Would you move to save $$?

**debtfreeme** · 03-06-2006, 11:39 AM

Re: Would you move to save $$?

For me if i could afford to buy a small house or cute condo/duplex i would move. It is not how much i could save since i am pretty much at my limit with savings but how much i could afford to buy and still be successful at everything else i eant to do.

**Russell** · 03-06-2006, 11:47 AM

Re: Would you move to save $$?

For me moving itself is not an issue but finding another place I like is. Having been in SoCal all my life its hard to imagine moving out to an area with extreme hot or extreme cold climate with no beaches or deserts or mountains - all within an hour distance. I just can't find the SoCal counterpart to raise my family. However, if there was such a place I'd move in a heart-beat because CA has gotten over-crowded and the housing is ridiculously expensive. Any $ saved due to the move would be icing on the cake. Yes, I'd do it.

**Fern** · 03-06-2006, 12:07 PM

Re: Would you move to save $$?

I calculated i would save about $320 monthly at the least in selling my house and buying a condo. Could be a bit more than that, depending on exactly what size condo i buy and so on. I am not planning on buying the most i can afford, as I want to buy the condo with no mortgage, just paying cash from the profit in sale of my home and then probably would have to pay between $25 and $50k from personal (non-retirement) savings to cover the balance. That way i could make a few renovaions if i like without feeling cash-strapped. oir tapped out.

What do you think of that idea? It will not leave me broke as I have other savings. You would think that eliminating the mortgage would greatly lower my monthly living expenses, but it really doesn't as much as i thought, which is a bit disappointing. I bought my house with 45% down in cash, so my current mortgage monthly principal is just $700 a month, with another $400 a month for taxes. The Elimination of the $700 a month for the principal would be replaced with rather high common charges at the complex I like, $398 a month, so hence the small difference. I could buy in a complex elsewhere, but other towns have higher tax rates, and I really do like this complex, which is rather unique in this area.

**PrincessPerky** · 03-06-2006, 12:10 PM

Re: Would you move to save $$?

If it will make you happier, and NOT cost more than go for it, if it will make you happier and you can afford it go for it. If you are doing it solely to save money, well how unhappy will it make you? Personally I would stick with either this area or PA cause of family, so I wouldn't say move to the midwest just cause it is cheaper, but thats my values. Not neccessarilyy yours.

**Ima saver** · 03-06-2006, 02:19 PM

Re: Would you move to save $$?

I would sell my house in order to get the profit tax free. I am just afraid that my husband would want a bigger house that would cost more.

**Firefly** · 03-06-2006, 09:03 PM

Re: Would you move to save $$?

For me it would depend on the area we were currently living and if we were happy with everything else in our lives or not.

**katwoman** · 03-07-2006, 11:12 AM

Re: Would you move to save $$?

Originally posted by Fern

If half of your reason for moving is to save $$ (and the other 1/2 is cus you're tired of maintenance issues, particularly lawn mowing and snow shoveling), and you have already done a side by side comparison of certain fixed costs like mortgage/uiilities/taxes for where you are now and where you want to go, what minimum amount of money saved monthly would you think is significant?

For the amount of savings you have calculated, I would call that significant.

You do have to keep some things in mind when moving into condos. You will have close neighbors. People slam doors, yell, have parties, make love, dance, etc. Also, how old is the complex? Is the association run by the unit owners or by a management company? When was the last special assessment and for how much? When is the upcoming special assessment and for how much? How much money is in reserves? Have the property taxes ever been contested? Was it successful?

Speaking as one who has lived in a condo for 10 years and served on the board (only because we kept getting increases for the monthly assessment while the place was looking worse and worse) management is what you will be buying, NOT the property.

The condo I lived in was extremely cheap to live in (actually, it still is) as long as we had a good, tough manager. She'll be leaving this summer and I know the next president will not be anywhere as good as she is. That's why I will be selling, too. Also, my complex is now 15 years old and I don't want to be stuck with a special assessment for a new roof or repairs. The complex next door had to pay 6K per unit for their roof.

**nanamom** · 03-07-2006, 02:20 PM

Re: Would you move to save $$?

I would love to move, I am sitting here wearing gloves as I type! I know it would save me money to move and I would do it in a heartbeat, especially if it took me closer to family. All we need is the right job for DH.

**shelbylovesmelby** · 03-14-2006, 12:34 PM

Re: Would you move to save $$?

I don't know that we'd move to save alot if any $. The only way to save $ on cost of a home here would be to say live in the "hood" & I mean that literally. Or the northwoods in wich there are literallty no jobs. But I'd prefer to live somewhere w/ 4 seasons & within a few hrs drive of family.

**Ima saver** · 03-14-2006, 01:09 PM

Re: Would you move to save $$?

I would move out of my house if I made really good money, but I would stay in this county. We have looked around Tenn., but can't find any place I like any better than where I live. I would hope to build a cheaper house, but the price of land is so sky high, that would probably mean we would not have as much money left over as I had hoped.

**abowers** · 03-16-2006, 03:56 AM

Re: Would you move to save $$?

No matter what we will be moving somewhere else when my boyfriend is done with his PhD. Unless houses get cheaper here in 4 years. There's no way we're going to buy a $400k house that you could buy for under $200k in Pennsylvania or upstate NY or the Carolinas.

**tgavin71** · 03-28-2006, 04:15 PM

Re: Would you move to save $$?

We did exactly that 5 years ago. When DH left the Navy we were faced with the decision to stay in Sydney and pay $350 a week to rent or $300,500 on average to buy in the same area. We decided to move 2 hours up the road with no job to go and just hoped for the best. We found a rental property for $180 and one year later bought our house for $110,000. It is isn't the prettiest house around but it is ours.

Would you move to save $$?