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Okay, you have 2 homes. Both are walking distance to great little towns (2 different towns). Both are in incredible school systems. Property taxes are about the same for both homes (outrageously high!).
Home #1: 3 bed/3bath, 2100 sq ft. House has finished basement which is not included in squre feet. Home built 1920. Has large unfinished attic space and is sitting on 7/10 of an acre. House has a major highway running along the back of the house....but pretty far back. You hardly notice even in winter. Attic space is large and could expand. Kitchen needs updating. Baths are new. House is on the market for 1.2 mil.
Home #2: 4 bed/3 bath with 4 extra attic rooms not included in square feet. House is 2500 sq ft. Unfinished basement. House is sitting on 2/10 of an acre (tiny lot!). Is old an old victorian and is on a somewhat busy road/financial district of a very small village. Beautifully restored. House on the market for 1.4 mil.
Now, do you try and get the smaller one with the bigger lot for 1.1? Or, do you try and get the larger one on a busy road with a tiny lot for 1.3?
Is expanding an attic and updating a kitchen really expensive? Would I have to move out of my home while it was being done?
Over a million, I dont think I would live in either due to traffic issues and financial district. Only my opinion though. Post pics then I will pick one if I had to.
Okay, you have 2 homes. Both are walking distance to great little towns (2 different towns). Both are in incredible school systems. Property taxes are about the same for both homes (outrageously high!).
Home #1: 3 bed/3bath, 2100 sq ft. House has finished basement which is not included in squre feet. Home built 1920. Has large unfinished attic space and is sitting on 7/10 of an acre. House has a major highway running along the back of the house....but pretty far back. You hardly notice even in winter. Attic space is large and could expand. Kitchen needs updating. Baths are new. House is on the market for 1.2 mil.
Home #2: 4 bed/3 bath with 4 extra attic rooms not included in square feet. House is 2500 sq ft. Unfinished basement. House is sitting on 2/10 of an acre (tiny lot!). Is old an old victorian and is on a somewhat busy road/financial district of a very small village. Beautifully restored. House on the market for 1.4 mil.
Now, do you try and get the smaller one with the bigger lot for 1.1? Or, do you try and get the larger one on a busy road with a tiny lot for 1.3?
Is expanding an attic and updating a kitchen really expensive? Would I have to move out of my home while it was being done?
What would you do????
Real estate is about land and location. I don't think either choice seems optimal for several reasons - overpriced for the amount of land, ages of the homes, and locations (the 2nd location is in a financial district which is good, but unless you are talking about San Francisco, Chicago, or Manhattan I'd look elsewhere for more bang for the buck).
1. You don't mention geographic location, but in my neck of the woods, both are vastly overpriced as represented. See if there is more bang for your buck available.
2. Assuming these are the only 2 houses in the world, I'd go for the $1.2 million bargain on the much larger lot. Here's why.
The price differential is $200,000.
You could do one heck of an expansion/renovation for $200K, get a layout you actually designed, and still have the flexibility and privacy of the larger lot.
Location: Sometimes Maryland, sometimes NoVA. Depends on the day of the week
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I just moved from a high cost area (DC), and even then, for $1.2 million, I would expect the kitchen to be updated.
Ignoring that, I'd probably go with the 1920s since I prefer the craftsman/bungalow movement to Victorian. But you didn't even say its craftsman, I just assumed from the era.
Go with your gut. Which house feels right to you?
Quote:
Originally Posted by Cornerguy1
The price differential is $200,000.
To the OP: Keep in mind that $200k is the total budget of a lot of folks on this forum. That is likely going to affect the responses you get. You probably would have gotten better answer if, rather than listing price and shocking us all, you mentioned the different in price was less than 2%.
I live in New York and I would take the house in Scarsdale. The schools there are rated one of the best in the country.
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