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Old 06-23-2012, 09:46 AM
 
8 posts, read 10,191 times
Reputation: 10

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I'm in a quandry about buying a house. I could buy a small house in a high priced neighborhood and fix it up over the next year. Or, I could buy a house ready for me, and wait for the neighborhood to appreciate. The small house neighborhood is a better area than the more expensive, ready to move in house. However, the smaller house will be much more extensive work, and that relaxing and enjoying the space further away. On the other hand, fixing up a house the way I see fit will increase enjoyment once it's done.

What do you all think? Fix it up and postpone enjoyment, or enjoy what's there, paying the higher price for it?
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Old 06-23-2012, 11:11 AM
 
Location: Franklin, TN
3,419 posts, read 5,382,058 times
Reputation: 1912
I recently spent 4 hours installing a pair of Levelor blinds (reading directions, charging the drill, dragging the ladder up the stairs, impaling said drill in the floor when it fell off of said ladder) and I look at those blinds EVERY day and say to myself I DID THAT!!!

A handy friend asked me after I told him the story, why I hadn't called him as it would have taken him half an hour.

It was an adventure. It was a learning experience. I haven't been that proud since I got the best score on a test in the math club in 10th grade (I ended up quitting, it scared me . . )

I vote for the do it yourselfer!
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Old 06-23-2012, 01:07 PM
 
Location: Needham, MA
6,326 posts, read 9,046,785 times
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When buying real estate the first and most important factor to consider is location. The second . . . location. The third . . . location. I think you get the idea. For re-sale, always buy in the best and most desirable location your money can afford you. If the stuff hits the fan again, you'll fare better in a more desirable location with a smaller house than you would a larger house in a less desirable spot.
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Old 06-23-2012, 01:15 PM
 
2,632 posts, read 4,352,553 times
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Will the small house be large enough to satisfy all your needs?

How much money and time will those "extensive" changes? In the end, will the small house likely be more (much more?) expensive?
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Old 06-24-2012, 08:23 AM
 
8 posts, read 10,191 times
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Hello Everyone. Thanks for your responses.

Answers to questions: The smaller house is big enough for me, but boyfriend feels it is a bit tight. However, with the basement completely finished out, I think he can find some space.

As far as time, who knows... I'll do everything I can myself, then hire workers to help with the rest.

Money? If I were to pay for the work completely, I'm thinking around $43,000. If I do a lot of it myself (which I can and have), probably half of that amount.

Location.... yes, a river lot would be more desirable I think than a standard lot somewhere else... and it is a blank pallet upon which I could create something really special.

I appreciate the encouragement on DYI. It truly is more satisfying!
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Old 06-24-2012, 09:00 AM
 
47 posts, read 102,215 times
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Buy the smaller house! My sister bought an 800 sq.ft. house in southern Cali years ago. She put $50k into renovations and it ended up being 1200 sq.ft. This little house was in a very nice area and she could have gotten more space for her money in other parts of town for the same price. Long story short, she stayed in that house 3 years and was able to sell it for more than double of what she payed for it (including the renovations). She then moved her family to another state where the cost of living was cheaper and paid cash for another small house (albeit it is 1900 sq.ft.) in a prime location. See the trend? DIY projects are fun and location is everything!
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