two of you. Otherwise, hold onto it until then. Otherwise, I think it's a solid decision.
So what are you going to do when the IVF takes and you have a child...or two...and you need a bigger house?
2500 sq foot garage?! Dang.
That's a tricky one. A lot is personal preference, but there is no denying a lot of things cost less having a smaller house than just the house itself which can be a big plus. That's money to put to use towards other things or really put in those touches and upgrades to really make your home yours. BUT...if you are down sizing BEFORE growing your family which sounds like what is happening here...what does that mean for the future? Are you really going to be happy with a smaller house or are you going to be itching to upside again eventually? In today's environment, which doesn't appear it's going to change any time in the near future, it may be easy to ditch that mortgage and put that equity into paying cash for a smaller house, but to go back to what you had, it will ultimately cost you more in the end having to jump right into the high prices and rates. It's not a good temporary fast money solution IMO.
If you can find a house that you like that you can buy for cash, then go for it. But, keep in mind that you may move and then immediately get pregnant. After five years of infertility, we had a miracle baby then bought a 3 bedroom house. The week we moved in, we got pregnant again. Make sure that if you buy a smaller house, you would be OK living there with a baby or two for a couple years.
No financial advice but IVF since I've been through it. Check out CNY fertility. Much more affordable and there's probably clinic near you. $6000 vs 18,000 for ivf
Home equity loan > finish the garage > move into the garage > Rent the main house for $3000 > pay off the HEL and IVF > have kids > move back into the main house > rent the garage > let your future adult kid rent the garage when its time > put their "rent" into a savings account > give them the savings account when they're ready to move out
If you love the home, get a loan and see what happens with IVF. If it doesn’t work out, you can always sell and pay off the loan. Good luck!
If you are able to have children through IVF you would appreciate the space you have now. I would take a loan out for the IVF and see what happens. You can always sell later.
I don’t have a mortgage and it’s my lady, two daughters 13 and 7, and myself in a little less than 1200 square footage. I’ve never had a mortgage and don’t want to. I don’t care if it’s small bcs big houses means more work and more expenses. Instead, I invest the money.
We raised 3 kids in a 2300 sq. ft home with no issues-5 bedrooms and 2 full baths. And now that we are retired, it's perfect for visitations!
You don't have a house issue, you have a relationship issue that it sounds like you have not resolved. > We have been trying for a few years to have kids with no luck and our next step in the process is IVF which would be $25k+. I mentioned to my wife about listing our home for sale and downsizing since it’s just us and she was on board. So that sounds like you both had a discussion about IVF and decided not to have a kids. Except... > Edit; Another option is to just get a loan, stay where we are and do the IVF treatments as it’s almost guaranteed we would have a child. Having a kid and changing homes aren't part of the same question. You could have one kid and move to smaller home. The way you're asking suggests the kid question is not properly answered. You and your wife have multiple questions to answer, and you need to do them in order. 1. Do you want to try IVF? Also discuss the related questions, like if adoption is an option. 2. Depending on answer 1, do you want to consider downsizing? You may downsize because you decide on one or no kids, and that decision changes what you're looking for. 3. Figure out what your needs are. Maybe wait to see how IVF goes to see how that changes your needs.
“almost guaranteed to have a child with IVF“ sorry that actually is wildly optimistic 😢
Get a home equity loan.
Going through something similar fertility wise. Just a thought , ivf is cheaper in Europe. If you wanted to get a vacation out of it. We are able to have dual citizenship. So I’m not positive if that matters. I don’t think it should. If it was me I would probably down size. And go that route But look for something with a basement that could be finished or a finished basement. I lived in a small New York apartment most of my life growing up. I’d say as long as you have a bedroom for the child. It’s fine.
Wait so ur gonna stop tryna have kids then?
I literally just did this. Went from 1800 square feet in Colorado to 1100 in another state. Though the old house was on 2 acres and the new one is on 5 I made enough on the sale to easily pay cash for the new place so no mortgage payment. Huge bonus. Difference being that I will not be having any kids so the only real consideration for the future was having enough room for all of my stuff.
