Quote:
Originally posted by sebastian_dangerfield
I hear ya. Here's to the house rich. I'm up $150K on the value of my house in less than 14 months myself. I can't wait to sell it and move into one of the other bigger houses around me which haven't similarly increased in value.
Rich I tells ya, rich!
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Depends on what you doing. Let's say I put $50K down on my house in Seattle 4 years ago. My equity is now $300K. House is 2700SFT/panoramic water, city and mountain view on 7000 sft lot. My mortgage payment is approx $2500. In the same 4 year period I have tripled my dependents.
I sell, take the $300K, move over to an island in the Puget sound where my ferry commute will be no more than my drive in Seattle and the public schools are good enough that I can avoid the 40K/year in private school tuition for the dependents. I can now buy a 4000 plus sft waterfront home with 3-5 acres and my total monthly outflow will be no more than it is now, but without the "houserich" equity appreciation I would never be able to pull off the second purchase.
You tell me, am I better off or not.
