Deborah,
Mortgage Broker or Lender, San Diego County, CA
Your reasoning seem spot on to me. I generally counsel my clients that it will cost approximately 10% of the sales price for closing/taxes. And, New York has much higher fees as related to real estate than most other states. Additionally, given the projected slow appreciation of real estate values, I think your plan is far more effective than buying for the short term. Best of luck to you.
Web Reference: http://www.newamericanca.com/deborahgarvin
Terri Vellios,
Broker, Campbell, CA
If you think that in 5 years you would need to sell the smaller home and buy a larger home, then I would agree with your points for purchasing a larger home now. The benefit to purchasing what you need in the future now is that the interest rates are so good that if may cost you more in interest, and possibly appreciation to buy what you can today.
One reason not to buy the bigger home is if you can't afford it and only you can determine that, along with your significant other, lender, etc. :-)
All the best to you.
One reason not to buy the bigger home is if you can't afford it and only you can determine that, along with your significant other, lender, etc. :-)
All the best to you.
Web Reference: http://terrivellios.com
