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I was one of the "lucky" ones that bought a (now) $1M townhouse in Richmond in 2011. I seriously thought about upgrading to a house this year, but there's a number of factors to consider.
Yes, there are houses for $1.2M, but they tend to be the same size as my townhouse or they need a TON of work. Anything livable would be around $1.5M. While that doesn't sound like a huge jump, that would still be a $1M mortgage for me and more than double my current mortgage.
I have seriously considered buying a place with a mortgage helper, but there are not that many options in Richmond at that price range. I also am somewhat picky about what neighborhood I live in.
At the end of the day, we've pretty much decided we're going to stay put for now. It would be nice to have extra space for my kids, but they've never known anything different from my townhouse so they won't complain. My wife and I have decided we're pretty content with what we have. Also, having a smaller mortgage payment is considerably less financial stress and gives me flexibility to take vacations and buy nicer cars. This is Revscene, right?
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