- September 8, 2023
- Posted by: legaleseblogger
- Category: Related News
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**Current Situation:**
At present, we find ourselves in a bit of a dilemma regarding a potential house upgrade. It is essential for us to seek your insights on the matter. I have utilized ChatGPT to aid in drafting this message, ensuring that it has been carefully considered and thought through.
Our current situation is as follows:
– Our existing mortgage amounts to approximately $350k.
– Upon sale, we anticipate being able to fetch around $750k for our current house.
– Both my spouse and I earn incomes ranging from $120-130k per year.
– Additionally, we have one child, and another one is on the way. I will be the sole provider during my partner’s year-long maternity leave, which will entail six months of no pay.
**New House Details:**
We have our sights set on a new property with a price tag of approximately $1,030 million, excluding additional costs such as stamp duty or fees.
**Reasons for Considering the Move:**
We are contemplating this move due to several reasons:
– First and foremost, our present house is feeling cramped. With three bedrooms and a growing family, it no longer provides the necessary space.
– Furthermore, the rooms in our current home are small, resulting in the accumulation of a considerable amount of belongings.
**Concerns:**
Various concerns are playing on my mind, primarily because I tend to be risk-averse. These concerns include:
– The possibility of elevated stress levels resulting from doubling our mortgage.
– In order to afford the new mortgage, we would undoubtedly need to sell our current home.
– It is worth noting that although the new property is quite spacious and brand new, the land size is actually smaller since it is a two-storey structure.
**Alternatives:**
One potential alternative to consider is renovating our existing house. However, it is important to bear in mind that this option would not address the issue of room sizes, which would remain the same.
**The Role of AI Legalese Decoder:**
In this situation, the AI Legalese Decoder can be of great assistance. This tool employs artificial intelligence to decipher and simplify complex legal jargon, making it easier for you to understand the intricacies of your mortgage agreements and any associated legal documents. By utilizing the AI Legalese Decoder, you can gain a clearer understanding of the terms and conditions of your new mortgage, ensuring that you make an informed decision and minimize any potential stress.
**Questions:**
Having provided you with an overview of our situation and concerns, we kindly request your input on the following inquiries:
1. Do you believe that upgrading to the new house is a reasonable decision given our current circumstances?
2. Are there any additional factors that we should take into consideration before finalizing our decision?
3. Considering the new addition to our family, how risky do you perceive this significant move to be?
We genuinely appreciate any advice or guidance you can provide. Thank you in advance for your time and assistance!
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Your situation is eerily similar to mine. Own a small 3 bed duplex with 200k on the mortgage. 1 kid and another coming next month. Had been looking to mive for a while but the we have decided to try have a major declutter of the house and the 3rd bedroom (It had turned into a storage room over time). I stacked our small garage with storage racks on all sides to maximise space usage and bought about 20 clear storage containers to fill and stack with stuff we couldnt get rid of (mainly baby stuff)
House is feeling less claustrophobic now and we will concentrate on paying down the remaining mortgage as a priority while its small and manageable as we will shortly be on 1 income. Will start looking again once our second child ends daycare in 3-4ish years I reckon. I will take the slight discomfort of a small house over the potential stress of a new house with unknown problems and added mortgage stress for now.
> The rooms in our existing home are small, and we have accumulated quite a bit of stuff.
ItÔÇÖs far less stressful to declutter and implement better storage systems than to move. Get your Marie Kondo on. Add roof storage if possible or get better wardrobe systems. Optimise the garage storage (if you have one). Find your local toy library (and regular library).
Two storey with a baby and other (presumably quite young) child sounds like a bad idea. Those stairs (and baby gates) are going to drive you crazy for a couple of years.
IÔÇÖd stay if possible. I donÔÇÖt have kids but I imagine that the second child adds a whole new level of stress and sleep deprivation, so you probably donÔÇÖt need massive financial stress on top of that.
Assuming all your cash is in the offset/redraw and you’re counting that as part of the mortgage you’ll probably need to raid $50k for stamp/fees. For selling the old place you might end up eating $15k agent fee (assuming 2% sell price). Slap another $5k for other misc spending you might need and you’ll raid about $70k from savings. This means your likely loan will be $700k, and with rough online loan calcs you might be servicing $4.3k/mo P&I on a single income.
I’d say if you’ve got a house/land then it’s not a huge priority as capital gain difference would be smaller than if you had just an apartment. I’m in a similar situation (almost the same financially, but only planning stage for no2) and ended up deciding to hold fast for 1.5-2y just to keep sanity/comfortability since 2 bubs and career instability will upend life enough 🙂
I would declutter, you going to need to if you were to move so why not start there as it wont cost you much.
We had almost the exact situation (except we had two kids and wanted a third). The values are eerily similar. We looked into renovating but it seemed way too stressful and prices tended to double overnight, especially on a sloping block. We moved, have a bigger mortgage, but also the chance to have a third child. Was absolutely the best option for us.
