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Old 02-25-2017, 11:02 AM
 
Location: Williamsburg, VA
3,550 posts, read 3,085,928 times
Reputation: 10433

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Our new quest for a home with a sun room has really made me think about having to deal with that classic conflict--champagne tastes, but beer budget.

Can't have everything on our wish list, or maybe we can have everything but some of the things are going to have to be, well, less than deluxe. Crappy, perhaps. And you know what, that's cool. Why does everything have to be super deluxe? What's wrong with a few dated things, or inexpensive tile instead of something designer?

Life is not like HGTV where the realtor takes you to a uber pricey home that's loaded with bells and whistles, and you say "Oh, ok! This is $60K over the budget I gave you but now that you showed me this I want it,so I'll buy it and the money will magically appear."

So... if any of you have a beer budget/champagne taste, where did you compromise? Just curious--not looking for advice so much as I thought it would be a fun topic.
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Old 02-25-2017, 12:01 PM
 
162 posts, read 207,413 times
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We're dealing with this now. We're planning to move because we need more space (an extra bedroom, an office, and a playroom). Our budget has increased significantly since we bought our first house seven years ago, but prices have gone up more. Our current house is really special - it's a waterfront craftsman home with all original mill work. There's no way we can afford a waterfront home that's large enough for our growing family. And if we happen to find one, it'll be cookie cutter. So we'll get our new house with the bedrooms and our yard but it almost feels like we'll be trading down. [sigh]

I don't see a whole lot on the market with any character, unless it's on the smaller side (like our bungalow). That's probably where we'll end up compromising. I'll give up character to get the extra bedroom and an office for my husband. He'll give up a better commute to get the right neighborhood and the right price. I'm going to insist on a laundry room and decent curb appeal. None of this american traditional mcmansion goofball stuff that I see so frequently around here. (See "What style architecture is this" thread). I really really dislike that look.
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Old 02-25-2017, 12:04 PM
 
667 posts, read 1,838,919 times
Reputation: 516
I like to make plans about what I'm going to do at some future date when I have the money to do it.

For example, I've done a lot of research on how to remake my second floor and turn the the attic into a third story. I've made detailed measurement and I like going over my plans. I suppose a lot of people do that.
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Old 02-25-2017, 01:01 PM
 
Location: Southwestern OH
247 posts, read 359,918 times
Reputation: 513
Quote:
Originally Posted by Piney Creek View Post
Our new quest for a home with a sun room has really made me think about having to deal with that classic conflict--champagne tastes, but beer budget.

Can't have everything on our wish list, or maybe we can have everything but some of the things are going to have to be, well, less than deluxe. Crappy, perhaps. And you know what, that's cool. Why does everything have to be super deluxe? What's wrong with a few dated things, or inexpensive tile instead of something designer?

Life is not like HGTV where the realtor takes you to a uber pricey home that's loaded with bells and whistles, and you say "Oh, ok! This is $60K over the budget I gave you but now that you showed me this I want it,so I'll buy it and the money will magically appear."

So... if any of you have a beer budget/champagne taste, where did you compromise? Just curious--not looking for advice so much as I thought it would be a fun topic.
Where I'll compromise:

- Finishes in a kitchen. As long as it has the right amount of cabinets for my stuff or can fit shelving, I'm okay. I would LIKE an uber deluxe kitchen with a walk-in pantry, all new, energy efficient appliances, beautiful tile floors and granite countertops. But I can settle as long as I can store my stuff and paint any cabinets where I don't like the color. (In other words, white)

- Tub in the attached master bath. I WANT one. Desperately. But as long as we have a bathroom that's just for the adults, I guess it doesn't have to have more than a shower. I know how to make it look nice for relatively little $$, so it doesn't even need to be updated. But everything does need to function properly.

- Basement. I want one for the storage more than for extra living space. We have a lot of stuff that is occasional-use. Our one car garage right now is just a storage unit. But if we have to, I guess garage space would work again.

- Hardwood floors. I'm starting to hate carpet, but if it's new and not gray, I'd keep them for a while, and if I liked the rest of the house I could deal until it ages enough for me to not feel bad about replacing.

