- February 11, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Considering Selling Our Family Home
Kia ora all.
Like many, we’re struggling with the cost of everything. As a result, we are contemplating a controversial move: selling our family home and returning to renting. This decision is not made lightly, and we are looking at it from a mathematical perspective.
### Financial Considerations
We earn about $150,000 before tax combined, with three kids and two working parents. Our current monthly expenses include just under $3,000 for our mortgage, of which $600 is principal. Additionally, we pay $375 for rates, and $420 for contents and home insurance. In total, the monthly cost of living in our house is $4,095.
### Potential for Profit
Our house is valued at $640,000, and if we were to sell it for a low-end price of $600,000, we would end up with approximately $166,000 after fees. This money could be invested in 3/6/12 month deposits, potentially earning interest at a rate of 5%.
### Rental Comparison
If we were to return to renting, we have found that four-bedroom houses in our desired areas are priced at $600-700 a week. This would result in monthly rent payments of $2,600-3,000, which is less than our current interest payments, not including additional expenses like water, rates, and home insurance.
### Financial Gain
Furthermore, the money from selling our home could be earning interest while we rent, potentially adding an extra $7,500 for one year at a low estimate of 5%.
### AI Legalese Decoder
In this situation, the AI Legalese Decoder can be incredibly helpful. It can assist in deciphering complex legal jargon and terminology related to the selling and renting processes, ensuring that we fully understand the legal implications of our decision. Additionally, it can provide insights into relevant laws and regulations that may affect our transition from homeownership to renting. This will help us make informed decisions and navigate any legal complexities with confidence.
Has anyone else gone through a similar transition? We would greatly appreciate any thoughts or advice on this matter.
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Title: How AI Legalese Decoder Can Simplify Legal Documents
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