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Old 01-10-2013, 01:31 PM   #61
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If you didn't buy that house I would! And I have no idea where it is. It is absolutely gorgeous. And coming from a woman who bought an old hous all the major renos are done for you guys which makes it ten times better! Congrats! You are going to love it!

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Old 01-10-2013, 02:37 PM   #62
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Re: I want to buy a new home... totally NOT thrifty.

I have a question. I'm not sure if I just missed it being asked since I was drooling over the clawfoot tub and all...
Do you have equity in your current home? Can you sell your current home for more than you owe? Are you counting that as a down payment when you figure the future mortgage cost?

(Oh and of course... I really don't think you should buy the house. It's a horrible decision. The reason is...I'm your long lost cousin...so yeah....uh.. our Aunt and uncle can sell it to me! I'd gladly make sure it stays in the family!)
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Old 01-10-2013, 03:28 PM   #63
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Re: I want to buy a new home... totally NOT thrifty.

You have to buy that house. You just have to.

I don't understand the thing where you are 8 years into a 30 year mortgage having bearing on buying a new home. After you sell the house, you finish paying off the mortgage and would have a bunch leftover to put towards the new one, right? People buy and sell houses all the time before they finish paying for them.
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Old 01-10-2013, 09:54 PM   #64
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Re: I want to buy a new home... totally NOT thrifty.

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Originally Posted by badmisterkitty View Post
You have to buy that house. You just have to.

I don't understand the thing where you are 8 years into a 30 year mortgage having bearing on buying a new home. After you sell the house, you finish paying off the mortgage and would have a bunch leftover to put towards the new one, right? People buy and sell houses all the time before they finish paying for them.
I think what she is saying is that currently they will be done paying the mortgage in 22yrs but if they buy the family house they will go back to 30yr amortization in order to afford it. They can't afford to do a 22yr amortization.

At least that's what I understood.
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Old 01-11-2013, 07:18 AM   #65
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Re: I want to buy a new home... totally NOT thrifty.

That house is breathtaking!!! I LOVE it! If I had the opportunity to buy my grandparents home I would totally do it!!
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Old 01-11-2013, 09:19 AM   #66
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Re: I want to buy a new home... totally NOT thrifty.

I would totally do it.
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Old 01-11-2013, 12:38 PM   #67
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Re: I want to buy a new home... totally NOT thrifty.

I think in all seriousness if you let the house get away from you, you'll regret it for a very long time. It's gorgeous, it has sentimental value, it's pretty well up to date. Yes, you'll be locked into payments longer, but some things are worth it at twice the price. What could you buy with those payments that will bring you as much love, happiness and satisfaction as that house?
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Old 01-11-2013, 06:09 PM   #68
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Re: I want to buy a new home... totally NOT thrifty.

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Originally Posted by isabelsmummy View Post
I think what she is saying is that currently they will be done paying the mortgage in 22yrs but if they buy the family house they will go back to 30yr amortization in order to afford it. They can't afford to do a 22yr amortization.

At least that's what I understood.
Exactly
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Old 01-12-2013, 12:21 PM   #69
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Re: I want to buy a new home... totally NOT thrifty.

Quote:
Originally Posted by Rdesonia View Post
I have a question. I'm not sure if I just missed it being asked since I was drooling over the clawfoot tub and all...
Do you have equity in your current home? Can you sell your current home for more than you owe? Are you counting that as a down payment when you figure the future mortgage cost?

(Oh and of course... I really don't think you should buy the house. It's a horrible decision. The reason is...I'm your long lost cousin...so yeah....uh.. our Aunt and uncle can sell it to me! I'd gladly make sure it stays in the family!)
I was thinking the same thing. Has your realtor given you an indication of what you'd walk away with at closing if you sell your current house? Other than that, and the fact that getting four kids in the car during winters in Michigan without an attached garage would be less than fun and convenient, I say go for it! It's a beautiful home that means a lot to you and your family and you're in the wonderful position to sell your current home and not be pushed up against a wall hoping your dream home doesn't sell before your current one does. :-)

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Old 01-13-2013, 12:44 PM   #70
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Re: I want to buy a new home... totally NOT thrifty.

OMG! You have to buy this house! If you don't I want to!! It looks beautiful and sounds like it would not be too much more for you. BUY!! BUY!! BUY!!
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