I think space is the main thing we won't compromise on. As long as we have enough space for our stuff, that's the big thing. Walls need to not be entirely full of windows, and rooms (all of them, not just bedrooms) need to not feel like shoeboxes
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Old 02-25-2017, 02:58 PM
 
Location: El paso,tx
4,513 posts, read 2,493,765 times
Reputation: 8199
Don't compromise on a good location without major defects (ie on a busy street, across from a factory, or trashy homes nearby).
Compromise on cosmetic items and finishes...those can be changed. Compromise on style of home, that can be modified.
Try not to compromise on size of house, unless it is easily modified.
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Old 02-25-2017, 03:05 PM
 
Location: The Triad
34,090 posts, read 82,517,928 times
Reputation: 43648
Quote:
Originally Posted by Piney Creek View Post
if any of you have a beer budget/champagne taste, where did you compromise?
just starting out? buy the worst house in the best neighborhood.
improve it a room at a time and twenty years later it's paid for and a showplace.

Looking to retire? Be damned realistic.
Limit your home owning budget to X% of your total net worth...
and to what you can afford without using a mortgage at all.
Often that requires a lower COL area to make work.
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Old 02-25-2017, 03:23 PM
 
Location: Raleigh, NC
19,372 posts, read 27,603,477 times
Reputation: 35972
Quote:
Originally Posted by MrRational View Post
just starting out? buy the worst house in the best neighborhood.
improve it a room at a time and twenty years later it's paid for and a showplace.

Looking to retire? Be damned realistic.
Limit your home owning budget to X% of your total net worth...
and to what you can afford without using a mortgage at all.
Often that requires a lower COL area to make work.
Actually, a mortgage MAY be advantageous for retirees - depending on the type and source of retirement income.

For example, our primary source of income is husband's SS and IRA RMD's. It would have been foolish for us to withdraw more funds from those tax sheltered IRA's to pay cash for our home. Especially when our interest rate is only 3.5% on a 30 year mortgage. The IRA's are invested and earning better than 3.5%, the money is tax sheltered AND we can itemize on our tax return (which helps with the pain of our RE taxes and my medical insurance premiums of $9850 per year.)

That said, as those RMD's increase and the interest deduction decreases, it will make sense to evaluate paying off the mortgage.
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Old 02-25-2017, 03:44 PM
 
Location: The Triad
34,090 posts, read 82,517,928 times
Reputation: 43648
Quote:
Originally Posted by Jkgourmet View Post
Actually, a mortgage MAY be advantageous for retirees...
That's a different discussion.

The suggestion above is to buy at a level low enough that you don't NEED one...
and to limit your "housing" allowance to as modest a portion of your net worth as possible.
Don't volunteer yourself to be "house poor"

More pointedly... if you CAN'T afford to outright buy at least a modest place at retirement...
you probably shouldn't buy at all. The beer vs champagne question that the OP raised.
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Old 02-25-2017, 04:16 PM
 
Location: Southwestern OH
247 posts, read 359,918 times
Reputation: 513
I think OP's "beer" budget was more a reference to buying an "average" house without a ton of bells and whistles, while the "champagne" budget would have it all. I don't think "beer" budget meant not to buy at all.
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Old 02-25-2017, 04:59 PM
 
Location: Back in the Mitten. Formerly NC
3,830 posts, read 6,694,394 times
Reputation: 5367
Prioritize.
The first house I purchased was a foreclosure. All the flooring had been ripped out and the walls were dirty and painted neon colors. Obviously, flooring and paint had to come before I could move in. I painted myself to save money. I did go mid-grade with flooring. I didn't want to go super cheap and have to replace it, but I also didn't have the money to go crazy fancy. I stuck to carpet for most of the house. Entry and the eat-in kitchen was a floating hardwood. Bathrooms were tile and it was too expensive to lay them on an angle. That got me to moving in. The rest of my list really never got done, since I sold and moved across the country 5 years later. I never had the money. I wanted to convert the garage back to a garage (it had been converted into a family room), run a gas line for a gas stove, redo the kitchen, etc... Repairs (A/C, plumbing, etc...) prevented me from ever having the money. I did paint the cabinets to get rid of the honey oak. Otherwise, things stayed on my list until I could afford them. Which turned out to be never.

The house I close on in two weeks has only two things in the "now" category. 1. Install a dishwasher and 2. Have a plug ran for my dryer (this is only because it is cheaper for a plug than buying a gas dryer. There is a plug for an electric stove which is directly above the laundry. I am going to have it rerouted to the laundry for my dryer since the stove is gas).
I have a list of 'eventually'. Some will happen soon-ish, some may be a while, if ever. It includes: remove wall paper borders and paint (this will happen by the end of summer), remove carpet in living room and refinish hard wood floors beneath, update the oak kitchen, tile the bathroom floors. My may-never-get-to-it want is to take out the large picture window and install either french doors or a slider and add a deck off the back. This isn't a forever home for me, so adding a deck is likely something I will never recoup. The house is already over-improved for the area.
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