Likely to Move 1,000+ Miles Away. Rent Until Housing Market Cools Off?

We just had a similar situation this fall, selling a house we've owned for 12 years for more than twice what we paid for it. Feel very fortunate that we bought (2009) and sold it (2021) at the right times.

Both our kids are in college and basically will only come here for the holidays and maybe a few weeks in the summer, so we found a slightly smaller house, will have lower monthly payments, and were able to pay off both car loans when we financed the new place.

If you expect to be somewhere for more than a year or two, it's still worth it to eventually buy a house. Renting a house or large apartment probably costs more than you'd pay each month for a mortgage, with a large down payment and low interest rates. And you don't "get" anything out of paying rent financially.

 

Congrats, @exmediahack

 

I do plan to be in the next city for 10-15 years. Just trying to “live bet” the housing market.

 

We moved in July. I believe the count was 163 boxes, half of which were yarn/fabrics/crafts/craft supplies. Such is life living in a Hobby Lobby (although wife works for their competitor).

 

I love the honesty here. You are just looking to add a little juice to the situation.

I’m not sure that you will be able to distill all the advice here, some of it contradictory, so I’ll jump in.

I went through a move in my mid 40s and it was way harder than I anticipated. I was in a bit of a fog for the first year at least. Buying is rarely a bad decision, but the one thing you lose is flexibility. If you rent for 12-18 months you might have a clearer head when you decide to buy, as well as the obvious greater knowledge of your new location. Market timing aside, I think your purchase after such a cooling off period can only be helped by significantly more information.

Lots can change in that first year, and I think you will be better able to assess your wants and needs after a year plus with your boots on the ground. If you need me to set a line on you ignoring/following my advice to increase your engagement level, I can do that.

 

When we came here, I did the same thing. Rented a house for a year in a good school district as the kids were young. Then scraped together everything we could for a house and did a 15. I have a year left on the mortgage. ALMOST got it free and clear. Almost.

My concern is the inflation and housing markets. Although I admit it would be fun to give my daughter a senior year in a new city in a downtown high rise. She’ll be gone in 18 months anyway — unless she stays and goes to school in this new city.

At that point, it’ll just me be and I don’t need a huge place. Probably 1,000 sq feet with some acreage and I’d be happy.

 

Of the three possibilities, one is legal. The other two aren’t.

 

One state is a unicorn. Sports betting and NO state income tax.