Quote:
Originally Posted by JMcLellan
The buildings are zoned as commercial, non-residential, so you cannot live there. Sounds like the norm is that some folks will stay there a night or two on the weekends and no one cares. But yes having them zoned as commercial vs residential lessens the appreciation upside. However, they are located in a county that is anticipating 30 to 40% population growth by 2040. There is already a severe shortage of single family housing and there are new apartment buildings all over the place. My logic is that in the coming years people will be craving additional space for storage so something like these would go up in value. However, not as much upside as single family homes like my current one.
Buying a different home with more space isn't feasible with the current state of housing inventory and interest rates. We got into our place in 2015 for $350k, and we were able to capitalize on a low rate refi so we are sitting at 2.99%. If I were to buy a similar house to mine in our school district I would be paying a minimum of $650k with a much higher interest rate. To get the dream home with all the space we are talking $850K plus. No thanks.
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How will you be paying for the $220k condo? Or the expansion for that matter. Not asking for the "humble brag" effect, but I have to imagine the expansion is more cash-friendly than a condo. With interest rates high for a HELOC or outright mortgage, high percent feels less of a burn on a lower principal. If cash is an option for the expansion, but not for the condo, there are additional, significant savings there as well.