- Joined
- Nov 1, 2007
- Messages
- 1,577
- Reaction score
- 1,172
Long story short, we're outgrowing our starter home, love our neighborhood for many reasons, and would like to stay where we are. Area has blown up since we moved in, and property values have shot up (probably could sell for >10% of what we paid).
The more straightforward option is obvious: take the money and run - either to a new area or a house within our neighborhood.
Problem is, we want to stay in the area but are getting priced out of houses that would fit our needs at this point.
Financially, I have two and half major problems 1) I did a physician mortgage coming out of fellowship and financed 100% of the purchase price so I have limited equity 2) we may need to do IVF for baby #2, so what savings I do have is earmarked for that instead of a down payment, 2.5) I'm in a small field (PICU) and about 18 months away from a golden handcuffs situation where very few if any locations, will be able to match the income I'll be making. Once I get to that point, this will be easier...but that's not the case yet.
So now I'm considering other options
If anyone has any experience would love to hear it.
The more straightforward option is obvious: take the money and run - either to a new area or a house within our neighborhood.
Problem is, we want to stay in the area but are getting priced out of houses that would fit our needs at this point.
Financially, I have two and half major problems 1) I did a physician mortgage coming out of fellowship and financed 100% of the purchase price so I have limited equity 2) we may need to do IVF for baby #2, so what savings I do have is earmarked for that instead of a down payment, 2.5) I'm in a small field (PICU) and about 18 months away from a golden handcuffs situation where very few if any locations, will be able to match the income I'll be making. Once I get to that point, this will be easier...but that's not the case yet.
So now I'm considering other options
- Do an addition to bridge us to the point where the finances work out better - but I hate the idea of spending money essentially twice.
- Knock down most of the house and complete it as a "renovation" - might be sort of a similar problem as above, and more importantly, house was built in 1948, and the foundation can't support much beyond what's already there, so I wonder if there is an extra expense for the extra complication
- Tear the whole thing down.
If anyone has any experience would love to hear it.