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/u/DbzNbaSw
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Sell, after purchase?
Hello, wife and I (33,32 - no kids, $115k annual combined give or take) just purchased a new home ($380k, 2,600 square feet, been here two weeks) in a very desirable neighborhood in the Midwest. We sold our starter home that was paid off… we netted $210k from the sale. As we only put 20% down (about $80k), we have $170k give or take in a HYSA right now.. I was thinking of recasting to drop the payment, but having some issues:
My issue: 1. i did not realize how much ‘safer’ I felt about being in a paid off home. Sure it was older and layout wasn’t great, but the feeling of it being paid off was awesome. Money was not an issue and loved the financial freedom.. Now, i feel this overwhelming feeling of ‘drowning’ for being in debt again… it’s an upgrade in home, but i miss the feeling of financial freedom.
So my question, how stupid (maybe ok?) would it be if I sell this house anytime within now to the next two years to get a smaller home (1.5k to 2k sq ft) for about $300k (a good home in good area go for around this here) and sell this one? I know the 2 year IRS rule.. but I’m ok w loosing a little bit of money and be able to pay for the next house almost all cash and have that financial freedom again and in a house size closer to our needs.. I see no sense of paying more in taxes and utilities when we don’t need much more. Thoughts?
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Sell after purchase?
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Hello, wife and I (33,32 - no kids, $115k annual combined give or take) just purchased a new home ($380k, 2,600 square feet, been here two weeks) in a very desirable neighborhood in the Midwest. We sold our starter home that was paid off… we netted $210k from the sale. As we only put 20% down (about $80k), we have $170k give or take in a HYSA right now.. I was thinking of recasting to drop the payment, but having some issues:
My issue: 1. i did not realize how much ‘safer’ I felt about being in a paid off home. Sure it was older and layout wasn’t great, but the feeling of it being paid off was awesome. Money was not an issue and loved the financial freedom.. Now, i feel this overwhelming feeling of ‘drowning’ for being in debt again… it’s an upgrade in home, but i miss the feeling of financial freedom.
- The new house is gorgeous, updated, everything we could have asked for. It just feels big - 2,600 sq ft - feels big for just us and our two dogs.. I wanted to sell our other house as it was older and it was in an area that was somewhat slowly declining. So while I feel it was a good move to sell, I feel like we overbought on this house as we don’t plan on having kids.
So my question, how stupid (maybe ok?) would it be if I sell this house anytime within now to the next two years to get a smaller home (1.5k to 2k sq ft) for about $300k (a good home in good area go for around this here) and sell this one? I know the 2 year IRS rule.. but I’m ok w loosing a little bit of money and be able to pay for the next house almost all cash and have that financial freedom again and in a house size closer to our needs.. I see no sense of paying more in taxes and utilities when we don’t need much more. Thoughts?
submitted by /u/DbzNbaSw
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Sell after purchase?
Continue reading...