Selling 5 years after purchase.
Hi friends,
Hopefully this is an appropriate place to post this.
Long story shortish. My fiance and I have 415k remaining on a 30 year loan. Home valued at 520k when I purchased it 5 years ago. The problem is, we're bored. And quickly learned the suburb life is not for us. We live in a city about 45 min from a major city. With very high cost of living but with a combined income of $225k. Now, an opportunity to become neighbors with our closest friends became available. Or will be within a year. In the city, fun location, etc. Is it madness to consider selling? My mortgage rate now is 4%. More than likely that would be going up to ~6%. New property also valued at 520k. With what returns we get from selling plus some savings we would get pretty close to the same monthly payment/loan altered slightly for changes in taxes etc.
I imagine I will end up eating $50k or so due the cost of selling. I don't think the value of my home has changed significantly in just 5 years. Are there other things we should consider?