Quote:
Originally Posted by Wormius
What would you think a major profit would have to be to make it worth it? I am not certain, but I think we would be somewhere around $200k since we bought. Maybe that's not enough to make the jump. It's depressing to have the equity there now, and thinking it could diminish before we decide to move anyway.
|
If you are thinking of remaining in this market when you buy again, any market depreciation that affect you negatively as a seller will also affect you positively as a buyer. Your "profit" will generally be in proportion to the cost of your next purchase, ignoring short term volatility and your changing preferences.
The only way I can see this benefiting you is if you felt confident our current market is inflated and anticipate purchasing in a year or two, if/when it settles a bit lower. My opinion is that it may not be worth the hassle and the risk associated. Barring any sort of market collapse, you'll hold the value in your home for some time to come. You may want to consider keeping it as an investment property and purchasing your new place as a second home. Choosing to rent it out will not only cover most, if not all, of the mortgage. Plus, depending on your situation, you can use the equity towards your new down payment.
Just some food for thought.