The other thing weÔÇÖve worked hard on is decluttering as much as we can to have a more simple home. Not there yet, but makes the prospect of moving again in the future much less daunting.
I’d renovate. Most questions can be rephrased as statements and you are clearly worried about money.
We just did this and 3 months in we’re very happy. We had a tiny 3 bedroom home that felt like we were in a shoe box and had zero space or storage and a laundry outside in the garage. We just sold that for $535k and bought a home double the size on a large block for $875k so we now have a mortgage of $640k.
We have one child and no plans for more and we earn $210k combined, we’re mid 30’s.
Our quality of life has definitely increased in this house and it’ll be our forever home so whilst it would have been nice to be mortgage free in 7ish years, I’m happy to pay a higher mortgage for 25 to have more freedom and extra space as our daughter gets older.
Very similar situation here too!
Duplex, 3 bedroom, feeing small with a 2yo and 5yo. $290k left on mortgage. Combined income $180k. No more plans for kids. Duplex location is ground zero for amenities and catchment for schools and is gentrifying. Freehold house in same street is $1.3M and comfortably out of reach plus, enjoying very comfortable lifestyle at the moment. So biding our time, saving more into offset and keeping an eye on prop prices. Want to move and retain existing for IP.
Remember you can live in smaller surroundings, hell, people live in tents for years. Just how much you can tolerate. Be ruthless with clutter (unlike us who are frugal hoarders). WeÔÇÖve used the roof cavity (via manhole) for storage of seasonal shite like Xmas tree and long term forever house stuff.
So it really depends when you want to make the jump into a bigger property. If we were just selling and moving, would be more inclined, but we would like to retain it as IP. FOMO is influencing our decision a bit to jump sooner but kids still young and needy.
>I’m generally risk-averse
asked and answered
pay off current loan
sell home
trade up
sorted
Quite possible. Just ensure you have enough liquid cash (IÔÇÖd say a minimum of 100k) in your account whilst your wife is off work.
Just model out your cash flow for the next few years. You will see if you can afford it or not to inform your decision. Much better way than asking internet strangers.
We’ve just done this, 2nd kid due in 4 months and moved into New place last weekend. Mortgage doubled and will survive on reduced income.
We chose to move as renovating/extending was going to result in over capitalisation in the previous area and there were no good public schools. New location has great public schools and although we will be paying more for longer, better quality of life already
Depends on your circumstances and risk tolerance
Edit: also with the current prices for renovating / extending and quality of work we’ve witnessed, moving was the better option imho
We just tripled our mortgage for a bigger home – absolutely worth it for us, although our previous mortgage was fairly small so in the end may be the same as your proposed numbers. I pinch myself everyday I get to live in this bigger more beautiful home, although I am worried about what things will look like when or if I ever go on maternity leave. IÔÇÖm not sure weÔÇÖd have done this if we had one kid already and another on the way. We would have definitely moved to a bigger house, but maybe gone for a slightly cheaper one (lots of fixer uppers here) with a more manageable mortgage.
Would also recommend smashing down the current loan through an offset account
Considering the same here, we bought before COVID for 440 and property prices are sitting at about 750 for what we have, about a mil for what we want. The problem is what we want doesn’t really exist, we really like the area we’re in because of walking distance to absolutely everything, daycare, school, it takes an hour for my partner to ride his bike to work so a little long, could be slightly closer and my bus to the CBD for work is right on our doorstep with a 18 minute bus ride in.
I’ve just sent off a quote request for a liveable shed and carport extension to move my office out from under the main roof giving us 3 bedrooms back for one toddler and the one on the way. I’m so hopeful this is the solution for us to be comfortable for a bit longer. We’re on track to have the mortgage paid off here in 10 years (not including the construction costs we’d pull from the redraw), but the problem we face is, I absolutely love this house and could see us staying here forever but my husband just pines for a double garage which is impossible on our land. So he doesn’t think adding on is worthwhile at all and thinks the money would be better spent on a new house! Ugh, it’s all so hard. Haha.
1,030 million dollar property wish I could eye off a billion dollar property
Side note, remember to proof read chat gpt
How small are the rooms? I would find land space more valuable for play space for kids (and financially in the future).
We have a ‘small’ house and I love it. Means we keep things clutter free and are really intentional with what comes into the house. It also means we spend more time as a family.
1. Declutter
2. If decluttering doesnÔÇÖt make you feel better, have you thought about renting someone thatÔÇÖs more comfortable? At least you can claim tax deductions on your property once itÔÇÖs rented out. Rent for somewhere bigger is sometimes less than mortgage repayments to buy the same house
Moved into a double.storey with a small kid. It’s a pain. A bigger house is more to clean, furnish, upkeep, heat. Rates will be more. If it’s something you really want then go for it and don’t look back. But the much easier option is to do a massive declutter, maybe revamp some rooms for a novelty hit and enjoy the beautiful freedom of not being in heaps of debt while you raise your kids and have family adventures.
We are living your proposed scenario and atm its tight for us. We arent saving at all, something random always needs fixing around the house and its $3k here, $4k there