First time potential seller. I bought a condo 5 years ago and the value has gone up nearly 100% from 200k to 395k (A bunch of other same units are selling for this amount very quickly). I still have around 130k left on my mortgage. Is it wrong for me to think that if I sell my place for, say, 400k, and purchase a different home for around 230k, which will allow me to live mortgage free (Or nearly)?
I'm thinking, 40k goes towards selling fees, repairs, and other various gotchas. 130k to pay off the mortgage. Which will give me 230k to work with.
Mainly asking because it seems a bit too good to be true if that's the case. And was wondering if other people have hit into issues if they've done something like this. I still understand that I need to pay HOA and Property Taxes, but an extra ~$1000 a month from not paying mortgage does seem good.
It currently takes me only 10 to 15 minutes to get to work. And I'm seeing places that goes for around 230k that will only add on another 10-15 minutes or so.
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