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House Hunting Update w/POLL
Current House: 1300 sq ft, amazing neighborhood, affordable monthly payments, 3 bedroom, 2 bath, big yard, no garage, no formal living room, no formal dining room, updated to our taste, if sold would make a profit after realtor fees around $10k
Possible House: 2100 sq. ft, good (not great) neighborhood, about $200 less a month for mortgage payment, 4 bedroom, 2.5 bath, decent yard, 1 car garage, formal living room (will be used as office), formal dining room, horrible tile in baths/kitchen, cosmetic updates needed, perfect layout
That is the breakdown between our house and this potential house. Important note is that we do not need the extra space right now since kids are about 2-3 years down the road. But the interest rates are incredibly low right now, so it could be advantageous to get the bigger house now. WWYD?
[Poll]
Re: House Hunting Update w/POLL
Because the market is crazy we would ONLY consider an offer with a contingency. We realize we might lose homes because of this, and we are prepared for that.
I LOVE the bones of this house. The potential is incredible! The work doesn't really scare DH or I because we are super handy, but it makes it less of deal because of the cost involved. If the horrible tile was gone, we'd be there for at least 8 years, unless something crazy happens like DH gets an incredible job in NY. If we stay past having 2 kids will depend on if I am working or SAH. This house definitely gets us closer to me SAH with the lower payments and more room for the family to grow. But if I'm working we'd probably more at some point for shorter commutes/ better neighborhood, but that would be probably 8 years out.
Refinancing is an option but we have shyed away from it since paying the cash for closing may not be worth the reduced payments if we aren't planning on staying here more than 2-3 years.
We are so so so spoiled in our neighborhood now. And this neighborhood is less than a mile away. So it is still safe, close to shopping, restauarnts, etc. The HOA isn't as active, which we could help change. And the look of the neighborhood isn't as impressive. Some of the houses just aren't kept up as well as we are used to. But all of that is cosmetic and doesn't mean that good people don't live there, you know?
And we could never afford a house this big in our neighborhood, so we need to figure out if we want the space or an active neighborhood.
Oh ok. gotcha. I thought you were meaning that it wasn't in a good area.
I'm very torn on this one. The first rule of real estate is location, location, location. So, the fact that this other neighborhood, although close to your current one, is recognized as "not as nice as your current one" and YOU recognize that it isn't kept up as well--what does that say about how the houses will look 5 years down the road? (And first impressions ARE important to home values, whether we like to admit it or not.) My guess is that the other owners WON"T form better habits--unless a large percentage are elderly now and (sorry to be blunt) might sell to younger homeowners.
On the other hand, I understand where you are coming from. We bought our house in a great neighborhood which has retained most of its value, but the rest of our zip code has pretty much tanked. Our house did (and still does) need a bit of work--but the layout and "bones" are incredible.
It's a tough decision! (btw, I voted "other.")