https://boards.hellobee.com/ Pregnancy, Baby and Parenting blog, by Hellobee en Thu, 21 May 2026 03:57:18 +0000 https://boards.hellobee.com/topic/house-question#post-2355636 Fri, 13 Nov 2015 13:22:34 +0000 Boogs 2355636@https://boards.hellobee.com/ <p>Whatever you decide, I would try to still own and owe on some sort of property...better for tax write offs. ;) </p> https://boards.hellobee.com/topic/house-question#post-2355569 Fri, 13 Nov 2015 12:08:30 +0000 Modern Daisy 2355569@https://boards.hellobee.com/ <p>What is your debt/income ratio with the new projected payment? If it's reasonable I would invest in the better house and school district. If it's too high I would only pay off the mortgage if you already have additional cash in the bank to cover 6 months worth of expenses. If you pay it off, start saving for another down payment and instead of selling your current house rent it out! </p> https://boards.hellobee.com/topic/house-question#post-2355517 Fri, 13 Nov 2015 11:43:29 +0000 mediagirl 2355517@https://boards.hellobee.com/ <p>I would prefer to be debt free than continue to pay any interest on the house I own. If the neighborhood and schools were acceptable, I would stay and enjoy not having a house payment! </p> https://boards.hellobee.com/topic/house-question#post-2355508 Fri, 13 Nov 2015 11:40:46 +0000 Raindrop 2355508@https://boards.hellobee.com/ <p>@Anya: @Alivoo01: thanks for your experience! :)</p> <p>@808love: Hahaha! I love being mostly debt free too. Thanks!</p> <p>@snowjewelz: Thanks! Yeah this it tough. I know I am lucky to have this problem but it is hard to figure out what the right answer is. :) </p> https://boards.hellobee.com/topic/house-question#post-2355500 Fri, 13 Nov 2015 11:34:16 +0000 Raindrop 2355500@https://boards.hellobee.com/ <p>@MOMTOLITTLEB: Haha okay thanks!</p> <p>@PurplePeony: Yeah we feel the same way about mortgage interest. Thanks!</p> <p>@Mrs. D: Yes! I was thinking this is what I wanted to do. Thank you.</p> <p>@lamariniere: No worries!</p> <p>@Cherrybee: I live in a crazy area. Silicon Valley. We bought 5 years ago at a fantastic price. If I even wanted my same town house it would cost 50% more than what we paid for it. So anything bigger is going to cost WAY more especially a single family home. I don't want to move unless it is bigger and a single family and right now the prices are what they are and we do have the money for a down payment. We are not sure if prices are only going to go up or if we should wait. I am not sure if that explains your questions. :) </p> https://boards.hellobee.com/topic/house-question#post-2355407 Fri, 13 Nov 2015 10:48:05 +0000 snowjewelz 2355407@https://boards.hellobee.com/ <p>Reading all this makes my head spin, lol. </p> <p>I def agree that you have to carefully consider whether being a landlord is something you want to do! My in-laws are landlords and they've been fine. But I also have close friends that are landlords and they wish they aren't! </p> <p>It really depends on your family's financial goals too... I think what others said about tax deductions, earning more with your cash flow, having more cash on hand, etc is excellent. But if you are just simple folks, I also see the plain appeal of just living debt free. </p> <p>Hope you find the right solution for your family!! </p> https://boards.hellobee.com/topic/house-question#post-2355403 Fri, 13 Nov 2015 10:47:22 +0000 808love 2355403@https://boards.hellobee.com/ <p>I know the date I pay off the mortgage is the date I retire so I'm shooting for that day to come as quickly as possible. We have been debt free (besides mortgage) so now being job/location independent is my next goal. </p> https://boards.hellobee.com/topic/house-question#post-2355362 Fri, 13 Nov 2015 10:27:18 +0000 lamariniere 2355362@https://boards.hellobee.com/ <p>@Truth Bombs: thanks for the explanation! </p> https://boards.hellobee.com/topic/house-question#post-2355358 Fri, 13 Nov 2015 10:21:57 +0000 BandDmommy 2355358@https://boards.hellobee.com/ <p>@lamariniere: I think @Truth Bombs pretty much summed it up well. </p> https://boards.hellobee.com/topic/house-question#post-2355353 Fri, 13 Nov 2015 10:18:52 +0000 Truth Bombs 2355353@https://boards.hellobee.com/ <p>@lamariniere: A few reasons. Interest rates are really low right now and have been for a while, so I'm assuming the OP is paying somewhere around 4%. For me personally, I feel confident that I can earn greater than 4% by investing the cash instead. Also, you never know when an emergency will come up. Keeping the mortgage payments and having your cash more liquid (even if invested in the market it's a max of three business days to cash out) means you are better prepared if you have an unexpected cash need. Once you've paid off your house, you can't get the money back out unless you sell it, or open a home equity line of credit (at likely a higher rate than their current mortgage since rates are going up sooner rather than later). Lastly, as @youboots: pointed out, you lose the income tax deduction. </p> https://boards.hellobee.com/topic/house-question#post-2355344 Fri, 13 Nov 2015 10:13:12 +0000 Alivoo01 2355344@https://boards.hellobee.com/ <p>@Anya: Agreed! I would totally rent out the older house if that's an option.