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My husband and I found the perfect house! The location is a gem. It is on a private driveway up a hill and the 3 acre property overlooks farm land. 12 minutes to his job, right near town, near the highway, A+ school district. Our max budget was 325 MOVE IN READY...this house is 350.
The house was built in the 70's...and the entire house has not been updated since the 70's! The appliances are from the 70's, the layout, the doors...everything!
If we could get the property for 325...it would take at least 5-10 years to be able to afford all the renovations and updates needed...even if we take it one project at a time...I feel like it would be a never ending project...
Is it worth it? What do you do in a situation like this? My gut is telling me no...but the property has exceeded our expectations! Thanks so much in advance for your wisdom and guidance!
If it's a "forever" house, know that every house requires projects eventually. Doors and appliances are easy to change. The layout is a bit trickier. But ultimately the location trumps everything, right?
We haven't regretted our "project" homes. You get used to not having the most enviable bathroom and kitchen among your friends ... until it's your turn to renovate and then you get the space exactly how you want it.
What is the market like where you are? If it is a sellers market where your options are limited, I say go for it given the fact that it has everything you want/need. You can have a home inspection to verify the condition of the house. If everything is working fine, just prioritize what you want to update. So what if the bathroom is 70s colors. You can live with that. Maybe swap out the toilet for a more efficient one and get new appliances. But if everything else is in working order just to live with it the way it is. Paint can go a long way too in terms of brightening up a space and modernizing it.
I'd prioritize with
flooring: old carpets must go
Appliances: replace with new
Toilets: replace with new
Paint: paint the more offensive-colored rooms a neutral color.
Appliances you can buy cheap at a scratch-n-dent or wait for a good sale at Home Depot. Doesn't have to be stainless steel. Flooring can also be done inexpensively. Toilets can be replaced for $99-$200 and that's an easy fix. You can get Sherwin Williams paint on sale at Lowes. There are things you can do to make the house livable and update over time.
I wouldn't do it. If it's over what you decided you could spend, you'll always be behind the 8 ball and struggling.
If it's 25k over your max budget not counting a total reno, then it's not the perfect house.
When I was house hunting I always found awesome houses outside my price range - because they were outside my price range, so they were better than what I was looking in budget.
Keep looking. This house will wind up costing you a lot more than you think it will.
I would take the opposite tack. I found the ad on Realtor.com. The house is perfectly livable. It does look like its in an absolutely gorgeous area. Location is so very important. If you can live with the house until you can do the renovations you want, Id get it. In a heartbeat.
I dont know how handy you are, but theres a lot you can do yourself. Painting isnt that tough.
Do not underestimate location. It is so important. More so than the house, in my opinion.
I wouldn't do it. If it's over what you decided you could spend, you'll always be behind the 8 ball and struggling.
If it's 25k over your max budget not counting a total reno, then it's not the perfect house.
When I was house hunting I always found awesome houses outside my price range - because they were outside my price range, so they were better than what I was looking in budget.
Keep looking. This house will wind up costing you a lot more than you think it will.
We found it ourselves..our agent didn't show us it. She said it would probably appraise for what he is asking for but it doesn't hurt to put in an offer just so we know...hoping maybe he drops the price soon but apparently he already rejected an offer.
those kitchen cabinets look solid and would clean up nice with some paint. and personally i could live with that counter top.
floor is also neutral enough to live with. but appliances definitely need replacing soon.
tub and shower can be resurfaced painted. and toilet and sink replaced.
My husband and I found the perfect house! The location is a gem. It is on a private driveway up a hill and the 3 acre property overlooks farm land. 12 minutes to his job, right near town, near the highway, A+ school district. Our max budget was 325 MOVE IN READY...this house is 350.
The house was built in the 70's...and the entire house has not been updated since the 70's! The appliances are from the 70's, the layout, the doors...everything!
If we could get the property for 325...it would take at least 5-10 years to be able to afford all the renovations and updates needed...even if we take it one project at a time...I feel like it would be a never ending project...
Is it worth it? What do you do in a situation like this? My gut is telling me no...but the property has exceeded our expectations! Thanks so much in advance for your wisdom and guidance!
Go for it. try for 325K but try to go higher if not. Looks like a great home, updates are not needed right away, tell your friends when they come over for a housewarming that you are going to retro chic.
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