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HGTV has given us a sense of entitlement re: the quality of our decorating.
IMHO the location and over all value of the house are more important than updating some 70s decor. If the house is solid, in good condition, and will increase in value, no reason you can't live in it just as it is.
Maybe you can find a way to increase your income so that the price hike won't be so much of a stretch.
Just because the house is listed at $350k doesn't mean it will sell for $350k. You might be able to buy it without blowing your budget. It certainly wouldn't hurt to make an offer!
And if everything works, you don't NEED to update anything. You can live perfectly well in the house as it is, and update things later as you get the time and funds to do so. It's easier to live with a less-than-perfect house in a fabulous location than a fabulous house in a less-than-perfect location, so if the location is ideal I'd strongly encourage you to look past the 1970s decor.
ALL (and I mean ALL) houses are project houses! What do you call a house you bought brand new 10 years ago? Answer: dated.
My husband and I found the perfect house! The location is a gem. It is on a private driveway up a hill and the 3 acre property overlooks farm land. 12 minutes to his job, right near town, near the highway, A+ school district. Our max budget was 325 MOVE IN READY...this house is 350.
The house was built in the 70's...and the entire house has not been updated since the 70's! The appliances are from the 70's, the layout, the doors...everything!
If we could get the property for 325...it would take at least 5-10 years to be able to afford all the renovations and updates needed...even if we take it one project at a time...I feel like it would be a never ending project...
Is it worth it? What do you do in a situation like this? My gut is telling me no...but the property has exceeded our expectations! Thanks so much in advance for your wisdom and guidance!
In my opinion which only affects me is that this *perfect house* is not so perfect since you are planning the remodeling before you even make an offer.
Also, if the amount is too high then it is not perfect on another level.
Continue to look for a home that is in your budget range that is actually move in ready.
Personally if the location and area were perfect to me, I would jump on it. I can deal with a dated look inside - and that's something that can be changed with time as you live there. The location cannot. It looks like a lovely spot. I would go for it.
It depends on your market. Is the house listed for a fair price?
I paid more for a perfect house that needed renovation, because it was a good deal. I could not find anything for less money that had even close to what I was looking for.
What renovations does it need and what do you just WANT? From the sound of it, if you had the money you'd make it a tear down just for the location alone! If it would take you 5-10 years then either you're taking everything out down to the studs or you have very little money you can throw at it. Neither makes it "perfect". Are you really in that much of a hurry? Or is the house really in such bad shape as you're saying?
My husband and I found the perfect house! The location is a gem. It is on a private driveway up a hill and the 3 acre property overlooks farm land. 12 minutes to his job, right near town, near the highway, A+ school district. Our max budget was 325 MOVE IN READY...this house is 350.
The house was built in the 70's...and the entire house has not been updated since the 70's! The appliances are from the 70's, the layout, the doors...everything!
If we could get the property for 325...it would take at least 5-10 years to be able to afford all the renovations and updates needed...even if we take it one project at a time...I feel like it would be a never ending project...
Is it worth it? What do you do in a situation like this? My gut is telling me no...but the property has exceeded our expectations! Thanks so much in advance for your wisdom and guidance!
You answered your own question. "max budget was 325 MOVE IN READY...this house is 350."
If you buy this property it will add untold amounts of stress to your family and relationship, each and every project you will get a lump in your throat at how much it costs, and then during reno, you will find that thing behind the wall which throw your budget right out the window. Even if you get it at 325K, the house is not move-in ready and you don't have anymore money.
Keep saving if you cannot find a house for 325K, in a couple of years maybe you can save enough for a 350K or 400K
Looks like it is at least 25% over budget by the time you get it how you want it.
And, the 5-10 year horizon for getting there financially means a lot. What if something changes and you have to dump a half-renovated house? That will be very painful.
It is supposed to be your shelter, not an ongoing burden.
If you want to regret a purchase, buy a boat! Cheaper mistake.
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