Well, we've lived in the same home for about 24 years now. So we made the leap into a newer, bigger home :
it's 2,418 square feet and we're going to pay about $200k on a 55' x 125' lot that backs up to a nice green belt and great views of all the surrounding mountains. BTW it has an extended 3 car garage, 4 bedrooms, and a large den to run my REI business from.
It'll be a nice investment, we're expecting to have about $25-30k+ in equity by the time they start construction in a couple months. By the time we close it'll be more like $50k (although, with current and forcasted market and economics for the area it'll be more in the range of $75k, and about $120k within 1-2 years). Although appreciation is great, we're not counting on it.
We are also keeping our existing house and already setting up a nice rent to own situation with a great young family.
We're also looking for a couple houses for other RTO situations.
it's 2,418 square feet and we're going to pay about $200k on a 55' x 125' lot that backs up to a nice green belt and great views of all the surrounding mountains. BTW it has an extended 3 car garage, 4 bedrooms, and a large den to run my REI business from.
It'll be a nice investment, we're expecting to have about $25-30k+ in equity by the time they start construction in a couple months. By the time we close it'll be more like $50k (although, with current and forcasted market and economics for the area it'll be more in the range of $75k, and about $120k within 1-2 years). Although appreciation is great, we're not counting on it.
We are also keeping our existing house and already setting up a nice rent to own situation with a great young family.
We're also looking for a couple houses for other RTO situations.