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We are in the market to buy a house in CT.
After looking at many houses, we finally have shortlisted 3 houses that we like. All 4 b + 2.5 ba
The first house is in the range of 425-430K, 2400 Sq ft, 0.65 acres in a slightly upscale neighbourhood. Very nice front and back yard, has big bedrooms, ventilated bathrooms. The problem is, its roof in 35 yrs old and needs replacement. Also, its kitchen is acceptable but not very updated. The basement is unfinished. It has a big old screened porch that needs updating and a nice deck. We also dont like the fact that the bedrooms have no electric connections in the ceilings for the fans and thought it would be worthwhile to get it done if we end up buying the house.
The second is smaller house for 385-390K, 1990 sq ft + 400 ft complete basement, 0.26 acres only in a very child friendly neighbourhood ( and I expect my kids to make many friends there), though not as upscale as the previous one. It has an updated newer kitchen and updated bedroom and a nice deck. Here the problem is that the windows are very old about 30 yrs old (not thermopane), the smaller driveway is broken and needs repaving, boiler is old, the rooms have smaller closet space, and it has a small backyard. On top of it one of the 2 nd floor common bathroom has a vent but not a window, which I sometimes dont appreciate.
The third house is for about 340-345K, 2400 Sq ft 0.65 acres, in a good neighbourhood, but more woody, a little isolated, has many trees in the front and back yard (which we dont like and plan to cut many of them down to get more sunlight). The kitchen is acceptable but not updated. The rooms are big and nice with good closet space. The basement is not finished and there is no porch/ deck/ patio.
I am able to afford any of these houses with 20% down. However the fact pinching me in all three of them is that all of them need money to put into them for either roof/ windows/ deck. I wouldnt have minded an expensive house which doesnt need money from my pocket as I am going to get a mortgage.
The first two houses are in nicer neighbourhoods. The third house may not require that much money but it is not a neighbourhood that sells fast. And I am looking to stay here for about 4 yrs. (Now dont start with saying that I shouldnt buy a house for 4 yrs. I have gone through it). The first 2 neighbourhoods are sought after but being a bigger house, the first house may not sell that fast.
None of the owners are negotiating much on these houses and I expect to sell them for about 10K more the buying price after 4 yrs if the market is fine. Or else wont mind renting them out in which case the second house seems to be able to get rented fast.
From business sense point of view, the second house makes more sense as it will sell faster and may rent faster. Also the neighbourhood is very kid friendly with lots of kids of my kids' age.
But the first house looks tempting as it has bigger nicer yards, with bigger bedrooms, porch and deck.
The third house looks value for money (cost/ sq ft) with again big rooms ..but not that great neighbourhood.
Any suggestions which house should be preferred over other. ...
Please help as I need to put in an offer ina day/ two. My family is getting upset as the schools have started.
Skip house 3. Don't assume you can just cut down trees in CT. Many municipalities value that wooded aspect and have tree-cutting laws that require you to replace what you cut. Happened to my in-laws.
From a cost view, what would be more expensive, replacing a roof or the windows, if needed? Also, it gets pretty cold in CT. Will those windows cost you more in heating or are you ok with that?
I'd probably go with no. 2. The first house is more expensive up front and still needs basic work, not to mention you'll probably have to update that kitchen.
ask your wife,,she will make the final decision anyways ( if the wife isn't happy, no one is )
if you are serious with this question (because their are too many variables to make a decent suggestion)
you, are going to make this house a home,,,so, revisit them, and get a feel for which house you want to live in
I am very serious… we are visiting the 2nd house today for the third time and the third house today for the first time. We have already seen the first house 2 times before.
I am also leaning towards the 2nd house because a smaller house in 300's is easier to sell and being a children's neighborhood, it is more rentable if need be. But I know that it has a tight feeling to it and small closets. Also, because it has a very small backyard, I feel there is less open space…in a way good because I won't need to mow a lot of lawn.
I agree that it may not be possible to cut the trees , however, let me first actually see the third house today to evaluate whether it really requires a lot of tree cutting. I want to be sure that there is enough sunlight as I am very particular about it.
The main thing is ..should I invest a little more and buy the first house…and live in more open bigger rooms…which also means more heat costs, more lawn mowing & more snow ploughing.
We all (my wife and daughter also) have liked the layout and feel of the first house because it gives a royal big feeling. But we also really appreciate the kitchen and neighborhood of the second house (though my 13 yr daughter feels it is small and tight).
The price at which I am getting both the houses are the appropriate price for an updated house..so any money that I put into it may only be minimally recovered on sale.
The main thing is ..should I invest a little more and buy the first house…and live in more open bigger rooms…which also means more heat costs, more lawn mowing & more snow ploughing.
no. You won't get a return on that "investment" in the four years you plan on owning this house. Me - I'd keep looking until I found one that suited my family's needs better than these, and required very little updating and expensive repair. But if these three were all I had to choose from, id go with door #2.
Interesting…I would also love to wait for a house..but now my family is getting impatient as the schools have started and they don't want to delay change of school.
Interesting…I would also love to wait for a house..but now my family is getting impatient as the schools have started and they don't want to delay change of school.
Then, as a previous poster pointed out, let the wife decide. AFTER you try to talk some sense into her to keep looking for a better house - maybe in the same neighborhood where the kids are already enrolled in school. Or maybe just stay in your current home.
(I'm of the belief that, in general, the kids have no vote in this. When they start paying the mortgage, they get a vote. Until then, nada.)
Well, you're asking for advice and when that happens sometimes you don't hear what you would like to hear. It doesn't make financial sense to buy a house (never mind one that needs work) if you're only going to live in it for 4 years. Expect to lose quite a bit when you sell, after factoring in closing/realtor costs and renovation costs.
If that's ok with you, then I agree that you should not pick #3.
Without knowing more details about your priorities and financial situation, I wouldn't feel comfortable recommending #1 versus #2.
The price at which I am getting both the houses are the appropriate price for an updated house..so any money that I put into it may only be minimally recovered on sale.
Then why not try to negotiate a lower price to take into account the needed repairs? Asking prices are just that.
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