Things are booming here in the Indianapolis area. We've had a couple of realtors by this week to check the place out and tell us what they think we can get for it. If they're right, and the guy that came yesterday seemed to really know his stuff, we can pocket $300K after paying off the bank and all fees. Of course then we have to find a place to live ourselves but we're in a 5500sq ft place and it's just my wife and I and the dog now. The goal would be to buy something much smaller with the cash and have no mortgage. Either that or ditch the USA and head to Bulgaria where we could buy an absolute palace for far less than $300k US. Really need to think about this one but my wife's got the bug so......
Seriously considering selling the house
- Thread starter Lonn
- Start date
Cyberi4n
Senior Stratmaster
Spent some time in Bulgaria 10 years ago. Loved it there. Found that the people weren't so friendly toward the Brits mind, but still, really enjoyed my time there. Velico Turnovo and a small village just outside, where the military train loading tanks onto trains etc.
Dadocaster
Dr. Stratster
My little house is paid for and I took early retirement. I am already trying to shed some possessions with an eye toward selling out and moving. Odd thing to be considering.
That's how we got our new place last year. I had a line on the house because I knew the people that lived here. When I came up for sale we talked with a realtor and when he told us what we could sell for we jumped on it. Booming wasn't the word for what the market was doing here. It house was on the market for a "long time" a year ago here...7 days before it sold. It sold for a good chunk more than double what we paid for it 7 years earlier and it was paid off.
We got the new house before the fed raised the intrest rates too and made sure our rate was fixed. Plus, the bank our mortgage is with was trying to break into the market in our county more so we got a 1/2% discount along with several grand off on the final costs.
I have a mortgage again but it is worth every penny and our house is about 6000 sq/ft.
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stratocarlster
Most Honored Senior Member
I had to convert sq ft to sq m to make sense and ... Holy crap your house is 510sq.m! Our joint is half that and we're planning on downsizing soon. Though it's not so much the house, mainly our 750 sq.m (8000 sq ft) block that I would like to downsize from... Too much maintenance with a garden that size.
Hmmm...I suppose that will impact shipping prices?
I'd probably do the same thing were I in your shoes. Sounds like a great adventure. Prayers.
Jeepocaster
Senior Stratmaster
We did the downsize thing two years ago. It’s a huge burden off of you, as far as maintenance, etc. we went from 3000sqft down to a 1000sq ft cottage style place. The yard was a blank canvass. We are making it a gardeners’ showcase. I redid the hvac, electrical, and plumbing before we moved in. Refinished the hard wood floors and added a second bathroom right away. Last year it was new appliances new windows and a new roof. No debt. Sweet! We are set for our golden years. My wife loves her job. She’s a few years younger and want to work a couple more years. I’m done!
FrieAsABird
Senior Stratmaster
I know you’ve been to Bulgaria before, but staying for a vacation and living there permanently are two vastly different things. Downsizing within the US sounds very sensible to me, but where are ya gonna go? Cheaper properties usually equal more rural area, no? So that would mean driving more, being less connected… and maybe less guitar gear!
SurfsUp
Senior Stratmaster
Let the head cool off a touch.
It's easy to get caught in the hype. Nothing against any realtors out there, but they are in it for the money themselves. There's a reason they are knocking on your door, and it isn't because they care that it's just you, your wife and dog in your chalet there.
A little while ago the market here was BOOMING. Insane prices for homes in my neighbourhood. In most cases in excess of a million dollars. People were selling, thinking they struck gold, some may have but it wasn't uncommon for some to sell for a cool mill, only to buy for just over and now that the market has stabilized, they've actually done nothing but move. And by that, I mean pack up, move their crap, unpack, pay fees. Lawyers, Agents, deal with the banks.
PITA in my opinion. Luckily we bought at the right time (2011) and I've done so much to this place to make it ours, I'll be moving out one day, sure ~ in a box myself. The kids can pick through the rest.
It's easy to get caught in the hype. Nothing against any realtors out there, but they are in it for the money themselves. There's a reason they are knocking on your door, and it isn't because they care that it's just you, your wife and dog in your chalet there.
A little while ago the market here was BOOMING. Insane prices for homes in my neighbourhood. In most cases in excess of a million dollars. People were selling, thinking they struck gold, some may have but it wasn't uncommon for some to sell for a cool mill, only to buy for just over and now that the market has stabilized, they've actually done nothing but move. And by that, I mean pack up, move their crap, unpack, pay fees. Lawyers, Agents, deal with the banks.
