[quote=cvmom]Yes, is a single-family home we’d be moving to, not attached. No Mello-Roos or HOA, same as other area. When I mentioned “The Heights”, I think that this the name of the area I live in (Pine Meadow Ct), not a condo subdivision. For property tax, we would be paying about the same as our current place, FLU is correct.
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Ok, I thought you were going to move into an attached community called “The Heights”.
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And “friend” was probably the wrong characterization of the seller–“acquaintance” would be more accurate. Not mixing friendship and business, I don’t think, this would be purely business.
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Good 🙂
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There are no second mortgages or other ATM-like transactions on the first house…
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Great 🙂
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One option I suppose would be to keep the Pine Meadow Ct house and rent it…then we’d have an escape valve if the 1300 sq ft proved to be non-workable. But I have to say, I’m leaning more and more towards taking the leap…please talk me down if you think it is a huge mistake![/quote]
If you mean renting this place and buying a new place..No, no, no, no, no. And the only reason imho of this is that you mentioned your decision to sell this place it to reduce risk, build up a cash position. Renting this place and buying another place is doing the opposite in my opinion. If the economy really does “tank” such that you and spouse are unemployed, you’re probably going to have a tougher time to rent too (at a discount). Your rental income will probably not cover your cost of your new mortgage. To me, this seems like it would be contradictory to what your goal is (to reduce risk).
That said, I think you’re probably in a much better position than most people are. (1) having a lower mortgage then the rest in this area and (2) have two incomes. Personally, I think you are worrying more than you need to. You sound like your in good financial shape and my opinion is that if things get *that* bad, we have bigger problems to worry about as a society than whether you will be able to afford your home. If you really think there is a financial tsunami at hand, then you probably just want to rent and wait and see. Again, I don’t think it’s worth it for you.
