Ok, now I need opinions on buying a house

hiitdogs

hiitdogs

Cathlete
I am going back and forth on this one and I sure could use some advice or opinions.

We have started looking for a new house a few weeks ago. We found a couple that we thought might work.

One is single-level that has everything we want, it is totally upgraded, new bathrooms, new kitchen, new carpet and wood floors, pool, built-in BBQ, large yard, only need to paint the two kids' bedrooms and put furniture in. It's over 1,200 s.ft more than our current house, BUT of course it is on the VERY high-end of our budget.

The other one is a two-story in HORRIBLE condition. It has a pool that has turned green, landscaping is gone. It needs a new kitchen, new bathrooms, new flooring, new EVERYTHING, you get the picture. The mortgage on that one would only be $ 50k more than than our current mortgage, but the house is about 700 s.ft more and it has a pool / spa (if it works).

Soooo, both my DH and I love the first house, but it is about $ 150k more than the second one. My DH does like the second one (mostly because of the price) and already comes up with all of those high-flying ideas about fixing it up. The only positive for me on the second one (other than price) is, that it is within 3-minutes walking distance to the kids' school.

The negative for me, is, it's a 2-story!!! I have two rambactious boys, I am already freaking out at the prospect that they could be do something stupid and fall over the banister/loft. I will be living in "Construction Central" for the next 12 months, if we fix it up - and it needs a lot of fixing :). I work from home and I have a hard time functioning, if my house is a mess (been through that with our current house).
The other thing is, and I know this sounds kind of silly, come to find out, the guy who owned it before, died of a stroke at 45 years of age in the house.

My argument is, yes, it is $ 150k less, BUT we will have to put in about $ 60 to 70k, assuming me and my DH are doing most of the work ourselves. So that brings the difference to $ 80k, compared to the other house and I don't have to live in a construction area for the next year.

Any words of wisdom, hit me over the head, call me silly, side with my DH ???? :) :) :) x(
 
Well, this is just me, but I would pay a premium to avoid having to fix up an old house. Ugh. Nothing sounds like a bigger nightmare to me than home renovations. I realize some people love fixing up old homes, but I ain't one of those people! ;) And an old and busted swimming pool sounds not only ugly, but also like a huge liability. Swimming pools can make a house really hard to sell, so if you ever had to move, just know it could be tough to sell that house.

Here's what I would do in your situation... honestly, I would keep looking. I'm not sure either of those homes is right for you. The expensive one sounds really nice and big, but do you really want that huge mortgage payment? I think I would keep looking to see if I could find something like that nice, big house, maybe a little smaller that would cost less.

Ehhh, that's just my opinion. Dunno if it's worth much. ;)
 
I agree with Emily, keep looking. It doesn't sound like you're ready for either one, even though the first one sounds great. When I found my house, DH and I both knew it was right, features that we wanted, price was right (not everything we wanted, but close enough.) The market is flooded with homes right now and I'm sure there will be more to choose from that is more in your price range and not so much of a nightmare to move into.

Marcy
 
My next house will definitely NOT be a 'fixer-upper' (my current one is!).

Unless you really want to redo the house and have the time, knowledge and ambition to do a lot yourself, the 'fixer upper' house will probably end up costing you more than the other.

Though I personally like two-story houses. I grew up in one, and the idea of 'going UP to bed' is just something that appeals to me: a separation between 'daytime' space and 'nigthtime' space. Also, there are more opportunities for 'at-home fitness' by going up and down stairs (but stairs are a negative for those with knee problems).

Keep looking!
 
I know you guys are right with the "keep looking" comment! That was my comment to my DH, he just keeps bringing that second house up and I feel a little pressured.

The problem is, both of us want to move rather today than tomorrow, the issues with our next-door neighbors just keep getting worse. I think he is bothered by it more than I am. I am annoyed by my neighbors, but I will just bark back if it gets over a certain point and then just ignore them.

He likes to do home improvements (he is really GREAT at it, he should do it for a living) and I don't mind it either, but that house is so stinkin' beat up (cosmetic stuff mostly but still) that I don't even know where to start first. It's a fairly new house, actually, only 12 years old, BUT ..... Noone would catch me dead taking a shower in those bathrooms, YUCK!!

The thing is, the first house is on the high-end of my comfort-level without selling our house first, the lender approved us for more, but that doesn't mean a thing to me. I am kind of funny about that, I prefer to have some food with my meals :). I am an independent contractor, so I don't have a "steady" salary. Over the year, I make more money than my DH BUT if I get sick, or something else happens, the crap will hit the fan.

Huh, I just need to win the lottery :+

Thanks guys!

Carola
 
>Well, winning the lottery was going to be my next suggestion.
> ;)

Well, Emily, can you get me the winning ticket??? I'll share with you:+

Carola
 
We fixed up our two story house. It was not easy but somehow we did it. I grew up in a two story (6 kids) and live in one now and nobody fell over the banister. Huge mortgages can be a killer. Wow, you have some decisions and I wish you the best.