PITA in my opinion. Luckily we bought at the right time (2011) and I've done so much to this place to make it ours, I'll be moving out one day, sure ~ in a box myself. The kids can pick through the rest.
Dick Blackmore
Senior Stratmaster
My wife and I often theorize about such things. We bought our San Diego home at the peak of the crash, so we got good value for So Cal. Now its worth a crazy amount and we have steadfastly applied extra money to the house payments so we have a lot of equity. My son is about to enter college so now is not the time but we do dream of moving to Pinheiros a beautiful neighborhood in São Paulo, Brasil where we have family.
We are also thinking of downsizing. Our house is 3600 sq feet (1097 sq meters). It is too large for two people, imo. The problem is a new small home (~2000Sq ft) in our area will cost ~$400,000+. We should get around $850,000+ for our home. Our home is located less than a block away from a preserve. We have access to beautiful trails to hike, bike or run (less than a 1/3 of a mile away). The house sits on a 4 acre plot of land. We love our home and the area, but it would be nice to get rid of the mortgage and more importantly the high insurance cost. It is a dillema because we love everything except for the size and high insurance costs. First world problem...
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omahaaudio
Senior Stratmaster
We sold up and moved to France. We could have bought but we found a jewel of a rental apartment in a wonderful city and the law here is really on the side of the renter (as in, the rent can only be increased by 1.25 % per year and it'd take an atomic bomb to get us out) so we're content to rent for the rest of our lives. I have a friend that owns a somewhat rural house in Bulgaria and when he retires that's where he's going. He says that Bulgaria is lovely and affordable, the people are great, and the government is incredibly corrupt, as in run-by-the-mafia. He loves Sofia too.
omahaaudio
Senior Stratmaster
We have a 90 sq.meter (960 sq. foot), two bedroom/one bath apartment that's plenty big enough for the two of us, and has room for guests to stay. One weird thing in Europe is that a lot of times people take their kitchen with them when they move, as in not just the appliances but the entire kitchen. So, know we'll be staying for the long haul, we cut a deal with our landlady and split the cost of a kitchen re-build (IKEA). Our place is on the 14th floor and it has a view that is to die for, and would be worth $1million or more in some place like London, Paris, or NYC. We even have an underground garage parking space included.
omahaaudio
Senior Stratmaster
If the OP comes in with $300K he can get himself a nice place in Sofia. It's not going to be a split-level ranch but it should be fine. I'd advise renting for a few months to get the lay of the land before jumping into the buying pool.
omahaaudio
Senior Stratmaster
What are the zoning laws like where you are? You could sell the house with one acre included and build something newer and smaller on the rest. Then you still have the advantage of being in a place that you know and love.
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Sell now or wait ten years to get back to this sales level.
Buy a small 'cabin in the woods' for cash so you have a place and then travel to other countries and rent something. Later if you find that magical place you will know the locals and be on firmer understanding what is where.
Find the realtor with the fastest way to have your listing live. Otherwise you list, they frog around getting photos and e-listing produced, MLS takes a bit to publish, so your house is only for sale by June where home buyers are off vacationing and spending down payment cash. There is a little window in August for some buyers trying to get into school districts and want in by school start. The market will get really bad this summer. Housing sells in seasons, Jan-Apr is the peak. FOMO buyers do not believe the economic news yet, and many don't get how interest rates impact their house budget.
Neat and clean sells.
Do it soon if you are thinking you might in the next five years for sure.
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Sell now or wait ten years to get back to this sales level.
Buy a small 'cabin in the woods' for cash so you have a place and then travel to other countries and rent something. Later if you find that magical place you will know the locals and be on firmer understanding what is where.
Find the realtor with the fastest way to have your listing live. Otherwise you list, they frog around getting photos and e-listing produced, MLS takes a bit to publish, so your house is only for sale by June where home buyers are off vacationing and spending down payment cash. There is a little window in August for some buyers trying to get into school districts and want in by school start. The market will get really bad this summer. Housing sells in seasons, Jan-Apr is the peak. FOMO buyers do not believe the economic news yet, and many don't get how interest rates impact their house budget.
Neat and clean sells.
Do it soon if you are thinking you might in the next five years for sure.
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