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-> Inquiries & Offers
-> Moving/ Relocating
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amother
OP
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 Wed, Jan 04 2023, 5:56 pm
Excuse my ignorance but what does a high house value help if you aren't planning to move. And then if you do love unless you move away to a place that has cheaper real estate what do you save?
Some thoughts that brought this on:
1) my in laws are ageing, their condo is worth 1.5 million dollars. Everyone tells them to sell but then where will they live? Rent an apartment with no stability that costs $3600 a month?
2) when I make renovations to my house everyone says - it raises your house value but for what? All I see is that increase taxes. We bought 5 years ago for $650k put about 50k in and now they claim it's worth a bit more than 1 million. How does this help me while I live here?
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mha3484
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Wed, Jan 04 2023, 5:59 pm
For your 1) its more common for aging parents who sell a condo to move into assisted living not a rental apartment. A lot of people in my area who have took advantage of the market to downsize their homes have either bought condos without stairs and no maintainence needs, smaller ranch houses or moved to a senior living situation.\
Also life can change on a dime if you ever need to sell your house the more you can get from the sale the better. I know people who built really nice houses for themselves and ended up needing to move when they did not plan on it originally.
Last edited by mha3484 on Wed, Jan 04 2023, 6:03 pm; edited 1 time in total
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mommyhood
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Wed, Jan 04 2023, 6:02 pm
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It doesn’t help many homeowners who plan on staying in their house long term and don’t plan on refinancing or taking additional loans. If you do plan on refinancing or getting a construction loan or the like, having more equity in your home can get you better rates because the banks risk is so much lower.
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