Cheryl
 
If the house doesn't feel right for you, then I'd keep looking. If you are planning on living there for more than a couple years, I'd make sure it's a place you like a lot. If you see the potential of the house that needs a lot of work and you like the location, then it might be worth it. Otherwise, I'd be checking out those multiple listings one more time.

As far as the more expensive house goes, if you think the mortgage is beyonds your means, don't do it. Remember, the additional $150,000 over 15 or 30 years is a whole lot more than $150,000.

Good Luck,
Shelbygirl
 
>We fixed up our two story house. It was not easy but somehow
>we did it. I grew up in a two story (6 kids) and live in one
>now and nobody fell over the banister. Huge mortgages can be
>a killer. Wow, you have some decisions and I wish you the
>best.
>
>Cheryl

Ok, I worded this wrong, it's not that I am in general against 2-stories, there have been some 2-stories that I don't have a problem with and I actually like, just on this particular one, it has this LOOOOOOONG walkway (can't think of a better word) that goes on top of the living room, connecting the bedrooms, which is open to both sides with only a "barrier" that goes up to my hip. I don't know how to better describe it, it just freaks me out.

Maybe it is just me getting wobbly knees looking down there, but then again I am afraid of heights.

Yup, no easy decision.

Carola
 
It really depends upon you. My stepson bought a house that looked so awful to me, I got dizzy just walking into it. But he is incredibly handy, and he turned the house into something beautiful, and actually enjoyed all of the work. Both sets of parents chipped in to pay for electricians, appliances, etc. Keep in mind: they are young, newly married and they don't have kids yet. I don't know if they could have done that job with kids around.

Personally, I would rather have a lit cigar up my nose than buy a fixer-upper. I'm just not the type. I paid a premium to buy a place in move-in condition, and I've never regretted it for a minute in the 7 years we've lived here! Fortunately, we both had great credit scores and were able to obtain a fabulous fixed mortgage rate. That makes a big difference too.
 
Nancy, now you ruined my computer!! :)

>Personally, I would rather have a lit cigar up my nose than
>buy a fixer-upper.

Okay, Nancy, now you made me spit my tea all over my keyboard. ROTFLMAO!!! Holy crap, where do you come up with that stuff :) :) :)!!!!

Carola
 
Buy the one you like better - the more expensive one. Buy as much house as you can reasonably afford - even if it's a bit of a stretch. It's an investment and the better home will retain its value more... and you will grow into it financially.. you will be happier.. you won't have to renovate (i did this and it was a horrible experience - after 2 years, it's still not completely done). After a few years when housing market appreciates you will look back and realize it was worth it. You will be lucky to get all of your $ back from a renovation upon resale.
 
Carola, I'm glad you appreciate my sense of humor. But seriously, Deana's words are very wise. I would follow her advice.
 
the long walkway is a bridge, what you are looking at is a "split level", rather than a "colonial". The bridges make me very nervous too. 150,000 gap is a pretty big gap. There is bound to be something that will be a happy medium. Good luck, real estate is such an emotional roller coaster. We moved three times in 6 years. We need to move again, but I can't bring myself to do it.

Sally
 
Thanks for asking this question - this was a great thread.

My DH and I are starting to look at houses again (we owned before and have been renting for a year after moving to a new town). The area we live in is mainly heritage homes and homes that are 40+ years old. Many of the homes have already been completely updated and are in move-in condition, but of course these can be up to $150,000 more than the fixer uppers.

As my DH works out of town for weeks at a time I think that we NEED a home that requires little or no work and so does he. I think we would be better off stretching our budget and if it snaps, waiting until we can afford exactly what we want.

Thanks everyone for giving us the benefit of your experiences. Makeover shows are fun to watch, but not to live through!

Corrie


We are what we repeatedly do. Excellence, therefore,
is not an act but a habit.
--Aristotle

http://www.picturetrail.com/gallery/view?uid=8313401
 
>Buy the one you like better - the more expensive one. Buy as
>much house as you can reasonably afford - even if it's a bit
>of a stretch. It's an investment and the better home will
>retain its value more... and you will grow into it
>financially.. you will be happier.. you won't have to renovate
>(i did this and it was a horrible experience - after 2 years,
>it's still not completely done). After a few years when
>housing market appreciates you will look back and realize it
>was worth it. You will be lucky to get all of your $ back
>from a renovation upon resale.

Can you talk to my DH, Deana, because your statement is exactly what I told him and he just goes, "well, we can afford this one easily", Yeah ........ but he doesn't take into consideration the 70 grand minimum we have to put into it, not to mention the work. And then I am stuck in that stinker for the next 5 to 10 years. Argh!!!!!!!

I have been going through renovations for the past 2 years on our current house and it was only one thing at a time, but that fixer-upper, I don't even know where to start, EVERYTHING needs to be done.

I TOTALLY and utterly agree with you!

Wish me luck in my discussion with DH tonight!!!

Carola
 
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