Choosing a home based on mortgage

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oohlala

Mon, Jul 29 2024, 1:47 pm

Where I live there is a major shortage of homes. Many pple who want to upsize have a very hard time finding that second larger house. That maybe a reason to stretch yourselves if the situation is similar in your community.

amother

↑ Ultramarine

Mon, Jul 29 2024, 1:49 pm

Another option is to put down less money and take a bigger mortgage with the extra set aside to not work for a year and cover costs. If mortgage rates go down you can always refinance.

amother

Poppy

Mon, Jul 29 2024, 1:52 pm

as someone BH who doesn’t have a mortgage the peace of mind that comes with that is invaluable and to me immake townhouse the no brainer choice.

amother

DarkPurple

Mon, Jul 29 2024, 2:25 pm

House with a 15 year mortgage. Take the smallest mortgage you can get, work hard for a few years if you need to & you end up with a much better value. Buying for the short term to sell & upgrade later is rarely a better deal financially.

Another option is to rent until you save more $$ & hope the prices don't increase too much.

OddoneOut1

Mon, Jul 29 2024, 2:41 pm

I don’t know the market your in- but so many people who choose to pay less when they are young end up being locked out of the housing market when they really want to move and need the space more… your mortgage would be minimal compared to how bad mortgage rates could be… if you were ok staying in a townhouse long term is one story, but being that you mentioned wanting to move no matter what in the next 10 years, I don’t think the townhouse is the right choice. I’ll add that mortgage rates seem very high now compared to the insane rates before, but are not historically high at all, and may continue to go up…

amother

Brown

Mon, Jul 29 2024, 2:53 pm

Your mortgage payments for the single family house would likely be less than whay you currently pay for rent. So maybe you could still save your money to help you after you have a child.

If you're going to be moving in a few years you might want to get the single family house now. Otherwise buying the townhouse and then renting it out to help pay the mortgage for the single family house later might be a good option.

Busybee5

Mon, Jul 29 2024, 3:18 pm

amother Oleander wrote:

I vote house.
It's a small price difference.
If rates drop, you can refinance at a later date.

Privacy is invaluable

I agree with this.

amother

Lightgray

Mon, Jul 29 2024, 3:34 pm

House. Privacy, value, tax advantages of mortgage

Moving is the pits!

lamplighter

Mon, Jul 29 2024, 3:37 pm

I vote house.
Get a small mortgage and if you can refinance later you will.
Not worth being stuck in a townhouse because you can't afford to upgrade to a private home. Many people bought small and now are stuck.
Do a small 15 yr mortgage and you'll be done with house payments before you blink.

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