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I've owned my house for 6 years, we had it on the market from May of 2013 and just took it off last week. We started asking what it was assessed at, which is exactly what I paid for it 6 years ago. We were ok taking a loss, as such is reality these days, so we ended up going down 15,000, which put us at what we still owe. Most common response by potential buyers was that it was too much. Our neighbors house sold for 30,000 less than what we were asking at our lowest and a house across the street just sold for 42,000 less and one behind us is going for 40,000 less. These are first time home buyers homes, 2 of them were/are foreclosures. They need a lot of fixing up, which my house did not. So here is the dilemma, we have decided to refinance to a 15 year, it's lowering our payment by $20 month. Our thought is to in 15 years either use it as a rental or we'll just stay there. However if we stay there we do an addition of a powder room/laundry room, update kitchen, siding and fix the front porch. We've had contractors over to give us prices and we're looking at 30,000 in cost. Does it pay for us to stick this money into this house if we don't end up staying there forever? Yes the house will be way above it's assessed value right now if we do, but hopefully in 15 years it'll be closer to what we have stucked into it. Or do we just side and fix the front porch and live with it for 15 years and try selling again. I know we could always put it on the market in 3-5 years, after we recouped the money it cost to refinance, but I feel in 3-5 years we still won't be able to get what we have stuck into it still.
Thoughts as how to proceed!!?? Please
Thoughts as how to proceed!!?? Please
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