I'm the worst at making decisions but sometimes I do try to break it down. Like, it seems clear you do need to leave the current house, so you can leave that out of the question and look at what the options are for what you can move to. Can you afford to rent the current house out, rather than selling it? I would have thought the rent would more than cover that mortgage. But I don't know what that would mean for your payments. Also you'd have to be careful of capital gains tax etc if you move out for too long.
I have been thinking about similar things (as you know) and I have reached the tentative conclusion that if you are going to be out of the housing market, this is probably a decent time to do it. I could be wrong but I feel like it will only bump along for a few years, you have already got the big gains so you shouldn't miss out on those. I mean, who knows, but I'd hope not.
Personally I'd get some financial advice before selling the house. I didn't get any before selling my Elwood apartment and in retrospect it was a mistake. They can be surprisingly helpful.
What about that stretch from Mordialloc to Cheltenham? Or around Moorabbin or McKinnon? that's inland but closer to the beach than glen waverley and seems to still have schools in the top 20 or so of state schools. But you've probably already considered those. You went to Kilvington right, so you must know that area without me telling you! I do really like mordialloc these days, but it isn't a heap closer in than where you are now.
the only other thing is I have some friends trying to buy around Glen Waverley at the moment and according to them that is the area where the market has gone nuts with overseas buyers who are willing to pay huge sums and that kind of thing. For some reason it's particularly around there. So I'd go to some actual auctions if I were you just to see what's happening in reality, because they are telling me that basic houses are selling for 100,000s over the reserve.
It's really tough, I keep struggling with it too because moving and selling and whatever is such an upheaval. In my case I keep swivelling between what I want and reality/$$$. It's especially hard in your case when you are trying to anticipate what will be two years down the track. I think in theory I'd probably get some financial advice - like from a buyer's advocate type person - and then just try to make the right decision for now, because you have no hope of predicting the future really. Ugh. Anyway. Good luck.
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Date: 2015-01-07 08:22 am (UTC)I have been thinking about similar things (as you know) and I have reached the tentative conclusion that if you are going to be out of the housing market, this is probably a decent time to do it. I could be wrong but I feel like it will only bump along for a few years, you have already got the big gains so you shouldn't miss out on those. I mean, who knows, but I'd hope not.
Personally I'd get some financial advice before selling the house. I didn't get any before selling my Elwood apartment and in retrospect it was a mistake. They can be surprisingly helpful.
What about that stretch from Mordialloc to Cheltenham? Or around Moorabbin or McKinnon? that's inland but closer to the beach than glen waverley and seems to still have schools in the top 20 or so of state schools. But you've probably already considered those. You went to Kilvington right, so you must know that area without me telling you! I do really like mordialloc these days, but it isn't a heap closer in than where you are now.
the only other thing is I have some friends trying to buy around Glen Waverley at the moment and according to them that is the area where the market has gone nuts with overseas buyers who are willing to pay huge sums and that kind of thing. For some reason it's particularly around there. So I'd go to some actual auctions if I were you just to see what's happening in reality, because they are telling me that basic houses are selling for 100,000s over the reserve.
It's really tough, I keep struggling with it too because moving and selling and whatever is such an upheaval. In my case I keep swivelling between what I want and reality/$$$. It's especially hard in your case when you are trying to anticipate what will be two years down the track. I think in theory I'd probably get some financial advice - like from a buyer's advocate type person - and then just try to make the right decision for now, because you have no hope of predicting the future really. Ugh. Anyway. Good luck.