- April 20, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Thinking about a Change: Exploring Options for Our Future
Hey everyone,
I’m reaching out for some advice as my partner and I find ourselves at a crossroads. We moved to NZ over a decade ago and have built a comfortable life in our current home. However, recent issues with our neighborhood and ongoing neighbor problems are making us reconsider our situation.
Financially, we’re stable, with a combined income of $144k. Yet, our mortgage sits at $621k for both our home and the land we own, the vacant land with connected services (700sqm +), is Located in a nice part of the south Wairarapa. We’ve crunched the numbers and realized that selling the land could significantly reduce our mortgage to around $287k, freeing up nearly $1000 a fortnight in cash flow, and giving us a $144k cash buffer for emergencies (we’d put this in a revolving credit) this would mean we can enjoy life more, we just a couple no kids.
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So, if we instead were to sell our home now, it would merely pay off the mortgage, leaving us with the uncertainty of the build cost for a new home, likely exceeding $500k. This would result in another substantial mortgage with no cash buffer. However, it would position us in a brand new area, albeit further away from Wellington and be in a much nicer area, but we’d have a bigger mortgage and not much of a life, we could sell after but who knows what we’d get for it some of the flasher houses are going for $1m plus one next to us sold for $1.2 ish but it’s very flash ! And ours would be a A1 home probably. Also depends what the bank would lend us for the build…too many unknowns for my liking!!
On the other hand, if we were to stay where we are, we’d have much more financial flexibility. With the reduced mortgage and access to $144k in cash, we could save more and even consider upgrades to our existing home, which we do love despite the occasional neighbor issues. While the area isn’t perfect, it provides stability and a significant financial buffer. And I could afford visits back to England more.
My heart feels like it wants to stay put and deal with the neighbor, or move somewhere brand new but when I look we’d still end up with a big mortgage, concluding we have to stay where we are if we want the lifestyle and financial flexibility, I just can’t believe that even with a potential big deposit for another home you STILL need to borrow a lot and have a big mortgage to get a decent home, a lot of the housing stock is so shit.
### Seeking Solutions with AI Legalese Decoder:
By utilizing the AI Legalese Decoder, you can input different scenarios and receive legal advice on the potential implications of each decision. This tool can help you assess the legal aspects of selling land, buying a new property, or making upgrades to your existing home. It can provide clarity on complex legal matters and help you make informed choices for your future.
We’re open to suggestions and constructive solutions.
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****** just grabbed a
If it were me I would sell the land as you will be paying a lot in interest on your current loan and it sounds like you don’t really want to move to the Wairarapa.
I’d then see how it goes, but begin look at other areas in the Wellington region and assess opportunity in selling up and moving into an existing property.
Theres zero guarantees that when you move your neighbours wouldnt be asses
What about selling both and getting a new place?
I would say you may want to sell the land and get cash for your mortgage and daily expenses
The area isn’t perfect and you’ve got arsehole neighbors, sell the land, prepare your house for sale and look at your options.
If you have a secure roof over your head, then you have what you need. The best *financial* choice at that point is always going to be to draw a line under ‘housing achieved’ and diversify your investment strategy (if you’re posting in here, you know about index funds, I presume) from that point forward, rather than borrowing more money to buy a bigger house to live in.
Moving house is a pain in the arse. Being further away from the city is a pain in the arse. Having debt is a pain in the arse. But it’s a purely personal decision in the end. You have to be happy with your home.
i’d stay put but that’s just me
What sort of issues with the neighbour?
New builds are 5k a sqrm for a mid range property. 500k doesn’t go very far anymore. I’d stay put and pay down as much as you can