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I know, I'm being a PW. Seeking your advice.
But I need some advice ladies.
DH and I are debating about whether to sell our house now or wait. I have made the following list of pros and cons.
Pros of our house:
1. Low house payments. I'm talking super low.
2. Lots of room and 3 bed rooms.
3. Huge arse backyard with fence for the dogs.
4. New carpet.
5. It stays cool in the summer without having to turn on the a/c very much.
6. Its a nice house, old (1895) but gorgeous and interesting.
7. Did I mention that our house payment is low?
Cons of our house:
1. Is next to the ghetto. Not in the ghetto, but definitely close enough to walk to the bad neighborhoods within 5-10 minutes.
2. Is super cold in the winter and heat is always running.
3. Is apparently like a trip to the beach for carpenter ants and mice.
4. Is two floors and is going to be very hard to baby proof once Hunter is mobile.
5. We have no garage (there is one, but its got holes in the roof and we have new cars that we're too afraid to park in there).
6. Has only ONE bathroom.
7. Its on a main road. We've had two major accidents outside of our house, one resulting in DH's (parked) car being totalled.
So. My question to you is - would you sell or stay? Our savings is high enough that we could put a small down payment on something new but nothing too high so our house payment is going to go up no matter what. That's the main issue. We like our lifestyle and hate to change it - but is it worth it to be living a great life in a bad neighborhood?
(The reason I'm posting this is because we have a potential offer from DH's former college wrestling coach to buy out 2/3 of our loan and rent it to college wrestlers. We would be co-landlords, which could get sticky, but the hope is that in 5 years his coach would buy the other 1/3 out from the money he makes off his rental properties (he has others and is a good landlord who takes care of his tenants)).
Re: I know, I'm being a PW. Seeking your advice.
My advice is to decide what the highest house payment you could afford is, and then re-do your budget and live like you're paying it. That way you'll see how it will impact your lifestyle without committing to anything.
IMO, a bad neighorbood is only going to get worse for you as Hunter gets older. Is he going to be able to make friends with the neighborhood kids? Will you feel safe taking him out in a wagon or on a tricycle?
ETA: You can always post your budget on MM. They'll be honest, but those ladies are smart!
TTC #1 13 cycles, CP 6/09, TTC #2 1 cycle
CDing, EP'd for 13 months for #1, BFing for #2
Pregnancy Hypertension - inductions at 39w, I grow big babies: DD was 9 pounds 1 ounce 22 inches, DS was 11 pounds even 22 inches - both vaginal deliveries
I was on board with you staying at the house, until I read about the busy street. That would definitely make me want to move. The living close to a bad neighborhood thing is rough too. I also live on the edge of a not-so-good neighborhood, but I don't so much mind because it makes my apartment more affordable. Lower rent and relative convenience to work makes worth it to me. Plus, rather than getting worse, I know my neighborhood will get better over time.
However, I think the busy street with kids would me make me want to move. I wouldn't rush it though. See how what else is out there that you could afford. Real estate prices are still lower than normal. Would a small house with a smaller yard in a better neighborhood still be affordable for you guys? A smaller, more modern house would mean lower energy costs in the winter too.
We could definitely downsize as far as size of the house - I'd still like a reasonably large backyard though. I think that could be fairly easy to find in our town as there are lots of houses from the 60s/70s that sit on big chunks of land in nice neighborhoods.
I think the only way I would stay at this point is if DH agrees to put up a child proofed privacy fence in the backyard. Right now we have a secure chain link which is great for the dogs but I could see Hunter as a toddler trying to get out if he could see the outside.
I think this is good advice. I also think that housing prices will rise relatively slowly. Since where you live is inexpensive, start socking away a bit more ($100-200 a month or more) to increase that down payment size or make house repairs.
It sounds like your place might need a lot of work before it will sell. Take a look at it from a buyer's perspective.
Ditto. The neighborhood thing and street safety of the major road would be a big concern for me, especially as Hunter gets older and more mobile. It never hurts to look and see what else is out there.
Good advice!