I have pretty much made my decision, just looking for some reassurance
I currently live in a 4 year old home and it is paid off and clear, no mortgage, market value of $750K~
Only issue is that it is about 25-30 minutes from the city; where my kids will go to school, where my friends and family live, where there are grocery stores etc... basically where all the action is
Currently my bills/expenses are around $3500/month and the only costs that I for-see coming are kids private school (currently 2yrs old and a few months old)... few years until then but $600/month per kid x 10 months a year
until that point; I am living pretty comfortably, my wife and I make around $8500-9K/month after taxes and that is set to increase in the coming years incrementally but nonetheless increase
with that being said; there is a builder in the city building homes for around $1-1.1M; and they are our "forever" home - honestly, if I could just "sell, and move in tomorrow" this decision would be made and I would do it instantly; as the monthly costs estimate to be about $2-2.2K more per month; and honestly, If I could just get to that point I would pay the $2k for the convenience of being there. We drive A LOT; might not seem like a lot but in 9-10 month we put 30K km on one vehicle and 8K on another.
versus practically not having to drive/minimal driving if we moved
the only headache is heading to sell our home... pay realtor fees, LTT, lawyer fees etc. When it's all said and done I estimate I'd have a $375-400k mortgage, but on a home that I want my kids to grow up in, and us to live in "forever". Grade school, high school & potential university are all within 10KM away; grand parents a few mins away (both sides); cousins and friends and family all within walking distance
our current home is very sufficient for our current needs; and we are managing the driving, but losing a few hours a day commuting and things become complicated planning our trips into the city to shop, activities for kids, future sports (school even)
We are listing our home, and the decision is made, if we get the price we want, we will temporarily rent for a year while the home gets built (or potentially live with family)
either or... that's the option we want. Interest paid on 5 yr fixed $400k mortg is $75k... Am I thinking too much? Or should I be confident in my decision... what questions should I be asking
the house will be going live... but I have not formally purchased anything yet, just some discussions with realtor/sales reps