- April 26, 2024
- Posted by: legaleseblogger
- Category: Related News
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Parents purchased a 4br2ba home back in 2008 for $600,000 and still owe $380,000 on the mortgage. The property was appraised at $900,000 in 2019, but the current market value is uncertain. They are currently making monthly payments of $2,800 at a 3.2% interest rate, which includes property taxes and insurance.
The main reason for wanting to sell the house is the dissatisfaction with the neighbors and the unsafe environment due to frequent fights and gunshots in the neighborhood. There have also been instances of homeless individuals setting up tents outside the property, which have been resolved.
Homes in the city with 2br2ba layouts are selling for between $700,000 and $800,000. Once the property is sold, I will be the sole homeowner as my parents plan to return to their home country.
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****** just grabbed a
Also, if in California, be aware of prop 13 having kept property taxes low. A new purchase will have market rate property tax.
Peace of mind and safety is worth more to me than anything. But that’s a personal choice. I would sell and move if I didn’t feel safe.
Homes in the hood are going for 900k+?
Have you actually looked into the new mortgage? Because it will likely be 2-3x the current cost since the interest rates are double.
Can you afford it? If your new mortgage is 7% that’s
going to be painful unless you are making big $ at your job.
I also don’t get exactly what is going on here. We seem to be missing some information because what does your parent’s home have to do with you being able to afford a new home or not?
Is one option you go buy a home and they sell and gift you a downpayment or give you a low interest loan, whereas the other option is you live in their home and pay rent to them back in the old country?
You can buy a house, but you cannot buy your neighbors. I always tell people
If that house was appraised at 900k 5 years ago it’s probably at least $1.2M now or maybe even more. You can probably sell it for around $700-800k profit sounds like, and just buy yourself a new house outright.
I agree with the quality of life comments. Not worth staying.
Financially, it may not really have any impact. Can you look at comps for other houses recently sold? Values in California have jumped these past five years.
That house could easily be with $1.2 million. They may clear $800k on the sale and have little or no mortgage on a new property. Even if clears $600k, they’ll likely have a smaller mortgage than their current one, with a lower monthly payment.
Go ahead and use the mortgage calculators to see what the difference would be.
Can you guarantee good neighbors at the new spot?
Figure out what the actual cost will be. Find comps for what your house is worth, consider fees and costs with both selling a home and buying one.
Then look at your bank account, look at the total cost you calculated, and decide whether lowering your net worth by that number is worth living in peace and safety.
If it’s just you living in the new place, downsizing should keep the total cost reasonable.
Where TF are you that a $900k house has hood fights and gunshots? SF, right? It’s hard to put a price peace of mind.
Lots of advice on here already so I’ll just point out $900k in 2019 is probably closer to $1.4m now if your HCOL area is anything like mine. Might be worth taking the money and moving somewhere cheaper. Not saying leave states, but maybe there’s something more quite 30-45 min away where your money will go a longer way
assuming this is in Oakland? you should be able to rent out the first house and downsize/rent another place.
Safety is always a good reason to move; you never know when regular nearby danger could affect them. They will have buy a less expensive home or adjust the mortgage amount to keep the same payments with interest rates higher
I dont care what the math is, I’m not living in an area I feel is unsafe. You’ve got options if your existing place is worth that much.
Your parents home was appraised at $900K and the home is “in the hood” and has gunfire outside every other day with a homeless camp across the street?
I mean, assuming you get 900k for the home – you’d have ~500 left after selling it. Then you’d have a 200-300k mortgage. Do you earn 70-100k a year to get approved for a 200-300k mortgage?
If so, it’s worth it to move to be in a safer place.
If I understand properly – your parents own your current home?
Would you receive any of the money from a home sale? If your parents will need a large fraction of that to set themselves up back in their home country, the personal finance part of your ability to afford a new home is missing entirely from your post.
It’s worth moving away from a dangerous neighborhood.
But… Can you actually afford to buy elsewhere? What is your estimated down-payment amount, personal credit worthiness, salary or at least a monthly housing budget for mortgage, etc?
How can it be the hood and HCOL?
Location, Location, Location. It’s not a terrible idea. It’s a good idea. As long as you can afford it. There only two reasons to buy a primary home you live in. You want to and you can afford. Nothing else matters. So if you want to buy this home and can afford it. Do it. Where you currently live does not matter.
I’m in my 5th home in the same HCOL area. Each successive one was more costlier than the previous. I bought as my income afforded me to do so.
Your home is a place for peace and safety far before it’s an investment or money decision.
If you can afford it, it’s simply a cost of living a good life.
Look before you leap. Your property taxes would go insane
personally, I’m not leaving because of bad neighbors. bring the fight to them. but absolutely going to get hosed on interest and charges. likely doesn’t make sense financially.
Move. Great investment, take your profit and move somewhere you could sit on a porch if it had one and borrow butter if you needed it.
My son lives in Oakland he said the stores are closing it’s so bad.
Yes, 100% (edit: as in 100% not a bad idea). We sold our condo because of bad neighbor (one of the reasons, not the only reason) for far less than gunshots outside my house haha. I have not regretted that decision one bit. I hadn’t realizes how much the bad neighbor weighed on me and I honestly had PTSD from seeing his car pull up from my window – which I didn’t realize how bad it was until I moved out!
How is the mortgage 16 years old and barely 1/3 of the way paid?
Moving to a safer neighborhood is never a bad idea. Just downsize because selling costs are typically 10% of selling price (realtor, closing, etc) are insane. You’d be losing about $100K in the selling process.
Cost a lot to live in the hood it seems.
Where else but in California can you own a $900k house … in the hood … with homelessness and gun fire?
To your question … I would get out of that house.
And I’d get out of urban California.
Actually I’d just get out of California.
*”fights in front of the house and gunshots happens every other day.”*
Yeah, GTFO out that shithole.
If I was to drunkely napkin math-it., I’d say it’s worth 1.5m now since 2019, and to replace about the same mortgage & tax cost you’re gonna only be able to spend about $450k (not including the equity in the current home)
Do the math and you’ll figure you’ll need to get a gun or move out of Oakland.
Disc: Author may have been 3 sheets to the wind when writing this post and reserves the right to edit.
edit: I see they have 380k on mortgage which means that they’ll net about $1M if they sell for $1.5 and they have 450 extra which means their buying power is $1.45M so they should be able to do a lateral swap. go for it champ.