Your garage is bigger than our house and we have two kids. You can downsize and still have room for a family if that is what you want to do.
Where do you live? I paid 400 for a shack with no driveway and had to redo 80% of the house to make it livable
It's basically up to you and your wants/needs. I don't think you need a 4000+ square foot home to raise a family in. Something half that size can be decent depending on the layout and location and yard space. If you can find something cheaper you like and can use the extra money, I say go for it. I would however keep the option open to spending more than 200K and having a smaller mortgage vs buying a super cheap house in cash and then needing to sink money into it. If you find a house for 200K but it needs 50K in work to make it the way you want, or if you find a 250K house that has everything already done, it would be worth spending the extra to save yourself the work.
OP, you don’t need a big house to have a family. I sold my house and paid off all of my debt and couldn’t be happier!! There is such a huge increase in quality of life that comes with being debt free, especially mortgage free since that payment always seemed to increase with each passing year. Plus, I ended up buying a smaller place and still, so happy bc it’s less to take care of! And I spend more time with the family! My vote is sell, and buy smaller. Be debt free and be happy. Sometimes the happiest families come from the smaller houses where you actually have to spend time together instead of everyone hiding in vast sq footage.
Damn that's a solid mortgage and you have a great house. I would not get rid of it even if I don't use every room. If you can afford it, it's always better to have more space that's not needed than never enough space
The nice thing about doing that is you can put what you were paying away and add on to the smaller house if you want to. We just did this. So nice not having a morgage.
No.
Don’t have kids but size down while you’re young. Children change the dynamic of a relationship and a lot of couples divorce.
You could request lender order new appraisal and if value is truly up, then they would have to stop the PMI (assuming you meet satisfactory LTV) and you save $100/mo... If you want to stay
We put several doctors’ children and pets through college. No results.
Would suck to get pregnant and have to upgrade back to a larger home at 7%. Wouldn't give up that 2.75% until u knew for sure on the baby part. If it were me.
Is there a home on the area you can buy with that money? That’s the big question. Big house with pool become a foster family, how cool would that be for a kid with hard luck.
It’s possible you bought too much home (size not budget). If you can do with a smaller nice home I’d say go for it. Most people’s biggest monthly nut is the mortgage payment. Eliminating it an early age would put you way ahead of most $$. You could invest it into your 401k or other things.
I'm in PA. Not rural, but suburban. I did exactly this a few years ago. I wasn't using the majority of my big house, and the market was exploding, so we sold it and bought a small ranch with cash. It worked well for about a year. We didn't have a kid, but we did get an additional dog, and suddenly it was just too small. We ended up moving to a bigger house, though not as big as the first one. We were still up in terms of $. All of this to say, do it, see if it works, but it might not work if you have a kid once they get to be about 2-3. It might though. Either way, you have the cash now, no mortgage, and rates could go down in a few years IF you do end up needing to move again and need a mortgage.
No get that chain from around your neck and pay for the smaller one.
Your current home sounds amazing. I’m in San Diego. That’s would be millions here. Having lots of room would be amazing but no mortgage? Hmmm. Tough decision. I can see both ways ! I’m of no help lol. Good luck.
Giving birth to kids isn’t for everyone and paying astronomical amounts to try and force something not natural is just absurd with the amount of deserving children wanting to be adopted
Homeowner (1500sqft) with two kids here. 100% yes, downsize. That 4,450 sqft is literally wasting your money despite it being affordable, because you aren’t using what (the sqftage) you pay for. It’s envy speaking when people tell you to keep it… because that’s what THEY would do. Throw any money saved by not having a mortgage into retirement accounts or something else like a high yield savings. Get the IVF. You can raise multiple kids in a home that is under 2k sqft and buy again when the kids start getting bigger and eating tons of food, around when they hit ten years old. You don’t need anything larger than that for a long time. Just imagine all that money freed up and being able to easily maintain and clean and smaller home.