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this post was submitted on 18 May 2024
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No Stupid Questions
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Lol yeah surprised inspection wasn't required.
"Realtor said it's cool" would be a red flag to most financial institutions and buyers. Like, now I'm suspicious as hell that OP got sold a lemon and just hadn't realized it yet.
Well even the land itself is worth more than I paid, and 5 years of no problems is a great start. But will find a good inspector and see if I really did get that lucky!
Is the land actually worth more than the property or were you just told that? Because if that was actually true then the sensible thing would have been for a developer to have bought the property to demolish it.
If a property is on expensive land then the value of the property goes up. So I would be highly suspicious of that claim.
The land it's on is "currently" more expensive than what I paid for it 5 years ago. Just recently got an appraisal done.
If I tried to buy this house now with my income the bank would laugh at me.
Sorry to anyone who didn't buy a house pre - covid :(
Totally. Our house is worth almost double what we paid for it before the pandemic. And during one of the lockdowns, we refinanced to a 15-year mortgage at the same monthly payment as our 30-year had been. All of which means that if we were trying to buy this year, we'd be paying four times as much over the span of the loan.
Golden handcuffs, though. We can't move for the next ten years now. Thankfully we don't want to.
What? Refinancing means you have to stay at the home and can't sell?
Not at all. We're free to move whenever we like, legally. There's nothing in the contract that says we can't. But if we did, any mortgage we'd get wouldn't have our current (really good) interest rate, and we'd have to pay post-2021 home prices for wherever we'd move to. Like I said, we'd end up paying four times as much over the span of the loan for an equivalently-priced home.
Which is a choice that we could make. But absent a really good reason to move that would offset that massive financial incentive to stay, we're stuck here until we pay it off unless we're willing to take that huge financial hit.