Moving After 1 year?

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BUBear29
Posts: 138
Joined: Wed Aug 19, 2015 4:20 pm
Location: Dallas, TX

Moving After 1 year?

Post by BUBear29 » Mon Jan 01, 2018 11:36 pm

Looking for some advice.

Wife and I live in Dallas proper in an older neighborhood that is “turning”. Our home is a 1961 that is completely updated save for interior doorjambs and doors. We bought and paid cash including the improvements. Now we’ve had a new baby and are considering moving out to Southlake (nice suburb) where my wife works and our child will be attending daycare/school (20 miles each way as is today). We had always planned to move out to this area but having the baby has accelerated my desire to move to a “safer, family friendly” area. Am I crazy? Should I wait for a few years and try to ignore this for now?
There is no dignity quite so impressive, and no one independence quite so important, as living within your means.

quantAndHold
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Re: Moving After 1 year?

Post by quantAndHold » Tue Jan 02, 2018 12:14 am

“Turning.” Into what? Most cities are gentrifying, and “turning” into upscale places with a diverse population. Is this not happening in Dallas too?

I guess I don’t understand the question fully. Is this a financial question?

BUBear29
Posts: 138
Joined: Wed Aug 19, 2015 4:20 pm
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Re: Moving After 1 year?

Post by BUBear29 » Tue Jan 02, 2018 12:21 am

quantAndHold wrote:
Tue Jan 02, 2018 12:14 am
“Turning.” Into what? Most cities are gentrifying, and “turning” into upscale places with a diverse population. Is this not happening in Dallas too?

I guess I don’t understand the question fully. Is this a financial question?
Turning as in going from old to renovated/new. We were on the early end, so I could see possible large appreciation from that.

Financial question in that, would it be financial idiocy to sell my home after 1 year without allowing the market to continue to drive up the house price? I fear I may lose money due to the realtor fees when selling due to the amount of $$ we paid for reno.
There is no dignity quite so impressive, and no one independence quite so important, as living within your means.

123
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Re: Moving After 1 year?

Post by 123 » Tue Jan 02, 2018 12:33 am

If you wait for your house to appreciate some more it is quite possible that the potential replacement home will appreciate as well. You may have no net gain by waiting. Sometimes it's best to just move on with your life, a baby can change a lot of your plans and priorities.
The closest helping hand is at the end of your own arm.

mega317
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Re: Moving After 1 year?

Post by mega317 » Tue Jan 02, 2018 2:42 am

How long does it take to drive that 20 miles? I ask because I would probably endure a commute for a while. Depending on your age and financials you might want the next move to be your last for a while. Wait until you're done having kids and have a better idea of exactly what you need/want.

The markets could just as easily drive the price down. Don't plan your life around market timing your house.

If your current neighborhood truly isn't safe then different story.

chevca
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Re: Moving After 1 year?

Post by chevca » Tue Jan 02, 2018 7:31 am

Nope, I don't think you'd be crazy to move.

What do you and your family want more? It's not always about optimal finances, IMO. If you and your family would feel safer and be happier in the suburb, there's a lot to be said for that. Go for it.

You made the renovated house nice for someone else. That's something to feel good about. I did similar on an old house before, sold soon after, and still feel good about it.

What if the market there doesn't go up over the next few years, and you've been living there unhappy?

letsgobobby
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Re: Moving After 1 year?

Post by letsgobobby » Tue Jan 02, 2018 10:15 am

You’re not crazy to move now; you were crazy to buy 1 year ago. But that’s water under the bridge. If you plan to move in 2 or 4 years, you might as well move today. Just don’t come back with a similar thread 12 months from now.

barnaclebob
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Re: Moving After 1 year?

Post by barnaclebob » Tue Jan 02, 2018 10:38 am

Sometimes life changes dictate a move that creates a financial loss. Yes you'll probably lose money on the deal since moving costs about 7-10% of the price of the home you are selling. But you can't guarantee that you'll be better off financially by waiting because nobody knows what the market will do.

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Sandtrap
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Re: Moving After 1 year?

Post by Sandtrap » Tue Jan 02, 2018 10:44 am

Considering the factors you point out.
Move.
It will be worth it in the long run.
Besides. . there's nothing worse than later on thinking, "I coulda', shoulda', woulda'".
There's a lot of years ahead to make up for any short term financial loss.
Good luck in your choice.
j :D

corgimom11
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Re: Moving After 1 year?

Post by corgimom11 » Tue Jan 02, 2018 10:46 am

BUBear29 wrote:
Mon Jan 01, 2018 11:36 pm
Looking for some advice.

Wife and I live in Dallas proper in an older neighborhood that is “turning”. Our home is a 1961 that is completely updated save for interior doorjambs and doors. We bought and paid cash including the improvements. Now we’ve had a new baby and are considering moving out to Southlake (nice suburb) where my wife works and our child will be attending daycare/school (20 miles each way as is today). We had always planned to move out to this area but having the baby has accelerated my desire to move to a “safer, family friendly” area. Am I crazy? Should I wait for a few years and try to ignore this for now?
Provided you have your financial house in order, there is a lot of value in moving to a school district that you could raise your kid(s) and also shorten your commute.

being in DFW suburbs myself (west Plano), I know Southlake can get pricy very quickly - so emphasis on the financial house.

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