Where Would I Go?

Blog Post Image
Real Estate

Where would you go? 

 

My answer to that is anywhere you want to. There's a phrase I hear people say that goes, "it's not that deep." In other words it's not as hard as you think. All you need is a good realtor, some good equity on your home, some savings, at least a 580 credit score and you are ready to rock n roll. 

 

Here is one example below. I make my bold claim that it's not that deep.  

 

It's all in math. Say you purchased a home for $200,000. You've lived in it for 20 years, have $100,000 of equity in the home and now your home is now worth $570,000. If you were to get the home sold at $580,000 you'd make at least $455,000 from the sale of the home after everything is paid such as 6% in realtors commission.

 

What if with that money you choose to buy a condo for $200,000 cash and have $255,000 left over for an investment property? It's not that deep. It all depends on the math. 

 

Once again to answer your question, where would I go if I sold my house? My answer, anywhere you like, let's just do some math.