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well, it's 25% more living space, yes. But it's new as opposed to 30 years old. the configuaration is exactly what we would want, as opposed to what we have (which is fine, but not ideal); also, the land is 3 times as much as i currently have.
So, all of this "hassle" (and yes, it is a hassle!) is not for merely 800 more sq. ft.
My concern is for the land to cost significantly more, or not be available when i'm ready.
Again it's all just your justification to go back into debt. 3200 sqft is more than enough, your lot is enough and there is nothing wrong with a 30 year old house.
So why not just build now, sell and mortgage the balance at lower rates?
Again it's all just your justification to go back into debt. 3200 sqft is more than enough, your lot is enough and there is nothing wrong with a 30 year old house.
So why not just build now, sell and mortgage the balance at lower rates?
Please refer to my answer below.
as far as why not do it 'now', not sure. maybe cause i don't want to deal with the hassle just yet! or maybe i'm not ready to leave our current house, and want to enjoy the recent upgrades we've done a bit longer.
Quote:
Originally Posted by bradykp
I don't like option 2 at all. I like increasing your amount of land, but are you done having kids? if yes - why do you need 4,000 sq ft of house?! i'm in approx 2100 sq ft with 3 kids. I'm getting the itch for a house that better suits our needs, but I don't need it to be substantially larger than our current house, and we could stay where we are if necessary.
I understand, but what works for you may not work for me. There are those who live in 1000 sq. ft. of space and may view your 2100 sq. ft. as excessive. I'd like to have the 4k sq. ft. place because i'd like it to have certain features (note that i don't think i ever said "i need"). It's more of a 'want' than anything else.
This is a personal finance forum, so my 2 cents are purely financial. You have a house that works for you that you own outright. Unless you have more kids where your current home just doesn't have enough space, spending more money to build a new home is just wasting what you worked so hard to save. Clearly you have enough income to rapidly pay off a 375k home, so use what you save in mortage payments to grow your net worth through good investments, not take out more loans for a hope and dream of a larger home (when you probably don't need one!).
I really don't think new homes are necessarily better (in the long run) than established older homes. Our house is 70 years old and was built right after WW2. The major mechanical things (electrical, plumbing, HVAC) have all been updated and are modern. The structure of the house has stood the test of time. I'm not so sure about some of these newer homes. Even some of the custom builders in our area are cutting corners to save money and get work done faster. "They don't build it like they used to"...I have family and friends who have bought new only to watch their supposedly "better/more reliable" home slowly fall apart due to the overall lower quality of the construction.
Last edited by aus1ander; 08-11-2014 at 11:50 AM..
Reason: Spelling error
This is a personal finance forum, so my 2 cents are purely financial. You have a house that works for you that you own outright. Unless you have more kids where your current home just doesn't have enough space, spending more money to build a new home is just wasting what you worked so hard to save. Clearly you have enough income to rapidly pay off a 375k home, so use what you save in mortage payments to grow your net worth through good investments, not take our more loans for a hope and dream of a larger home (when you probably don't need one!).
I really don't think new homes are necessarily better (in the long run) than established older homes. Our house is 70 years old and was built right after WW2. The major mechanic things (electrical, plumbing, HVAC) have all be updated and are modern. The structure of the house has stood the test of time. I'm not so sure about some of these newer homes. Even some of the custom builders in our area are cutting corners to save money and get work done faster. "They don't build it like they used to"...I have family and friends who have bought new only to watch their supposedly "better/more reliable" home slowly fall apart due to the overall lower quality of the construction.
Point taken. thank you for your reply. i appreciate it.
Please refer to my answer below.
as far as why not do it 'now', not sure. maybe cause i don't want to deal with the hassle just yet! or maybe i'm not ready to leave our current house, and want to enjoy the recent upgrades we've
Uh okay. So you want a bigger house, bigger lot, laid out the way you want it with more and better features but you aren't ready to leave you smaller house without the features and a smaller lot just yet?
I think there is a bit of underhanded fishing for compliments/bragging going on here with the number of threads you start about paying off your mortgage and what to do next. It would seem odd that someone with enough income/financial acumen to take care of this on their own would ask so many questions that seem rather simple while dismissing advice along the way
Please refer to my answer below.
as far as why not do it 'now', not sure. maybe cause i don't want to deal with the hassle just yet! or maybe i'm not ready to leave our current house, and want to enjoy the recent upgrades we've done a bit longer.
I understand, but what works for you may not work for me. There are those who live in 1000 sq. ft. of space and may view your 2100 sq. ft. as excessive. I'd like to have the 4k sq. ft. place because i'd like it to have certain features (note that i don't think i ever said "i need"). It's more of a 'want' than anything else.
oh, i know. believe me. but i just don't see what "wants" a 4000 sq ft house fulfills that a 3200 sq ft house doesn't. if anything, i'd buy the land to have the more land, but build a similar sized house exactly how i want it laid out. gigantic homes are a hassle.
Uh okay. So you want a bigger house, bigger lot, laid out the way you want it with more and better features but you aren't ready to leave you smaller house without the features and a smaller lot just yet?
I think there is a bit of underhanded fishing for compliments/bragging going on here with the number of threads you start about paying off your mortgage and what to do next. It would seem odd that someone with enough income/financial acumen to take care of this on their own would ask so many questions that seem rather simple while dismissing advice along the way
Absolutely not. I'm not insecure about my financial well being, nor am I needy enough to 'fish for compliments' from people like...you!
I like running my ideas (and i have many) off of people and i haven't found a better, more unfiltered place, than city-data.
Don't like my threads? don't respond!
The first part of your post actually captures my dilemma perfectly; ironically enough.
Quote:
Originally Posted by bradykp
oh, i know. believe me. but i just don't see what "wants" a 4000 sq ft house fulfills that a 3200 sq ft house doesn't. if anything, i'd buy the land to have the more land, but build a similar sized house exactly how i want it laid out. gigantic homes are a hassle.
I agree. I thought staying within only 800 sq. ft. was "building a similar sized house" as you put it. we now have 4 bedrooms; using one as an office, one as the kids room, and another one as a guest room. The rooms are somewhat small too. When the kids grow up, they'll need their own rooms. leaving us with only one room to either use a a guest room (which we need), or an office (which we need). The new house (if we go that route), would have 5 rooms as opposed to 4, and an open floor plan, as opposed to the opposite, which is what we have now.
soooo...if you have cash...and are not in a hurry.
The deal will come...right place, right time...no reason to force it.
thanks. You may be right. I have almost no money now to throw even at the down payment of the land.....maybe i should re-evaluate in a few years. my fear again was/is that the same piece of land that goes for 200k would be 400k in a few years....due to rising prices in general, and further development of the surrounding areas that would make any piece of land in my area more attractive...
I agree. I thought staying within only 800 sq. ft. was "building a similar sized house" as you put it. we now have 4 bedrooms; using one as an office, one as the kids room, and another one as a guest room. The rooms are somewhat small too. When the kids grow up, they'll need their own rooms. leaving us with only one room to either use a a guest room (which we need), or an office (which we need). The new house (if we go that route), would have 5 rooms as opposed to 4, and an open floor plan, as opposed to the opposite, which is what we have now.
so I have 3 bedroom and a finished attic.
our small den off of our living room is where the desk and computer is. our attic bedroom is our "guest room". my 3.5 yr old and 2 yr old have bunk beds in one br, my infant is in the other, and we're in the master.
Gues rooms are nice to have. but i really don't know many people that have them.
Do you have a finished basement? You really need to use a legal-bedroom as an office?
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or maybe i'm not ready to leave our current house, and want to enjoy the recent upgrades we've done a bit longer.
