Which Is More Practical: Financing a Home Addition or Buying a Bigger House?

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The generously low mortgage rates from 2008 to 2022 make it difficult for many to sell and move to a bigger house. Is renovating your current home a better option?
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Опубликовано:

27 фев 2023

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Комментарии : 18

@foxtrot35 Год назад

Hi Clark. Sure enjoy your thoughts and openness. Your staff family add so much to your show and email! Thank you!

@jhlfsc 10 месяцев назад

If your addition/renovation is large enough, the bank may make you roll your current mortgage into the new loan which still changes your low interest rate anyway

@rodrickthompson2799 Год назад

I was on the fence for a while. Do we stay do we move. IF we moved, it was NEW or NO. Thought about that high dollar mortgage vs my current and whats left. Crunched numbers from all angles. If move whats owed when i retire in a NEW. Me and wifey decided on the addition. The two numbers that made the difference to us was 53 plus 30. Diddnt want a Mortgage at 80 years old. Ten years younger?? Absolutely we gone!!!❤️👍🔥💯

@bidmcms3 6 месяцев назад

Yeah but aren’t you paying basically same amount for the addition?

@rodrickthompson2799 6 месяцев назад

@@bidmcms3 NO!!!

@richardyocum-qi7db 10 месяцев назад

bought a house 3 yrs ago and got a 2.25 interest rate its almost 3 times that now lol.

@OilMan713 13 дней назад

Does the home addition change anything with your current mortgage?

@vitravaah2527 Год назад

Clark is wrong on this one. The cost of the addition will also carry a higher interest rate and will cost almost the same as the value of your house. So it's not sensible to do an addition. But if you love your neighborhood, why not just buy within the same neighborhood? Adding the money for the addition and the selling price of your old home, you can get a better and bigger house in the same neighborhood.

@rodrickthompson2799 Год назад

At the end of the day , I looked at my age . Do I wanna be paying on house well after retirement. Or have an opportunity to finish up paying around retirement give or take. do a Brand New Mortgage at my age I was skeptical even tho I was game. I kept looking at those monthlies for 30 years. They are murderous

@rodrickthompson2799 Год назад

It all depends on your age and your finances, sure if I was 10 years younger, of course get gone!!

@KC-dr3cg Год назад

Do you TRULY need a bigger house? You didn't share enough details. We had more space by becoming more minimalistic, repurposed vertical space to clear up more floor space..a closet became a "home office", we used more of our outside space ,we added the smallest 1/4 bathroom EVER in the closet of the room that butted up to the existing bathroom (stole online ideas from Japan)...$2,000 in 2022. We are living well below our means to save cash to move with the kids get older.

@Clark Год назад

Love this! Thanks for the great tips on finding more space in your current home! 💚

@rodrickthompson2799 Год назад

That idea works when 2 people are sharing that same vision, Smart move!!!