I got remarried - 1 1/2 years ago now, blended family w/ teens. Moved into the home I purhcased as a single

Asked by Edie, Chesapeake, VA Tue May 27, 2008

mom (4 BR, 2 BA; 1835 sf), nothing wrong with it, probably had $150k in equity. Tried selling it last year (that was tough with the kids, showing it, etc.!) but after a year and a couple of close calls, nothing happened. So, we took out a 2nd for $100k, remodeled, paid some bills - the appraised value went down probably $45k and we now have a very nicely updated ranch that we owe $240k on that is worth about $280k?? That's what the other 4br 2ba's are going for in Great Bridge here in Chesapeake, VA!
Now, my question is this: I need more room!! We could sell this house, pay off our existing bills (about $30k), buy a bigger house for about $375k (without much $$ down like before) and even though taxes are high - our pmt would be about what we are paying now for this small house and our bills together! Which I figure would be around $2,400 (I think). My husband doesn't want to go through it again and my kids never did! But I can't stop thinking about it and looking!! Help!!

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Tina Merritt, Agent, Blacksburg, VA
Wed May 28, 2008
BEST ANSWER
Edie,

I have been through the same thing myself. Keep in mind, you don't NEED more room...you WANT more room. I highly recommend magazines called Cottage Living and Real Simple. Both of these helped me personally with keeping my small house organized and very liveable. Smaller houses are "in" now. High ceilings and McMansions are "out". You said you have teenagers....will they be graduating and moving on in a few years? Will you then have a house that is too big that you don't have much equity in because you didn't put much $$$ down? You are in a great location and have equity in your home. You just poured a lot of $$$ into it. Try to make it work for you since the rest of your family doesn't seem to be itching to move. Good luck!
0 votes
Lisa Arnold, Agent, Chesapeake, VA
Tue Jan 29, 2013
Take a deep breath :) I am a mom and trust me I totally understand! Let's talk. You can call me at 757.560.9836 or email me at larnold@roseandwomble.com.
If nothing else, I can help you sort all this out!
http://www.myrealtorlisaarnold.com
1 vote
Chris Faircl…, , Virginia Beach, VA
Wed May 28, 2008
Hi Edie,

The best option is to speak with a lender about your goals. Since the mortgage market has tightened, you may find the loan you seek (little to no money down) is harder to get now. Find out what mortgage program works best for you and your family's needs. Next confirm the market value of your ranch style home in today's market. Once these key questions are answered you'll have the tools to make an educated decision about what's best for you and your family. Best wishes....
1 vote
Lori Johnson, Agent, Cambridge, MN
Tue May 27, 2008
The bright side of buying another home now is that it too has gone down in value. You will loose some on your sale and save on your purchase. Just make sure you have a comparable market analysis done by your realtor on the home you wish to purchase that includes sales in the past 6 months to ensure you are not paying too much for the new home. To price your home, you will also need to know the recent sales (6 months) or it will not sell and you will be frustrated with the inconvenience of showings.
1 vote
Spivey76, , Chesapeake, VA
Mon Jun 23, 2008
What you don't pay in taxes you almost (but not quite) make up for in home-owners insurance. Most people don't know that Moyock doesn't have the infrastructure in place (emergency services) in place that insurance companies like to see.

Also most housing doesn't have city/ county provided trash pick-up. They have community dump sites you take your trash to. Or you can pay an independent company to come pick it up.

My advice to you would be to wait another year and look at the market. If you need an example, take a look at this house here -

http://www.trulia.com/property/1041977628-404-Johnstown-Rd-C…

It's been on the market for over a year, and the seller has yet to lower the price.
0 votes
Edie, , Chesapeake, VA
Mon Jun 23, 2008
Haven't done anything yet - enormous family "events" these last few months. Also attempting to keep books from home vs working outside the home. We are letting things settle down, then will re-evaluate, but I hate to lose the spring/summer market for selling! Ohh, we looked at Shingle Landing in Moyock, just across the NC line off of RT 168. Nice. Lower RE Taxes & Retired Military doesn't pay state taxes. Bonus. Comments? Thanks for everyones responses!! Enjoy your summer~
0 votes
Spivey76, , Chesapeake, VA
Mon Jun 23, 2008
Have you decided what you are doing? Please update, curious minds want to know.
0 votes
Flynn Korneg…, Agent, Chesapeake, VA
Wed May 28, 2008
Hi Edie - my name is Flynn Kornegay with Rose and Womble Realty. I think that we could be of assistance to you. We do have some new construction homes, 5 bdrm, 3 1/2 baths that would fit what you desire. I would be availiable to meet with you and discuss your situation and see what we could do. I really believe that we could get your whole family on board. Just pay my website listed below a visit, and give me a call soon. Thanks - Flynn
Web Reference:  http://www.flynnkornegay.com
0 votes
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