Carmel Valley questions

[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.

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.

There are no second mortgages or other ATM-like transactions on the first house…

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!

[Scarlett]

Since I had kids I never lived in less than 1600 sf, and I think we won’t be happy in less. Could we make it work if need arises? Sure! But it would take a lot of work, time, and stress and you will really miss a lot of nice things your house had. And all the minor and not so minor inconveniences of the new place will start to really suck, and annoy various members of your family, and well, it’s just not going to be easy. Beside that, you will have to change furniture to fit, throw/donate/store a lot of other things… Can you ALL deal with all the stress? Probably your kids are going to be pretty affected by this. Not saying is not a good lesson for them, but… just hard to bear sometimes. I’d rather commute a little, than downsize quite that much. Something like 1700 sf with 4 bdr would have a much higher chance of success, IMHO. 1300 sf, 3 bdr, not much.

To me it’s not clear why you want to buy this particular house 1300 sf. Have you looked around at houses plenty? Perhaps for a similar amount you can find a house that will suit you much better.

Sure, mortgage-free is attractive A LOT but if I were you, because of the kids, I wouldn’t move. Or in the worst case, I’d rent out the big house (which can be difficult), so you can give it a try. You shouldn’t have problems to rent the smaller place if you changed your mind, or sell.

[Scarlett]

Since I had kids I never lived in less than 1600 sf, and I think we won’t be happy in less. Could we make it work if need arises? Sure! But it would take a lot of work, time, and stress and you will really miss a lot of nice things your house had. And all the minor and not so minor inconveniences of the new place will start to really suck, and annoy various members of your family, and well, it’s just not going to be easy. Beside that, you will have to change furniture to fit, throw/donate/store a lot of other things… Can you ALL deal with all the stress? Probably your kids are going to be pretty affected by this. Not saying is not a good lesson for them, but… just hard to bear sometimes. I’d rather commute a little, than downsize quite that much. Something like 1700 sf with 4 bdr would have a much higher chance of success, IMHO. 1300 sf, 3 bdr, not much.

To me it’s not clear why you want to buy this particular house 1300 sf. Have you looked around at houses plenty? Perhaps for a similar amount you can find a house that will suit you much better.

Sure, mortgage-free is attractive A LOT but if I were you, because of the kids, I wouldn’t move. Or in the worst case, I’d rent out the big house (which can be difficult), so you can give it a try. You shouldn’t have problems to rent the smaller place if you changed your mind, or sell.

[Scarlett]

Since I had kids I never lived in less than 1600 sf, and I think we won’t be happy in less. Could we make it work if need arises? Sure! But it would take a lot of work, time, and stress and you will really miss a lot of nice things your house had. And all the minor and not so minor inconveniences of the new place will start to really suck, and annoy various members of your family, and well, it’s just not going to be easy. Beside that, you will have to change furniture to fit, throw/donate/store a lot of other things… Can you ALL deal with all the stress? Probably your kids are going to be pretty affected by this. Not saying is not a good lesson for them, but… just hard to bear sometimes. I’d rather commute a little, than downsize quite that much. Something like 1700 sf with 4 bdr would have a much higher chance of success, IMHO. 1300 sf, 3 bdr, not much.

To me it’s not clear why you want to buy this particular house 1300 sf. Have you looked around at houses plenty? Perhaps for a similar amount you can find a house that will suit you much better.

Sure, mortgage-free is attractive A LOT but if I were you, because of the kids, I wouldn’t move. Or in the worst case, I’d rent out the big house (which can be difficult), so you can give it a try. You shouldn’t have problems to rent the smaller place if you changed your mind, or sell.

[Scarlett]

Since I had kids I never lived in less than 1600 sf, and I think we won’t be happy in less. Could we make it work if need arises? Sure! But it would take a lot of work, time, and stress and you will really miss a lot of nice things your house had. And all the minor and not so minor inconveniences of the new place will start to really suck, and annoy various members of your family, and well, it’s just not going to be easy. Beside that, you will have to change furniture to fit, throw/donate/store a lot of other things… Can you ALL deal with all the stress? Probably your kids are going to be pretty affected by this. Not saying is not a good lesson for them, but… just hard to bear sometimes. I’d rather commute a little, than downsize quite that much. Something like 1700 sf with 4 bdr would have a much higher chance of success, IMHO. 1300 sf, 3 bdr, not much.

To me it’s not clear why you want to buy this particular house 1300 sf. Have you looked around at houses plenty? Perhaps for a similar amount you can find a house that will suit you much better.

Sure, mortgage-free is attractive A LOT but if I were you, because of the kids, I wouldn’t move. Or in the worst case, I’d rent out the big house (which can be difficult), so you can give it a try. You shouldn’t have problems to rent the smaller place if you changed your mind, or sell.

