- April 19, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Situation Overview
Hello! We are a 28-year-old female and a 35-year-old male, married couple with a household income of 300K (pre bonus, 340-350K with bonus) living in a smaller Florida city. The cost of living is a mix of moderate to high. We are facing a good “problem” that we are currently working through.
### Current Housing Situation
– **Wife’s Premarital Home:**
The wife owns a premarital home, which is our current primary residence. It has a great 3% rate and about 300K left on the mortgage. The monthly payment is $2400 with taxes and insurance included. The location is decent, but renovations are needed, including replacing the flooring due to a previous water leak.
– **Husband’s Old Home:**
The husband has an old 80-year-old small home with 850 sq ft. He entered into a lease-to-own arrangement with a family member before marriage. The current payment is around $2500 with taxes and insurance. A traditional mortgage will need to be taken within the next year for this property, as it requires significant renovations like a new roof, plumbing, A/C, and windows. The value of this property is mainly in its desirable location.
### Financial Snapshot
– We have approximately 160K in various accounts.
– Equity in primary residence: 250K, could sell for 550K-650K.
– Equity in husband’s old home: 250K-300K, price lock at 315K.
### The Dilemma
As renovations loom for both properties, we are contemplating our housing situation. We are considering tearing down the old house and selling the primary residence to build a new home on the lot with a 200K downpayment. The total mortgage would be around 1 million, resulting in monthly payments of 6K-6500. We anticipate the new home’s value to be around 1.7M, increasing our equity.
## How AI Legalese Decoder Can Help
The AI Legalese Decoder can assist in evaluating the legal aspects of your lease-to-own agreement for the husband’s old home. It can provide insights into your obligations and rights under the agreement, helping you make informed decisions about exercising the purchase option or walking away. Additionally, the tool can analyze the financial implications of different housing scenarios, such as renting out the old house or building a new home, by generating easy-to-understand summaries of legal documents and contracts. This can help you navigate the complex legal and financial considerations involved in your housing dilemma.
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You’re seeking advice from people that make less than half what you do. someone in the middle class makes between 50-150k in most areas, will buy a house valued between 200k-400k. That’s middle class. Not 350k income and a house valued at 1.7 million. These mods need to do a better job of maintaining the intent behind this sub or its just another finance sub.
You guys make a lot of money.
The problem with this income in Florida is lifestyle creep.
Too many are living paycheck to paycheck 😳
It’s extremely easy to build wealth with this income in Florida; you just have to live as if you only make 75k.
I think the details in this post prove that you can do it “wrong” when it’s so easy to win.
Rent the old house, live in your wife’s house. Pay cash for renovations as needed and when you have 20% plus closing costs for the new house make the move. We make a little more than y’all and it’s easy to fall into the trap of cash flowing everything. Sure you can afford the monthly payments but at a certain point you will be maxed out and not have the savings to back up your payments. Building wealth takes time and maxing out your home purchase at 30 is not a good way to do it. We drive a car with 200k miles on it and live in house we bought for 300k but make about 400k/year. We will be able to buy whatever house we want and what ever cars we want in a few years but if we bought our “dream house” now we would really hurt our cash flow and you will be in the same situation if you just hold off a bit
I didn’t see any accounting of homeowner’s insurance in your numbers. How bad is it in your area of Florida, and does that change the numbers significantly?