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Old 06-05-2016, 04:17 PM
 
Location: NY
195 posts, read 233,239 times
Reputation: 244

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Here are our choices:

Tiny house (1200 sq ft) that's under budget. Big yard. Low taxes.
House would need to be expanded to make room for our family, which would obviously cost a ton.

Big house (over 3000 sq ft) that's realistically TOO big for what we'd like with a perfect giant yard but that's at the top of our budget and still needs work.

Same school district. Comparable streets.

Neither house is exactly what we want, so option C is to buy house #1 and update it within it's current size and wait to find the "right" house with the idea that we'll then sell the small renovated house and hopefully break even.

Not buying something is not an option because I've been waiting 2 years to move into this area/school district and can't wait any longer. The house we're waiting for just isn't there yet (or may never be)

What would you do?
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Old 06-05-2016, 05:54 PM
 
Location: Ossining, NY
87 posts, read 192,107 times
Reputation: 72
Just my opinion, but neither sounds like a good situation. I say keep looking for something between the two that you can afford. Option C is a pretty reasonable plan.
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Old 06-05-2016, 07:59 PM
 
Location: Midtown East
82 posts, read 72,182 times
Reputation: 40
What town is it? I am sure there will be houses that would be a mix of the tiny and big house.
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Old 06-06-2016, 02:39 AM
 
Location: NY
195 posts, read 233,239 times
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Mount Pleasant. And so far this summer these are the best two options. Obviously somewhere in the middle would be best but *that* house isn't in the market right now, hence our needed to settle on way or another.
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Old 06-06-2016, 03:32 AM
 
1,594 posts, read 3,061,690 times
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Whichever is in the best location.
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Old 06-06-2016, 05:17 AM
 
Location: NY
195 posts, read 233,239 times
Reputation: 244
Quote:
Originally Posted by ponytrekker View Post
Whichever is in the best location.
They're on the same street a just few blocks away from each other. Totally comparable spots.
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Old 06-06-2016, 06:35 AM
 
343 posts, read 274,111 times
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Hard call. I am in a similar situation...settling for a house that doesn't quite fit the bill- but also looking for the past two years and just done waiting. I think you have to go with your gut on this one. One of the homes has to have more appeal than the other. If you have potential to make some $ on the smaller house by flipping it- then go with that one. You may even find that you can manage to live there for a few years before upsizing. No point in buying a home that is too big for you unless you are getting a heck of a deal on it. I would say to hang on until the right house comes on the market, but you could be waiting for a very long time. Best of Luck.
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Old 06-06-2016, 06:49 AM
 
Location: NY
195 posts, read 233,239 times
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Quote:
Originally Posted by jego914 View Post
Hard call. I am in a similar situation...settling for a house that doesn't quite fit the bill- but also looking for the past two years and just done waiting. I think you have to go with your gut on this one. One of the homes has to have more appeal than the other. If you have potential to make some $ on the smaller house by flipping it- then go with that one. You may even find that you can manage to live there for a few years before upsizing. No point in buying a home that is too big for you unless you are getting a heck of a deal on it. I would say to hang on until the right house comes on the market, but you could be waiting for a very long time. Best of Luck.
We live in the Bronx right now, and my son is in kindergarten. We were planning on moving last summer before k started and the right house just wasn't there and we ran out of time. So now we're closing in on the end of this selling season and I have to get out of where I am. I know I love Mount Pleasant, so we need to go one way or another. Good luck to you also!!
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Old 06-06-2016, 08:57 AM
 
Location: Westchester, NY
192 posts, read 319,444 times
Reputation: 225
The "right" house will probably never come along. I know...I was in that same situation a few years ago. We were looking for the "right" house and it never came along. We looked for 2-3 years. We finally settled on a house because it was in the town we wanted to live in and it was part of the school district we wanted our two little ones to go to when they are ready for school.

The plan is a ten year plan. We're going on 2 years next year since we purchased the house. We're hoping to upgrade to a bigger house within the 10 year mark. By then my two little ones will be older and will need more space.

We are currently doing major upgrades\renovations in the house every summer. I like the house and my neighbors\privacy, but it's not my "forever" home.

What I would do is see if you can manage in the smaller house for a few years. Then slowly expand. Either way, you will still be dropping lots of cash with either option. Remember...we live in one IF not, the most expensive County in the country...Westchester County.

At the end of the day look at the big picture. You own your house, you have an investment, you're no longer paying rent if you currently are.

My house has already gone up in value since I bought it almost 2 years ago.

I would go for the smaller house and just expand over time. The good thing is that you have a lot of property and you will be living in the location you want to live in. You kid will go to the schools you want them to go to.

Our children are pretty much the ones that govern where we move for the schools.

You're not alone.
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Old 06-06-2016, 09:19 AM
 
221 posts, read 467,646 times
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It would probably cost 200k to turn a 1200 sqft house into a 3000 sqft. If the difference in price to close to that amount I'd go for the smaller one, this way you can save for a few years with the lower taxes and house payment. Once you truly need more space you can upgrade.
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