</p> <p>If not, for us, we were outgrowing our older home so I'd totally sell the old house and buy the bigger one. We're so happy we did! </p> https://boards.hellobee.com/topic/house-question#post-2355228 Fri, 13 Nov 2015 09:14:08 +0000 Anya 2355228@https://boards.hellobee.com/ <p>I am in the camp of buy the new house and rent out the old one.. because that's what I did! :grin: Being a landlord can definitely be a PITA sometimes but the house would have sold for less than we paid at the time so renting was the better option. </p> https://boards.hellobee.com/topic/house-question#post-2355198 Fri, 13 Nov 2015 08:58:41 +0000 Cherrybee 2355198@https://boards.hellobee.com/ <p>Is there something you can do in between..... Like, buy a bigger house that doesn't double your mortgage payments? </p> https://boards.hellobee.com/topic/house-question#post-2355180 Fri, 13 Nov 2015 08:44:48 +0000 youboots 2355180@https://boards.hellobee.com/ <p>I would consult an accountant to talk about tax implications- without the interest as a write off you will be paying more income tax. It may be more benifical to invest the extra cash. Do you have a financial adviser? Get with some good money people to talk about your options. </p> https://boards.hellobee.com/topic/house-question#post-2355086 Fri, 13 Nov 2015 02:56:43 +0000 lamariniere 2355086@https://boards.hellobee.com/ <p>@Truth Bombs: @sunny: @BandDmommy: Genuinely curious, why would you not pay off the house if you could? We don't own and have no plans to for at least the next 5 years, so I have no idea how real estate works. @Raindrop: sorry to thread-jack! </p> https://boards.hellobee.com/topic/house-question#post-2355010 Thu, 12 Nov 2015 22:32:19 +0000 Mrs. D 2355010@https://boards.hellobee.com/ <p>Pay it off, sit on it until you find the perfect house, and BANK what you would have spent on a mortgage in the next few years. then use THAT and the selling price of the small house towards a new house when you're ready. </p> https://boards.hellobee.com/topic/house-question#post-2355007 Thu, 12 Nov 2015 22:28:38 +0000 PurplePeony 2355007@https://boards.hellobee.com/ <p>It's so situation-dependent, but @gingerbebe: said exactly what I would personally do. DH and I would LOVE to be debt-free, and we find that the tax write-off for our mortgage doesn't actually outweigh the interest by much. The freedom of knowing we didn't have a monthly payment to make would be well worth a few dollars less tax. But we also have no desire for more house and are in our preferred school zone -- the only reason I'd really consider moving would be to get into an ah-maaaazing school district. </p> https://boards.hellobee.com/topic/house-question#post-2354995 Thu, 12 Nov 2015 21:57:44 +0000 MOMTOLITTLEB 2354995@https://boards.hellobee.com/ <p>@Raindrop: Not at all! We sold our townhouse because it was never going to work long term so I know how you feel. We finally bought our forever home but of course that came with a big, scary mortgage so I'd rather pay that off than upgrade from a house that's good enough to raise our family in! </p> https://boards.hellobee.com/topic/house-question#post-2354976 Thu, 12 Nov 2015 21:26:42 +0000 Raindrop 2354976@https://boards.hellobee.com/ <p>@MOMTOLITTLEB: We aren't fancy either! I hope I'm not coming across as that. :)</p> <p> @gingerbebe: Thanks that does sound lovely.