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Old 10-28-2011, 08:20 AM
 
12,684 posts, read 14,952,360 times
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You do realize that a coat of paint can significantly improve a room, don't always need a total remodel to make you feel better about your home!

I strongly believe in the best neighborhood, not always the best house (houses can be fixed, neighborhoods can't). Note best neighborhood is what it is for your family, if you have kids a neighborhood with kids is ideal. No sense in living in a fancy town, on acres of land if the nearest 10 year old is 3 miles away! Many of the swanky towns lose their neighborhood feel because the houses are too spread out, if you can't tell the kids to play at a neighbors without getting in a car to drive them over there......not ideal
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Old 10-28-2011, 12:43 PM
 
12 posts, read 36,279 times
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We made the move to our current (high-end) town solely for the investment since we got the house for an excellent price. The house is in good condition, but we will have to morph the lower half (basement) into living space to be more accommodating. This will change the house style and square footage, which will increase our taxes. Even with this change, our children will still have to share a bedroom. The major renovation we would have to do, would put a loan expense on top of our mortgage.
The profit we could make right now, off this house is between $2-300,000K dollars. When I start to calculate current lifestyle and compare it to a possible future lifestyle elsewhere - it makes me want to sell. We could move to another community, granted further away (rt2/495), but never-the-less, a desirable town (with a future college moving there) and we could be paying half the mortgage we are now, maybe even do a 15 year mortgage (depending upon what we purchase) and have money left to invest. Our lifestyles will improve. Yes we won't be in the hub of things, but the future town has a center and a few, nice businesses and restaurants. I feel like it is completely the way to go. No questions. I just can't get my husband to see it this way.
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Old 10-28-2011, 12:50 PM
 
Location: The Triad (NC)
31,529 posts, read 70,559,998 times
Reputation: 37871
Quote:
Originally Posted by takewuw&leavetherest View Post
We made the move to our current (high-end) town solely for the investment ...
oh well.

Quote:
Originally Posted by City Guy997S View Post
...if you can't tell the kids to play at a neighbors without getting in a car to drive them over there... not ideal
a terrific assessment. +1
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Old 10-28-2011, 05:43 PM
 
1,945 posts, read 4,711,782 times
Reputation: 1858
Quote:
Originally Posted by takewuw&leavetherest View Post
We have relocated to a much more expensive town where the schools are above average. Smart idea to move to a community with good schools- in theory- the theory being "I can afford this."

The house we purchased was a buy, a good investment but we have down sized considerably as well as taken on another batch of home improvement projects which sucks the life out of my 44 year old body as well as drains our family time. That does get old- both the work and the body

Any major changes to the house will hike up our property taxes to the point that it could become unaffordable.So the good investment wasn't really a wise investment

Our live style is more pinched. I don't necessarily feel equal in my surroundings (ie: majority of folks are very wealthy, we are average). Do you just feel that way or do others make you feel that way? Is feeling equal important to you or do you feel if you aren't, you won't fit in?

On the plus side, there is more for our children, although we can't partake too much as everything cost $$ naturally, but still we have more options. If you can't afford the opportunity it's not really an opportunity is it? It's like someone giving you a Mercedes but you can't afford the gas and insurance. Does it make you feel better when you're riding the bus to know you have a Mercedes available? Probably not.

Things are closer to get to since we are much closer to Boston.
BUT.How important is that to your quality of life?

We could move to another, more average town, still a desirable town with good schools, but not a high end community. Is this about the schools or the status that comes with living in a "high end community" if you can have great schools and a cheaper housing cost what does it matter?

Our ages for one and taking on house remodeling (when the money permit) just overwhelms me. You could afford the house but not what needs to be done. That's probably why it was such a good deal. Good deals in desirable communities are often good deals because what needs to be done will end up making the end cost of the house higher than those looking for a deal can afford. A good deal is only a good deal if you can afford it and all that comes with it.

We could have a much lower mortgage with a much larger, finished house. Possibly bank a considerable amount too. Which is a good and wise investment both for your financial and personal well being.

My husband and I debate this constantly. He wants to stay, struggle, and "live" later on retirement.Why???????
If you can buy a better house, in a good community and save more money, that is a better investment as the dumpy house you can't afford that you might be able to cash in on later. Sounds like your husband likes the panache of living in a desirable community. He's penny wise and pound foolish. Go see the life coach and a marriage counselor. It's not unusual to give up some amenities in order to make a wise real estate investment and provide good schools for your children but it also sounds like you can still do that and have a better quality of life.

Good luck.

Last edited by Beachcomber4; 10-28-2011 at 06:30 PM..
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Old 10-28-2011, 08:56 PM
 
Location: Beverly, Mass
940 posts, read 1,747,710 times
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A middle class family living in a wealthier town will be faced with some pressures.

Your kids peers might be able to participate in more activities, buy more things, resulting in your kids feeling inadequate (even though they still have more then you did growing up).

The "best" school might be more demanding, more stressful, meaning more homework, and less free time for fun and to do what they like - which is also an important part of growing into a happy human being.

Houses might be more spread out (as mentioned above), and kids might feel more isolated, rather than being able to make friends on their street and go visit them anytime, instead of you having to drive them around once a week.

Your wife might have to spend more money on her wardrobe.

You would need to spend more money on a nicer car.

The gas will be more expensive at your nearest gas station.

Your grocery store will be more expensive.

You would have to buy more expensive presents for your kids friends birthdays.

Your taxes will be higher.

You will live in a crappier house, but all for a good cause - so your kids will have a better chance of going to a more expensive college!

(I am being sarcastic, but you get the idea)
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Old 10-28-2011, 09:01 PM
 
12 posts, read 36,279 times
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Oh you are too funny!!! Love it!!! But you are right about the peer part (and right on the wardrobe too This is why I mention my feelings of equality. It is a concern no matter how grounded you are at home.
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Old 10-28-2011, 09:04 PM
 
12 posts, read 36,279 times
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Saw a great quote while watching Extreme Home Makeover. "Life is not about the destination, it's about the journey". Kind of an oxymoron statement coming from Extreme Home Makeover but hey I loved it!
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Old 10-28-2011, 09:14 PM
 
Location: Bay View, Milwaukee
2,486 posts, read 4,619,788 times
Reputation: 3394
If you move to a more modest town and continue to live a modest lifestyle, you can save more money, savor life more, distance yourself more from the consumerist treadmill, and still provide a rich life for your kids. You might consider taking a look at the lessons of two books:

Amazon.com: The Millionaire Next Door (9780671015206): Thomas J. Stanley, William D. Danko: Books

Amazon.com: Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence: Revised and Updated for the 21st Century (9780143115762): Vicki Robin, Joe Dominguez, Monique Tilford: Books
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Old 10-29-2011, 05:59 AM
 
12 posts, read 36,279 times
Reputation: 22
Thank you very much for the book suggestions. I will download to my kindle today.
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Old 10-29-2011, 03:13 PM
 
Location: Behind You!
1,954 posts, read 3,864,700 times
Reputation: 2731
Wealthy in an average town, all day long.
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