Comments on: A home dilemma – sell now?

By: pebcle

pebcle — Tue, 04 May 2010 23:59:32 +0000

Please also consider the property taxes wherever you intend to buy. I have heard horror stories about people who downsized into another community only to discover that they were paying such higher property taxes that they were paying more for their downsized home than where they had lived. Like so many other responses, I can add that if you don’t have to sell, don’t. I just lost $40K getting my condominium off my back, but my job situation has been so dicey in three years of on site litigation that I had no choice but to sell. I’m drowning in debt & can’t find anyone hiring a 58 year old no matter how educated, skilled, etc. IF you could afford to sell & won’t lose a lot of money selling (considering closing costs & real estate agent commission), however, living mortgage free may be a viable option considering the difference between upkeep of a large versus small property.

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By: Lynnette

Lynnette — Tue, 20 Apr 2010 04:29:37 +0000

Thank you. If i had followed my instinct when i first came to Florida and bought a few homes, fix them and sold them i would be a millionaire. Homes were cheap then as well, but the thought of dealing with tenants scared the hell out of me. I hear awful stories about tenants destroying the property. I am going to wait and see.

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By: NanaC

NanaC — Mon, 19 Apr 2010 14:42:10 +0000

there remains the possibility of buying now while things are dirt cheap, and renting your home until the market in your area rebounds. if this is even a possibility. taking advantage of the situation. It depends on the risks your willing to take.

but speaking as a realtor I assure you, “the process” the mulling it over, the indecision, the should I, or shouldn’t I are all normal parts of the process. So you are exactly were you should be. And don’t work with any realtor who cannot appreciate this process. I always feel so honoured to participate in this process with my clients.

It is one thing to view on the net what is in the market place. Sometimes little pockets of homes sell much quicker than another home just two streets away.

Having a clear and precise view, in fact a clear decision about were you want to go may be the next step in the decision making process for you. Now is the time to make a decision and actually go and look at several things that might interest you. You mentioned maintenance fee’s as a concern. There are FREEHOLD properties available. And maintenance covers all ground / pool /insurance/ common areas that amount to the same thing as maintenance on a Freehold unit.

Good luck with your search and process.

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By: Evie

Evie — Mon, 19 Apr 2010 06:16:54 +0000

Love your advice and got such a laugh out of your garage comment! Haha My hubby has packed ours, too!!! Geesh

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By: Lynnette

Lynnette — Mon, 19 Apr 2010 01:02:47 +0000

thanks for the responses. Actually, i can look in realtor.com, put in my zip code and the houses that are for sale will show up. That gives me an idea on how much they are selling for. We have 2 realtors that send us updates on how homes are selling. I owe less than $100K, i know i can sell it for about $240K, pay off what i owe and still have $125K+ to buy a villa and update it. I just don’t know if i should do it now or later. A great room is what i would like. That way we can cook, and be part of the party at the same time. I see those beautiful floor plans at the beach area in those high rises, but i could not afford living in one of those, my preference would be to live on the upper floor with a gorgeous view of the ocean. Ha’ we can all dream. I hear is not only the costs of the apartment, those are cheaper now, it is the common charges that i will not be able to afford.

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By: Storytaker

Storytaker — Mon, 19 Apr 2010 00:58:13 +0000

Lynette,

Sounds like you’re in a good position to be in – which is great. I agree with OldBlonde, I would pay as much as possible on the mortgage and get it paid off as soon as possible. You’ll want to sell when the housing market is in better shape – unless you are in an area where it’s moving. Once the economy is stable again (hopefully that will happen) then you can sell at a higher price without concern of the future. If you really want to move now, why not put the fleece out? This means – put your house on the market with the price in mind you want to get out of it. If it sells – you’ve got your answer. If not, you’re not out anything – except keeping the house clean – and then work on paying the mortgage and wait until your area housing market changes. Wishing you all the best!

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By: NanaC

NanaC — Sun, 18 Apr 2010 22:52:34 +0000

Hi Lynnette: I often hear from my clients about the no living room thingy. Nobody uses it, and all of the houses today have huge family rooms so what is the point. I am a realtor, in case you didn’t know.

But the only house I have ever seen with no living room is my sons home in Edmonton. Modern, suburban, double garage, but no living room. Just a big room the width of the back of the house that is kitchen, dining room and family room. Otherwise it is called a GREAT ROOM. And it works great.

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By: Lynnette

Lynnette — Sun, 18 Apr 2010 21:36:20 +0000

Thanks for your response. The 2 car garage is exactly that, his stuff so overwhelmingly packed in there, he is better off going to the Home Depot than trying to find what he know he has in there. I do not want anybody else’s stuff in my space. When i move out of this house will be by myself. So everything goes in the garbage. I will probably have to rent one of those green garbage tanks to get rid of his stuff. Yeap, don’t get me started….! Anyway, i also do not know where i want to live when i retire. Probably away from So Florida and go to Central Florida but i am not sure either. Cheaper prices there which is another enticement. My job is quite busy which is amazing. I work in Exports and we are booming. Now we have a shortage of paper due to the Chilean earthquake who used to make 10% pulp for the paper mills but we can sell at higher prices due to the tighness of the product. I do not know who invented this thing of having a living room and then a family room. There is this room that nobody uses. I rather have a bigger master bedroom as well as more space in the other bedrooms and more closet space. A completely waste of space. My visitors stay in the kitchen/family room area anyway. I also have a huge covered/screened patio for entertainment. If is not too hot that is where we play. People can smoke there w/no objection from me.

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By: OldBlonde

OldBlonde — Sun, 18 Apr 2010 20:24:06 +0000

Lynnette,

Wow! I’m envious. You are in a wonderful position right now.

If your job is not at risk, and your home is not a financial burden, then I’d suggest you stay where you are and pay off the mortgage in a few years. The real estate market has tanked. If you were to go on the market now, you would have to compete with all the foreclosures and short sales. Not pretty. It will take several years to get to a place where we can all realize some stability and regain some of our lost equity.

Yes, you will end up paying more for your villa then, but it will be offset by the larger dollar amount you get for your current home.

You have a two car garage that you aren’t using? I’ve never heard of that. Wish I had an extra two car garage. My husband’s ‘STUFF’ keeps us from putting our cars in the garage. Don’t get me started!

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