I could really use some sound advice to help me decide on my next steps. Quick background: I own a home that I bought with my now ex husband. I bought him out and can comfortably pay the mortgage each month. Unfortunately, when I bought him out, the market value was relatively high, so I have (had) very little equity compared with the the number of years in the house.
Fast forward to the present market. My house is now valued about 100k over what I owe. I am seriously considering selling my house and moving in with my fiancé who currently rents. Our plan is to find something that we both call home.
Originally I thought I could live with him and wait until the housing market “turns”. After spending countless hours reading everything I can get my hands on about the market, I now realize that may never happen. Now I’m just so CONFUSED! Can someone please help me see the positives and pitfalls of my thinking.
I owe $192,000 on my home. Currently valued at $310,000 according to my realtor. Mortgage-$1,325 Int. rate-3.7% 30 yr.
I would save a substantial amount of money living with him that I could put away, in addition to the money I would walk with. However, I would be losing out on the tax breaks I get from owning a home. There’s probably other important things I haven’t considered…
Thank you for any input you can provide.