I love my house. We got a decent deal on it just before the interest rate hikes and it’s gone up quite a bit in value based on neighborhood comps. It’s near a good school district but the scores drop off drastically by 6th grade so we want to move to a better district eventually, and aren’t sure if we should wait or move soon and start our kid in school at the one he’s going to go to from k-8. Our house also only has one spare room for our son and we’re expecting a second and my husband wants more space. But we love my son’s friends and we’re close to work and gym and have a good lifestyle here. For these reasons we occasionally go visit open houses just to see what else is out there but haven’t felt any urgency to move.
This weekend we went to look at house that’s kind of at the top of our budget but is probably a forever home, it’s so peaceful with river views and enough space for the kids and lots of family to visit, and in a much better school district. In short, it’s the first place I’ve loved since we bought our current home but we’re hesitating. It’s currently listed over priced (we’re considering offering 150kish under asking) and has been on the market for a while because it went for sale after the school year started. It’s further from work, in a much quieter neighborhood and a further drive from some friends (although I’m talking a 20min difference so it’s not significant) whereas at our current place we can walk our son to school and other things in town-I’ll miss that. I also grew up poor and never dreamed of living in a place like this and so while I love the home im very stressed about the carrying costs (even though we can afford it) and the river flooding(the foundation is elevated and the river presents a low but some flood risk). The equity in our current home could likely cover the down payment but I worry about something bad happening to the house that would impact our savings or have problems reselling if the flood risk goes up. I also think we could stay where we are, save more, and move later but that’s also socially stressful for the kids to move schools after making friends etc. and in our casual searching, we haven’t found any places that tick as many of our boxes as this one does.
I love the house, especially the river view despite the risk it poses lol I think we could have a lovely fresh start finding community in this new town but I’m not sure if it’s worth the risks I’m worried about? I’d love a fresh perspective from anyone willing to offer any because we just keep going back and forth about it.
Should we put in an offer?
byu/Excellent-Produce410 inRealEstate
Posted by Excellent-Produce410
4 Comments
Make an offer. They might not accept 160k under asking price and then you can move on, if they do accept you’ll have inspection contingency so you can back out
have you priced how much more your insurance will cost with flood factors?? If you’re already worried about carrying costs you may find it’s a deal breaker. weather has gotten more unpredictable. Huge areas of western N. Carolina flooded last year that “never” flood – because of a hurricane- in the mountains. this a very real threat.
to me is sounds like a lot of red flags. if you’re expecting the baby won’t need a new room for years and who knows where you’ll be in life then.
We just had massive “100 year” flooding here in Washington. Don’t buy in any sort of flood zone or area at any risk of flooding.
Seems it would be very expensive to sell and rebuy a house and you love the neighborhood. I’d take location each and every time especially as you already love your house. You’d be surprised how much an additional 20 minutes turns into hours each day shuttling two kids.
Have AI help you run the numbers of enrolling your kids in private school for 6-12 vs. buying a new home?
2 kids x $20k x 7= $280,000.
What will be the cost to sell (realtor fees, capital gains, other taxes, moving costs) + cost to buy (closing costs, realtor fees) + new mortgage rate (probably higher than you currently have) for the next say 20 years.
Which number comes ahead?
I don’t know about the house or river or neighborhood, but one thing I’m certainly never going to do is move because of greatschools.org numbers. And that’s what it sounds like you’re focusing on. Middle schools are halfway houses anyway, they’re just there to get through it.