Market Conditions in Vernon>Question Details

Julie, Both Buyer and Seller in Connecticut

My husband and I are trying to decide wether or not to upgrade our current home for a total of 70,00. It's

Asked by Julie, Connecticut Wed Jan 14, 2009

worth between 380-400k or to buy another home. Unfortunately the next price point for upgrade seems to be about 600k. Which is the better deal

Help the community by answering this question:


Have you thought about the following expenses if you sold your home:

a) Realtors fees approx. 6% of sale price
b) Closing costs
c) Refreshing property for sale
d) Moving expenses
e) Difference in mortgage payments current vs. $500K

Purchase of new home:
a) Tax write off contact our CPA

Recommend place all on excel spread sheet with all financial dollars determine what is your best interest.
Web Reference:
0 votes Thank Flag Link Wed Jan 14, 2009
You are typically going to retain more of the new equity when you do the rehab yourself. Most buyers want to have a home that is finsihed because they will get their mortgage based on the sales price but might find it difficult to afford renovations after the purchase. Whether you are spending your own money or the banks money, you will probably see that you make out better when you do the remodel yourself.

If you have any questions, please feel free to contact me.
Luke Allison
Flagstar Bank

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0 votes Thank Flag Link Wed Jan 14, 2009
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