</p> <p>@ShootingStar: THIS! Though man 4 stories!! That would kill me. I have all these dreams of being in a nice less than 3 story house without having to worry where family that visits will park and a play room and place for a computer desk. Thanks for the comment. </p> https://boards.hellobee.com/topic/house-question#post-2354966 Thu, 12 Nov 2015 21:18:10 +0000 ShootingStar 2354966@https://boards.hellobee.com/ <p>I would work towards buying a new house, maybe not right away, I like the ideas @gingerbebe: had. </p> <p>I say that because I lived in a townhouse, only ours was 4 stories. The space was ok but not great the parking was a hassle and so were all the stairs. A year ago we bought a single family and it is amazing. We only have 2 floors (plus walkout basement), plenty of parking including 3 garage spots, room for guests and a play room and an office. Life is so much better. </p> https://boards.hellobee.com/topic/house-question#post-2354957 Thu, 12 Nov 2015 21:08:05 +0000 gingerbebe 2354957@https://boards.hellobee.com/ <p>I don't know what your tax implications would be but I would set aside 6-9 months of expenses in an emergency fund, fully fund retirement for the year, and then pay off the house. If I could, I would be debt free and then live for a year of just not having a mortgage and see what that felt like. You would have all this extra money - seemingly that you could be saving towards that new house or whatever, but I think living without any debt is a life changing experience and once you feel the freedom of that, it will inform your future decisions. </p> https://boards.hellobee.com/topic/house-question#post-2354956 Thu, 12 Nov 2015 21:06:40 +0000 MOMTOLITTLEB 2354956@https://boards.hellobee.com/ <p>Our current house is as big of a house as we would need and I would love to pay even some of it off! It's not a fancy house but we're not fancy people. </p> https://boards.hellobee.com/topic/house-question#post-2354913 Thu, 12 Nov 2015 20:26:31 +0000 Raindrop 2354913@https://boards.hellobee.com/ <p>@T.H.O.U.: @Smurfette: @chopsuey: @sunny: @BandDmommy: Thanks everyone for the comments. I think this is really good stuff to bring the table when we talk about this again. We have been discussing this for months and I just wanted fresh eyes on this. Thank you! :) </p> https://boards.hellobee.com/topic/house-question#post-2354898 Thu, 12 Nov 2015 20:08:35 +0000 BandDmommy 2354898@https://boards.hellobee.com/ <p>@Raindrop: we rent out a TH and we must have great tenants because it's easy money for us. We net a $500 profit each month. In addition to the fact they are paying the mortgage and building equity for us. But real estate investment isn't for everyone. </p> https://boards.hellobee.com/topic/house-question#post-2354890 Thu, 12 Nov 2015 20:02:55 +0000 sunny 2354890@https://boards.hellobee.com/ <p>@Raindrop: Being a landlord isn't for everyone. There are things like clogged toilets, lock outs, random calls for broken items. From a financial perspective, you'll need to decide if you're bullish on real estate in your area or not. </p> <p>That being said, you can make some good yields on your money because its leveraged. You owe the bank a constant amount of money, but appreciation (if any) is 100% yours.. </p> <p>Personally, I'd weigh whether not being stressed about being stretched financially + the time spent landlording vs. the potential yields is worth it. </p> https://boards.hellobee.com/topic/house-question#post-2354881 Thu, 12 Nov 2015 19:54:07 +0000 chopsuey 2354881@https://boards.hellobee.com/ <p>@Raindrop: it's a huge pain in the butt. don't do it! we had a property manager and he handled almost everything, but it was still a major PITA. we were SO relieved and happy when we sold the condo. </p> https://boards.hellobee.com/topic/house-question#post-2354880 Thu, 12 Nov 2015 19:53:55 +0000 Smurfette 2354880@https://boards.hellobee.com/ <p>@Raindrop: renting is a pain in the butt. If you don't love your house, I wouldn't pay it off. But house debt to me isn't a big deal. I would rather use the money and invest at a rate higher then my interest rate. </p> https://boards.hellobee.com/topic/house-question#post-2354879 Thu, 12 Nov 2015 19:53:54 +0000 T.H.O.U. 2354879@https://boards.hellobee.com/ <p>@Raindrop: yea I would be concerned about a bigger electric bill plus renovations plus larger mainenace Costs. </p> https://boards.hellobee.com/topic/house-question#post-2354876 Thu, 12 Nov 2015 19:50:29 +0000 Raindrop 2354876@https://boards.hellobee.com/ <p>@T.H.O.U.: Oh yeah good point! Thank you. I should mention our townhouse is only 5 years old and everything we are looking at is older (30+) because you have to buy older to get a single family home these days. Almost everything we have seen we know we have to do some renovation to it. :(</p> <p>@chopsuey: Thanks for that input... I feel like renting would be a pain in the butt too but my co-workers are really pushing for just being stretched a bit and renting. </p> https://boards.hellobee.com/topic/house-question#post-2354870 Thu, 12 Nov 2015 19:45:54 +0000 chopsuey 2354870@https://boards.hellobee.com/ <p>we would pay the house off.<br /> my DH and I are all about living completely debt free. </p> <p>We used to rent our condo out before we sold it, and eh. It's not something I'd recommend doing. </p>