[Scarlett]

Since I had kids I never lived in less than 1600 sf, and I think we won’t be happy in less. Could we make it work if need arises? Sure! But it would take a lot of work, time, and stress and you will really miss a lot of nice things your house had. And all the minor and not so minor inconveniences of the new place will start to really suck, and annoy various members of your family, and well, it’s just not going to be easy. Beside that, you will have to change furniture to fit, throw/donate/store a lot of other things… Can you ALL deal with all the stress? Probably your kids are going to be pretty affected by this. Not saying is not a good lesson for them, but… just hard to bear sometimes. I’d rather commute a little, than downsize quite that much. Something like 1700 sf with 4 bdr would have a much higher chance of success, IMHO. 1300 sf, 3 bdr, not much.

To me it’s not clear why you want to buy this particular house 1300 sf. Have you looked around at houses plenty? Perhaps for a similar amount you can find a house that will suit you much better.

Sure, mortgage-free is attractive A LOT but if I were you, because of the kids, I wouldn’t move. Or in the worst case, I’d rent out the big house (which can be difficult), so you can give it a try. You shouldn’t have problems to rent the smaller place if you changed your mind, or sell.

[Coronita]

[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.
[/quote]

Ok, I thought you were going to move into an attached community called “The Heights”.

[quote]
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.
[/quote]

Good 🙂

[quote]
There are no second mortgages or other ATM-like transactions on the first house…
[/quote]

Great 🙂

[quote]
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.

[Coronita]

[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.
[/quote]

Ok, I thought you were going to move into an attached community called “The Heights”.

[quote]
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.
[/quote]

Good 🙂

[quote]
There are no second mortgages or other ATM-like transactions on the first house…
[/quote]

Great 🙂

[quote]
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.

[Coronita]

[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.
[/quote]

Ok, I thought you were going to move into an attached community called “The Heights”.

[quote]
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.
[/quote]

Good 🙂

[quote]
There are no second mortgages or other ATM-like transactions on the first house…
[/quote]

Great 🙂

[quote]
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.

[Coronita]

[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.
[/quote]

Ok, I thought you were going to move into an attached community called “The Heights”.

[quote]
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.
[/quote]

Good 🙂

[quote]
There are no second mortgages or other ATM-like transactions on the first house…
[/quote]

Great 🙂

[quote]
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.

[Coronita]

[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.
[/quote]

Ok, I thought you were going to move into an attached community called “The Heights”.

[quote]
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.
[/quote]

Good 🙂

[quote]
There are no second mortgages or other ATM-like transactions on the first house…
[/quote]

Great 🙂

[quote]
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.

[jimklinge]

cvmom,

I think you’re on the right track, and getting great advice – make the decision that’s right for you. Consider the relief/lower stress component, you can’t put a number on it but it has value.

I’m a realtor, and we’ve been covering the CV market at http://www.bubbleinfo.com

I also have a youtube on hiring a listing agent:

http://www.youtube.com/watch?v=N-9qpueJik8

I just sold a comp for yours about a block away, and if you are considering other agents, I’d be happy to help you.

Jim the Realtor

[jimklinge]

cvmom,

I think you’re on the right track, and getting great advice – make the decision that’s right for you. Consider the relief/lower stress component, you can’t put a number on it but it has value.

I’m a realtor, and we’ve been covering the CV market at http://www.bubbleinfo.com

I also have a youtube on hiring a listing agent:

http://www.youtube.com/watch?v=N-9qpueJik8

I just sold a comp for yours about a block away, and if you are considering other agents, I’d be happy to help you.

Jim the Realtor

[jimklinge]

cvmom,

I think you’re on the right track, and getting great advice – make the decision that’s right for you. Consider the relief/lower stress component, you can’t put a number on it but it has value.

I’m a realtor, and we’ve been covering the CV market at http://www.bubbleinfo.com

I also have a youtube on hiring a listing agent:

http://www.youtube.com/watch?v=N-9qpueJik8

I just sold a comp for yours about a block away, and if you are considering other agents, I’d be happy to help you.

Jim the Realtor

[jimklinge]

cvmom,

I think you’re on the right track, and getting great advice – make the decision that’s right for you. Consider the relief/lower stress component, you can’t put a number on it but it has value.

I’m a realtor, and we’ve been covering the CV market at http://www.bubbleinfo.com

I also have a youtube on hiring a listing agent:

http://www.youtube.com/watch?v=N-9qpueJik8

I just sold a comp for yours about a block away, and if you are considering other agents, I’d be happy to help you.

Jim the Realtor

[Author]

Posts