3 ms·
The best advice I can give you is to not buy more house than you need (too expensive will run the risk of negative equity). But also make sure what you get wil
by derekp7 8y ago
The best advice I can give you is to not buy more house than you need (too expensive will run the risk of negative equity). But also make sure what you get will meet your needs for at least a decade or so. And watch out for potentially high property taxes.
One guy I worked with had an issue where his family outgrew the house he bought, but he couldn't get enough out of it for a down payment on a bigger place (even though the bigger house was cheaper than what he bought his small 2-bedroom for). So you don't want to get into this situation either.
Another situation that just happened to someone else I work with, she bought a house that she thought was reasonable. However her property taxes took a bit of a jump (the previous owner had lower taxes due to some senior discount). And it will be a few more years before she gets enough equity in it that can be used towards another house.