We're stuck.
Lori and I are very lucky. We bought in 2018 before the boom, when she was pregnant with kids numbers two and three (yes, twins). We needed a big house for our three kids and an ADU because I insisted we have a rental on the property. So, we bought a house with 5 bedrooms, now 6 bathrooms after our latest bathroom addition, and a garage that we converted into a 1-bedroom ADU.
And I'm glad, because now we're stuck…
To trade up, we'd have to put seven figures down and be looking at a $30k/mo+ mortgage payment. No thanks.
When we bought our house, we paid $100k more than our max purchase price, then spent 9 months and a fortune renovating. Maxed out credit cards and money owed to family….and with a lot of couples therapy and wine, we got through it. And I'm so glad we did. Because if we're going to be stuck, I'm so glad we're stuck here in our giant house.
The Case for Buying the Best House You Can.
The truth is, most people stay in their homes for much longer than they think they will. Sometimes not by choice. We'd probably move if rates were 3%. But they're not, and they won't be any time soon.
So, buy a house that works for the now you and the future you.
And remember, nothing appreciates like an A+ house in an A+ location.
