u/scm66

I make $230k a year and live in a North shore Chicago suburb. I bought a condo in 2017 at a very good price (my total housing cost including mortgage, taxes, insurance, and HOA fee is $1,070 a month) but I feel like I've outgrown the space. Right now, it's worth about $220k max. I've considered remodeling to get some additional amenities I want, but it's going to cost $100k to remodel and will not materially increase the value of the place.

I was also considering buying a bigger place with amenities I want, but my housing cost would triple. 2 bedroom condos or houses in the area would cost $350-$475k. I can't justify a $3k/month housing cost when I currently pay $1,070. If I stay where I am and do nothing, I can contribute about $100k a year to retirement accounts. I'm 41 and plan on retiring at 67. If I buy a bigger place, that cuts back on my contributions.

Any advice?

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u/scm66 — 24 days ago