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did you move to new house and was it a good idea

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  • did you move to new house and was it a good idea

    I am figuring out the financial implications of buying family home/not buying family home. The best and least disruptive decision for the kids is to stay. The best financial decision is to move to a different cheaper area which I wont do because I will not move them from their school. My realistic options are to stay or buy a cheaper house with a smaller mortgage in same catchment area. If I stay, I can pay all my bills, just. Looking at what is available, I could potentially spend 400-500 less/month in mortgage/tax if I move. Is that worth it? I would also loose money moving on the real estate commision and moving expenses, so I am really torn. I might also just end up spending that on expenses, whereas at least a mortgage is like a forced savings plan, although losing a good chunk to interest too.

    Mainly I just dont want to move, but I realize that may be my emotional reaction. Would you move based on that savings amount?


    Did you move? Other than financial any benefits to moving.not moving?

  • #2
    I never really understood people who are unwilling to put their children in different schools, particularly when they are young.

    Reality of divorce is there isn't as much money.... two households now have to operate. Trying to keep up your former lifestyle is kinda silly (unless you are independantly wealthy). Reality is you can't afford the lifestyle without your former partner's contribution.

    If you are buying now you are buying when the market is very high. Now is a pretty good time to sell though.

    Get back to basics and ask yourself what you and your kids really need.... As children grow older they participate in more activities that aren't in the home. So the big back yard becomes less important.

    If I were to do it again, and if I had younger children, I'd probably look to living somewhere respectable and safe and close to a good school so my kids wouldn't have to spend eons of time on the bus.... and instead spend the money on nicer summer vacations and/or a summer cottage ... children's educational funds.

    A home is just a home. Being house-poor is no fun.

    I sold 3 homes on my own without using a realtor. I also bought 2 homes without using a realtor. Yes saving 400 - 500 is notable.

    Why not spend some time with a financial planner and get some objective, professional advice? Do you have a years' salary tucked away for emergency?

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    • #3
      moving schools would be a huge huge deal for my older kids, they are middle school aged and have already had to move schools in the past. If I had little kids that were only in K or even grade 1 then, yes, but they are firmly entrenched into their school and friends for years not. High school will be here soon enough and have that transition so not going to move them right before high school. Getting a divorce is traumatic enough, there is no way I am going to make them leave all their friends and the school they know. I need them within walking distance of their school. Even if moved out of catchment for their elementary school but within the high school catchment, the prices are similar enough it wont make a huge difference, and then I would have to get them to and from school because there is no busing out of catchment and I need to be at work.

      I dont live in toronto or anywhere near, in fact prices have dropped considerably where I live. the house would sell at a loss. In any case, high or low prices doent really matter unless you are entering or leaving the market.

      Seeing a financial planner is good advice. I should do that.

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