How the RIGHT $500k home can be less per month than the WRONG $300K home
This is in fact a true story. Its my own story.
A few years ago we owned a home that was valued at approx $300k and cost us about $1500 a month in mortgage costs.
With a growing family, we knew we needed more space.
Do we build up, move?? Regardless of how many hundreds of moves I have helped people with, the idea of spending too much money on a house never made sense.
Until...we figured it out.
What if we could find a bigger home with a rental unit?
Could we even end up paying LESS than we did in the smaller home?
We went from a 2 bed bungalow to a 3 bed, 2 storey home with a garage, legal basement apt and an office.
Well, its been about 4 years since we moved and the answer is YES. Thanks to both an amazing rental unit and our one and only tenant since month 3 at this house...its been amazing.
We are even saving about $200 a month vs what we paid.
I am happy to say I've helped others repeat this great experience many times since then.
In fact, thanks to great interest rates...there are people doing much better than we did on this move up, pay less technique.
Posted by Paul Indrigo
on July 18, 2010