“Should We Add On or Buy Another Home?”
What can we do? Should we go through the process of trying to refinance?
Keri and I really like the location. If I can get refinanced and get an addition on our current home I would be happy to stay. I am looking ahead and seeing just my wife and I at the house as my son will be going to college hopefully in 4 years. We don't need a big empty house.
So many time clients are facing the decision of whether or not to buy a home to fit all their needs. In this case the home would be in the $350,000 price range. If current value of the home is approximately $200,000 and an addition would be about $100,000.
How much is it worth not to be disrupted through the renovation process and all that goes along with the project? They love their neighbors and one of the children will most likely need to change schools.
The difference in monthly payment will be about $235 per month, additional monthly property taxes about $125 and the additional homeowners insurance would be $50 so all together about $410.
I have given these folks all the numbers so now they need to decide what is best for them. So what advice would you give them, if you were asked?
Image courtesy of Tiramisustudio/freedigitalphotos.net
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
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