Hi, were thinking of buying a bigger home.

**luvtobehome** · 11-16-2004, 10:09 AM

I found this board a while back and have just begun to visit
again, computer now working..lol
Anyway,
Our family is looking into buying a larger home this coming
late spring.
I'm scared to death! I am 39, sahm of 3 girls. We just refinanced
our house and now we find out a home we love will be for
sale.
Am I to old to buy a home again and have a larger mortgage?
It would be a dream for us all. Yet, it's hard for me to feel
deserving of a better functioning home because it will cost us
more $ each month.
The pro's we have some good areas to cut out or back that could make up the difference of our mortgage payment.
I'm also scared of the interest rates........how high could they possibly go in six months?
Hope I didn't post in the wrong board, if so I'm sorry!
Any thoughts or experiences with such a big decision would be most grateful. Oh and I would be happy to share more info., just ask away.
Thank again for your time and thoughts!

**guest2** · 11-16-2004, 10:33 AM

I think it depends on your financial situation and what the job market looks like in your area. IF your hubby has a stable job in a company that is growing and you have an emergency fund and are able to swing the mortgage without straining your budget and could pay it if anything should happen to your hubby's job or him then I would say yes. If not I would seriously reconsider. Does the house you have now fit your needs?

**Julia Kimber** · 11-16-2004, 10:40 AM

No advice to give but good luck whatever you decide to do!
Julia

**luvtobehome** · 11-16-2004, 01:33 PM

Thank you for your thoughts and well wishes.
I've been tossing and turning over this decision. I just spoke
dh and mentioned your questions above. Dh admits he hasn't thought of all the what ifs.
We recently refinanced and for the first time in a long time dh and I have so much pressure lifted from us. A much lower mortgage payment, more time with the family etc.
Unfortunately having a bit of freedom feels good and boy am I scared to go backwards....over our heads.
I think I want someone to say what are you nuts.

Thanks for listening! I think I need to find more important goals
for our family. Maybe a small addition would make a word of difference? Who knows.
It feels good to just chat about all my concerns.

Also a homeschooling family too:-)

**Darlene** · 11-16-2004, 03:05 PM

A new house & one of your dreams at that is a nice thought & you are smart to wonder if it's the best choice.Don't want to become "house poor".
I found this bit of advise on a website and it may be helpful.

http://www.bankrate.com/brm/news/mtg/20020228a.asp
"rule of thumb is that the house payment -- principal, interest, taxes and hazard and mortgage insurance -- should add up to 28 percent to 30 percent of take-home pay."

When we bought our house we bought it with one income in mind and using just what we had & not anticipating raises & bonuses. That paycheck also went for everything else & has for 20+years.
How much more $$ difference are you talking about? Maybe you could get by cutting corners but those "what if's" are there too. Not saying it can't be done but it may be a bit out of reach...time to really crunch some #'s and see what's what. How are houses selling in your area? Think you could make some extra selling yours?
Good luck and keep us posted ok?

So glad to hear from you.

**PrairieRose** · 11-16-2004, 05:00 PM

I don't think anyone can answer that question for you but I will say this. We live in a fairly modest home, well below our means. We paid on our mortgage for about 20 years and it sure felt good to pay off that 30 year mortgage a year ago, early. No mortgage is a wonderful color for a house to be. I hope you find the answers you're looking for but I would be inclined to say that you'll have to look more inward for the true answers. (hope this helps, don't mean to sound preachy.....)

**Early Bird** · 11-17-2004, 04:28 AM

Originally posted by luvtobehome

I think I want someone to say what are you nuts.

What are you!!!??? NUTS!?!

What!?! Are you NUTS!?!

Moving is so #$@ much work that it would take a really BIG reason to go through it.

I agree that a comfortable mortgage adds to peace of mind.

What would you gain from this move? One extra room? TWo? How tight is your living space now? Could you add on instead of moving?