I want to sell my house and use the equity, if I have any, I probably will to pay cash for a condo, good idea, or no?
A few houses nearby to mine that were smaller sold for in the 140's. I owe about $113,000. I am tired of working on my house, that never ends, and I would like to have the security of living somewhere that is paid off, besides maintenance fees of course. I think the housing market is still headed down, so I feel I should sell now. I also would like a smaller place, because they are easier to keep clean, etc. Only thing is that winter is coming, and I don't know if anyone buys in winter. I am thinking of doing a bridge loan which will allow me to combine the condo selling price to what I owe on my house into one payment, essentially allowing me to move into my new place right now, and getting my house subtracted off when it sells. Any real estate gurus on here have any advice. Any advice would be appreciated. Thanks.
The Future
Debt based Instruments: DOWN
Commodity Based Instruments: UP
I heard Peter Schiff
recommend renting instead, but check this out carefully.
GET OUT OF DEBT
Especially on a depreciating asset..
Realestate... If you need just a condo and not a big money pit to live then do it. IT is smart. There are two ways to make $, working hard, or spending smart.
That is spending smart. And, you will have a lot less stress.
But, I would sell the house first so you don't get stuck..
One Voice, One Vision, One Love ~ Liberty.
Good Thoughts, Good Words , Good Deeds.
That is the Ron Paul rEVOLution Creed.
One Louv. ;-)..
I am not sure you should
I am not sure you should rent b/c if the price of everything goes up, then the rent will follow I would assume, therefore possibly making it near impossible to keep up. I know Peter Schiff says to rent but I am not convinced personally that is a good idea especially in a volatile economy. I would think you would keep a house that is paid off longer than having to move out of a place b/c of rising cost of rent. JMHO. :)
Thanks to all for your input
I will check back tomorrow for my verdict. Keep up the great work. Take care.
Those who expect to reap the blessings of freedom must. like men, undergo the fatigue of supporting it.-Thomas Paine
The R3volution requires action, not observation!!!!
No security
There is no security in owning a house, even if it's paid off. At any time, your property taxes could be raised to confiscatory levels. Come to think of it, there is no security in owning anything that the state can pry out of your hands. But a house is a conspicuous and valuable target for the parasites.
Sell
and rent a place. Wait for the market to bottom then buy