The first two times we bought a house - it made sense.

Our first house -- then our second home once we out grew our 3 bedroom ranch - we bought our current home - a 5 bedroom two story built in the 1970's.

My husband is really wanting to buy a bigger house--
We will still need a 5-6 bedroom --- plus we would like a study on the first floor so he can have a office -- he id forever having clients stop by to sign something---his office is 45 minutes away-- so it easy for people to just stop by the house.

We have redone our current house -roof - siding everything!!! Windows furnance and so on--------

So how do you know to just stay put - or - buy the bigger house?

I would say this is a great time to buy a house. The prices are lower than they've been in years and you have your pick of the market. People are upside down on their mortgages and they are willing to make deals. Look around at the prices but keep in mind if you're selling yours you may not get what you'd like to. The best situation would be to be able to keep the one you have as a rental until prices go back up and buy another one to live in for a really great deal. Talk to a trusted Realtor in your area.

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We want our house paid off by the time we retire so we stay put. Once your kids are out of the house will you really need such a big house? How much more will it cost to heat? Here in CA depending how long you have lived in you home your property taxes could really jump. It is based on the price you PAID for the house not what it is now worth. So that can be a big factor in buying another house too. Would it end up being cheaper just to add on an office instead of buying something else? I agree that now is the time to buy. I wish we could afford to buy a house to rent out.

We've been married 20 years and currently live in our 4th house. Each one was an upgrade.

I have several family members who are in the real estate business in some capacity (loan closer, appraiser, inspector, etc.). When we were deciding whether to move the last time (will be 3 years ago in March) one of them said to me, "The best time to buy a house is 10 years ago. The 2nd best time is today." meaning hind sight is 20/20 and if you'd have bought 10 years ago you can look back and see it was a good deal and you've gained appreciation, etc. Time continues to tick...if you want to move & can afford to, do it.

Also, our financial advisor told us that your house is your biggest investment and where you spend a lot of your time. You want to be comfortable there and enjoy it.

Lisa

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"It's not having what you want,
It's wanting what you've got"

OP, you have 5-6 bedrooms now and that's not enough? If I may ask, how many children do you have? Most people want to downsize as they get older. I know if I could, I would have a smaller house now. It's just me and hubby. The kids have grown up. They come back to visit but it's not like we need all this room. With the cost of heating and electricity, I can't imagine getting a larger home.

So you ask how do you know if you need to stay put or move? I'd say look at your situation, how many people actually live in your house, how old are you, how much debt do you have, and then the real question --- do you actually NEED a bigger house and can comfortably afford it.

Unless you have a whole house full of kids I'd say it about time to start decrapification of your stuff!

As far as the market goes, I would say now is the time if you are going for a bigger house. You can find a good deal now, mortgage rates are still great, and when the market goes back up you stand to make more money if you have to sell. We did a 15 year mortgage so it will be paid off by the time the children go off to college.

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You'll know when you ask yourself where you want to be financially in 5 and then 10 years from now.

Don't base your decision to buy or sell on a here and now (we're too cramped, or hey check out this up and coming new neighborhood over here) kind of mindset.

Look beyond whatever immediate issue has brought about questioning the size of your home and give more time to examining the path you want your future to take.


X

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Then Jesus said, "Come to me, all of you who are weary and carry heavy burdens, and I will give you rest." Matthew 11:28

We have 4 children---
I am careful about clutter -- we have to keep it company ready 7 days a week -- never know when someone will be dropping by in the evening -
The extra bed room would be for the family computer--

Our house has the closed off feel -- not the new open feel -- very limited due to space between homes
we need more area to entertain -- according to my hubby
thanks for the thoughts

We moved from a 3 bedroom ranch to a house twice the size mostly because we needed space but also it was a good investment. We sold our ranch for $290,000 and only paid $50,000 more for a house with 4 more acres and 2000 more sq feet plus a full basement in a much better neighborhood. BUT it costs a fortune!!

I have an at home business and we needed the office and storage that we didn't have before, but the heat and AC cost are a killer and it is a LOT of maintinence as far as lawn and gardens, etc.

The other problem with a large house is that it takes much longer to sell a big house when the time comes. The wave is growing toward smaller homes and could continue that direction. If I remember right it takes twice as long to sell a big home, not as many potential buyers as there are for a 3 bedroom 2 bath typical home.

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"A true friend is someone who thinks that you are a good egg even though he knows that you are slightly cracked." ~ Bernard Meltzer