To preface this, we currently live in a house with 4 levels (not sure on square footage, but it's 4bed/3bath), that's fully paid for and in our name, on 2.8 acres. It was appraised at somewhere over $200k (I don't remember the exact amount, maybe $215k), about 5 years ago.



However, we have something in the neighborhood of $15k in credit card debt, about $9k in a home loan, and a car with 3 years of payments left. We're usually in the hole before the end of each month. We also are located in a not-so-great neighborhood, in a crappy school zone (our major motivation, our son just started Kindergarten).



So we've been thinking of moving into a better school zone in the same town, into a house that costs less than what we think ours is worth. Since we'll be pretty much dealing in "cash", the theory is that we'd have money left over to pay off debt.



Is this a realistic plan, or just high hopes? If I'm looking only at the cost of the new house, and how much we think ours is worth, how much more cost is there associated with moving? Provided we do our own packing and such, and the only thing we'd pay someone to move is the baby grand piano.

 

move... your biggest investment is your son..

get your home appraised and if its been five years since.. youll be pleasantly surprised

and if your zone allows for it... you can also look into subdividin your property for sale..

or.. maybe even think about creatin your current home into a multifamily dwelling... generating monthly income..

just some quick thoughts..

 

Funny you mention that, because it was built with that intention in mind. Well, maybe not multifamily, but renting out all the rooms. My mother-in-law had the house built, and was still single when construction began, so she anticipated renting out the rooms. The rooms all have the capability of separate phone numbers, and cable in every room.



...though I doubt I'm ready to manage such an endeavor.



Thanks for the advice, I guess it is worth it to get an appraisal and try it out.



On another note, the difference between $150k houses and $175k houses in this area is like night and day! so-so starter homes in somewhat shitty locations, to very decent (though not very large) in very nice locations!

 

I dunno in Florida, the suprise may not be all that "pleasant" right now. Brand new houses that were selling for $250k a year ago are selling for $150 to 175.



That said like amp said, all other issues aside your son is the most important.

 

Yeah, I'm contemplating a move for the same reason. Hard to give up a nice new-ish home with a 2-car attached and a 3-car detached garage, but hey, the kids have got to come first.



Real estate commissions are going to eat up some money on your transaction, assuming you use a realtor. If you can find what you want for less than your current house is worth, by all means go for it. I wish I was in a similar situation, but my house in a good school district would be worth at least $100k more than it is here.

 

DO IT BALDY!! that lil boy of yours needs to get the best you can give him..

 

Oh, and the other reason I meant to mention, Edna's knee is all fuxxored. She had surgery about a year ago, and it still seems to be getting worse.



That's why I mentioned 4-level, it sucks doing so many stairs. I nearly have to carry her upstairs some nights, and moving clothes from our room to the laundry room requires going down/up 28 steps. We want a single-level home.

 

well there you go.. the two most important reasons ever.. your son and your wife.. !! GO BALDY!!

 

If it's for your son, money should not be a concern at all. Who cares if you lose money in the process, your son would be getting a better education.

 

Realistically this is easier said then done. We'd all like to face the daily challenges we face with a solution that best suits our family, unfortunately one has to weigh the strait of monetary strain on his family over the imediate and/or longterm success of his family. A stressed out mommy and daddy no matter how they handle it will reflect on their childs welfare. In america you can't take a **** without a few bucks in your pocket. Sounds to me like you are in a double whammy, strapped for cash and in a shitty school district, you'd be better off living in a apartment in the nice part of town and sending your child to school to get a good education.



Unfortunately Florida has no "great" reputation for it's education system, or as the locals here call its Edgeukatin' systern. So being a "poor" school district in Florida is like being in special ed in other states. Florida usually rates in the 35 to 50 range (50 being worst). You could always look into private school and stay in the house, assuming you loved the house, area and could easily afford the payments...... none of which apply.



Back to my drink.