45 yo M 40 yo F couple
Purchased house approximately 2 yrs ago for 1.2 M.
Remaining mortgage 700k @ 2.8%. 28 yrs left
recently found out that house needs some major repairs/renovations, out-of-pocket expense around 70 to 80 K, possibly 1 to 2 months living elsewhere. let’s ignore the details of the repairs for this discussion.
From a financial perspective, better to sell for whatever we can get and find another house? Or accept the short term pain and get the repairs done? What about from a non financial perspective?
Other relevant information:
Net worth 8 million. HHI 700 to 900K.. Three children under age 10
Other similar houses in the area anywhere from 1.1 to 1.5 M mortgage rates are obviously higher now.
Other than having to go through these repairs, we like the house.
What would you do?
Purchased house approximately 2 yrs ago for 1.2 M.
Remaining mortgage 700k @ 2.8%. 28 yrs left
recently found out that house needs some major repairs/renovations, out-of-pocket expense around 70 to 80 K, possibly 1 to 2 months living elsewhere. let’s ignore the details of the repairs for this discussion.
From a financial perspective, better to sell for whatever we can get and find another house? Or accept the short term pain and get the repairs done? What about from a non financial perspective?
Other relevant information:
Net worth 8 million. HHI 700 to 900K.. Three children under age 10
Other similar houses in the area anywhere from 1.1 to 1.5 M mortgage rates are obviously higher now.
Other than having to go through these repairs, we like the house.
What would you do?
Statistics: Posted by trueballer — Tue Jan 16, 2024 6:20 pm — Replies 1 — Views 68