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We've been having a little house envy lately and have made the mistake of going to open houses and now we are itching to move. We've been in our house 9 yrs, 2200 sq feet (don't need more space), not the perfect layout (would prefer ranch style). The house was built in 2006 by a custom builder, however the fit and finishes of the house are very builder grade. We've had to replace almost everything down to the door bell (because everything breaks). I even believe the door knobs were spray painted brass. We've had to replace all the door knobs. We have not done any major renovations yet, but the kitchen and bathrooms are builder grade too and will need to be renovated in the next 10 yrs (think particle board and veneer). I think the quality of our home bothers me the most. Sinking money into renovations is fine, but not sure it has good enough bones to justify it. We've walked through homes built in the 60's, 70's, and 80's that have been renovated throughout the yrs and the quality seems much better. Real doors, real cabinets... just seems built so much better. I'm just worried that our current house will end up being a money pit. We've had to pay on average $3,000 a year in major repairs and it's only 11 yrs old. We call it the plastic house...however it's in the perfect neighborhood, location, and great yard. What would you do?
Look at your future needs and plans. Will this house be a good fit? We're retired, so our house purchase was planned for what will probably be the rest of our lives. That means a ranch. Smaller (1561 sq ft) since it's just the two of us and occasional guests. It's also not so big that it will be a burden for the last person standing. We got to pick out things like the kitchen cabinets, counters and appliances, as well as lighting and flooring. So everything is the way we wanted it. It's on a quarter acre lot, so it's not too much to take care of on the outside.
So sit down and decide what's important to you. The three things I miss about our last house are the three car garage, the half bath and the gas fireplace. But we do just fine with a two car garage, two bathrooms and no fireplace.
We've been in our 2200 sq feet house 9 yrs, (don't need more space),
not the perfect layout (would prefer ranch style).
The house was built in 2006
We have not done any major renovations yet, but... will need to be renovated in the next 10 yrs
I'm just worried that our current house will end up being a money pit.
What would you do?
Live with it for another ten years then sell it AS IS.
Get the best price you can for it at that time.
Let the next owner do the upgrades when they do the remodeling.
How old are you? And do you plan to retire in place?
I'm in my mid 50s but with a young kid (8th grade). I bought my house 3 years ago because it's a great location and neighborhood and had the schools I wanted for him. But I knew going in that it wouldn't be my last house because it's a 2 story (plus basement) and no full bath on the first floor. So at some point I will be moving on to a ranch or more likely a single floor condo.
If you are within a decade or so of retirement AND you plan to retire where you currently live AND you can find and afford a ranch home in that location that also has the great yard, etc, then I'd personally go ahead and move into what would likely be your last/forever home. If you are a lot further from retirement (too hard to predict that far into the future) or if you'd be giving up too much in terms of location, then it may be worth staying and doing the upgrades you want to do that make it the home that you want to live in
We will probably retire in 15 yrs, but the kids will be in college then. We plan to move to the mountains then... So this won't be our retirement location. We are in an area that it seems everybody moves every 5 yrs or so and it's no big deal to move. The houses appreciate and there are good jobs in the area. Even a new house is enticing, at least at the 15 yr make it won't need a major overhaul compared to this one which will be 25 years old. There's a lot of new constrution here, but it comes at a much higher price tag.
If you decide to move, be sure you have plenty of extra money in case you need it. I moved two years ago, and it was a great decision because I love my new home ... no buyer's remorse. That said, there are costs in moving. It's not just the movers; you also have the costs of repairing and cleaning the old home, closing costs, inspections, surveys, and so on for the new home, and also the cost of fixing up the new home the way you want it. And if the new home costs more than the old home sold for, then there is that, too.
Like Mr. Rational said in the last post, do not do upgrades of the old house. Do them to the new house, if needed.
Life is short. Do what makes you happy. Be sure you can financially afford the things you do or utimately you won’t stay happy.
Quote:
Originally Posted by beckycat
I second this
I agree also. As long as you can afford it and it doesn't hurt your finances down the road, get a house that makes you happy - especially if you're going to be in it for 15 more years.
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