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Please feel free to be as opinionated as you want to be in this thread, I need to hear the truth.
Our dream house just came up for sale, and we are going to see it tomorrow. We are both historic home buffs, and this one's a 1900 brick colonial beauty in Northern New Jersey. Simply gorgeous.
We currently own a 1850 brick row house VERY close to NYC, where I work. Commuting is a breeze. We could rent out both units in the current house in order to cover the mortgage on the new house, or we could sell the current house and buy new house in cash (timing could be tricky, if the dream house has other offers). What make most sense financially?? Current house is paid off, so no mortgage. Dream House also has a carriage house for rental income, so either way we are in the black.
Here are my concerns.....
Dream House is way too big for us!
I am 47, and not sure if I want a giant house to clean and large yard to look after in 10 years? My husband has tons of energy and is a contractor, so that helps.
Commute will be 30 minutes longer to NYC.
On the other hand......why work all these years if I can't have my dream home. HELP!!
Location: Danbury CT covering all of Fairfield County
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Buy the dream home. Keep your home occupied until you are fully moved in the new home. Then put your current house on the market to sell at a fair market price. Give it some time, otherwise put it on for rent and go with whatever happens first.
Please feel free to be as opinionated as you want to be in this thread, I need to hear the truth.
Our dream house just came up for sale, and we are going to see it tomorrow. We are both historic home buffs, and this one's a 1900 brick colonial beauty in Northern New Jersey. Simply gorgeous.
We currently own a 1850 brick row house VERY close to NYC, where I work. Commuting is a breeze. We could rent out both units in the current house in order to cover the mortgage on the new house, or we could sell the current house and buy new house in cash (timing could be tricky, if the dream house has other offers). What make most sense financially?? Current house is paid off, so no mortgage. Dream House also has a carriage house for rental income, so either way we are in the black.
Here are my concerns.....
Dream House is way too big for us!
I am 47, and not sure if I want a giant house to clean and large yard to look after in 10 years? My husband has tons of energy and is a contractor, so that helps.
Commute will be 30 minutes longer to NYC.
On the other hand......why work all these years if I can't have my dream home. HELP!!
The size of the houses are the same, so I don't think that a giant house for you to clean. Since you'll have a larger yard, your husband can help you, too.
If you have to commute 30' longer but it's a nice neighborhood and you satisfy and feel happy, comfortable with your dream house and you can afford it, go ahead.
What makes this house a dream house for you?
Is it the history behind, the beauty of the house itself, the period, the neighborhood...?
I guess, a "dream" implies some romantic notion.
For me a "dream" house would be one that makes me happy: I fall in love with it PLUS it's conducive for good quality of life, does not present some kind of a burden - financial, physical or other. So, my happiness depends on me satisfying some romantic notions (falling in love with) AND on some rational/practical considerations (allowing good quality of life).
The romantic & the rational, unfortunately, can be mutually exclusive...
So, we make compromises, i.e. I may decide to admire historic estate homes or modern FLW homes by occasional visits but I realize that I cannot afford to own one... For different people, the ratio of the 2 components varies. For most of us, external deciding factor is money.
If money is not an issue - now and the long run - then you can have your cake and eat it too - you can have the romantic + the practical by possibly hiring help for the maintenance of the house and not worrying about higher utility costs, possibly higher taxes, lots of maintenance involved in the upkeep of an older/historic home.
Bottomline, if money is not an issue (now and in the future) - certainly go for it. Good luck!
I think some of the other posters nailed it on the head. Perhaps you're mixing your dream home with a really gorgeous home? To me, a dream home should not have obvious issues right off the bat (commute, cleaning, too much home). A home doesn't become my dream home until I know I can afford, it won't be a hassle maintaining it and it's in a pretty good location. However, if you really feel good about the home who are we to stop you from fulfilling your dreams?
If I'm not mistaken, I think the "sizes" you referred to are actually the build years of the homes (1900 and 1850).
Ja, you're right, I misunderstood it, it should be the build years instead of the size
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- you can have the romantic + the practical by possibly hiring help for the maintenance of the house and not worrying about higher utility costs, possibly higher taxes, lots of maintenance involved in the upkeep of an older/historic home.
