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Buying my neighbours house. Bloody big life changing decision to be made.
GameOver:
Also to consider - I don't know how it is in Australia (I think that's where you're from?), but if you get a bigger house/more land, you'll also have to pay more in
propery taxes
homeowners insuarance (especially w/a pool!)
utilities (gas/electric) (pool pumps can suck some juice!)
So the 20% mortgage increase would just be the tip of the iceberg.
DrewKaree:
If it doesn't snow this evening, I'll PM you with how everything worked with us tonight and maybe you can glean something from that or spot something that further questions might help you with.... T - 6 hours and counting ;D
Bones:
Thanks for the feedback.
I now have the wheels turning. I have fully discussed the purchase with my neighbor and have an indication of what a reasonable price is in his mind. I also jumped online and checked out similar homes as mine in the local area to get an indication of what I expect when selling.
Prices here are stable at the moment after going upward in a crazy fashion for a couple of years. Home loan interest rates are also about to rise. More to consider and I am so far from an economic guru that it
RayB:
It's a tough thing being friends with someone you want to buy from. Thing is, your neighbor likely wants to get top dollar for his home (don't we all?) and you likely want to get the lowest price possible. I really don't think that will happen. (It also puts your neighbor in an ackward position).
Bones:
We had some beers together <hic> and I looked him in the eye and seriously asked;
If you don't want me to buy or bid, tell me.
He gave me the all clear.
There are also advantages other than financial here. If his new house takes longer than expected to build, it