Hi everyone - My wife and I purchased our first home two years ago. When we bought it we looked at it as a 5 year house with the intention of moving to a bigger/nicer house. We bought a house that was well within our budget and have also had significant increases in salary over the past two years. This has left us with extra money every month to either pay down the mortgage or save.
I am looking for advice on what to do for the next house and how others have managed the sale and purchase of one house to the next.
I was originally thinking that we would save 20% (approx. $100K) for the next house since our equity would be tied up in the sale of our first house. With our mortgage just below 5% I feel like I am throwing money away keeping everything in cash and not paying down the mortgage.
What have others done in this situation?
Thanks
I am looking for advice on what to do for the next house and how others have managed the sale and purchase of one house to the next.
I was originally thinking that we would save 20% (approx. $100K) for the next house since our equity would be tied up in the sale of our first house. With our mortgage just below 5% I feel like I am throwing money away keeping everything in cash and not paying down the mortgage.
What have others done in this situation?
Thanks
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