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Which house would you get?
After our inspection disaster, we've revisited some of our top houses again to see if we wanted to jump in with another offer. We've narrowed it down to two and are struggling to pick between them because they both have pros and cons. We are also toying with picking neither and continuing to look as other things come onto the market. Here are some quick descriptions of the houses, what would you do?
House 1: Not a foreclosure
About 200 square feet larger than house 2
Sits on 1/3 of an acre with completely fenced in yard in a nice established neighborhood. Property values are likely to go up if the market ever turns around.
Brick house, with sound construction, built in 1972.
Very small kitchen, decent sized bedrooms, small bathroom, and HUGE living room/dining room. Also comes with all appliances and 2 car garage. New Air conditioning unit and water heater is in good condition.
Great location in terms of work and shopping.
Here's the rub: It needs a new roof. It was last re-roofed in 1989 and we know that State Farm won't insure it unless it's replaced or we have a letter from a roofer stating it has at least 5 years of life left. It's also in a flood plain (but so is most of the area on the coast, so it's not a shock)
House 2:
Built in 2009, and was where the contractor stayed during construction of development which was ultimately foreclosed on. Only about ten lots are developed.
200 sq feet smaller, with larger master bedroom, walk in closet, and big bathroom. Other two rooms are about the same size as house #1 as is the guest bathroom.
Decent sized kitchen with upgraded cabinets and counters since it was the contractors house. Also includes all appliance included except the washer and dryer.
The structure looked really solid and drainage was great around the house. It's not in a flood plain.
2 car garage
Brand new roof.
The location is alright, it's a little further out than we are now, but under ten minutes.
Here's the rub for this one: The lot it is on is tiny, the irrigation system was never finished and we would need to pour the concrete for the back patio as it wasn't finished. We'd have to build a fence in the back because of the dogs. We also don't know what will happen to the rest of the neighborhood since it was foreclosed on.
They are priced the same.
Which would you pick? 1, 2, or neither?
Re: Which house would you get?
#1 would be my choice of these 2 homes. Replacing a roof is not a deal breaker for me and I am not a big kitchen fan. (We have purchased 2 homes and done extensive renovations)
This is about YOUR priorities.
Keep looking if you feel #1 would not work for you.
I would keep looking. But I would completley avoid #2. I also am not a fan of replacing the roof and the whole circumstances you have surrounding that.
You also aren't excited about either one - so I think you should keep looking.
I may have missed where you are located but here, to fence in the yard and to pour for a patio are relatively cheap things to do.
I would pick #1 because it's in an established neighborhood, and the new roof wouldn't be a deal breaker to me. Where it isn't a foreclosure you might have some wiggle room in your offer to get the sellers to help pay for the roof, or at least part of your closing costs.
However, I wouldn't be afraid just to keep looking either, if an offer on your terms wasn't accepted.
Thanks ladies. We can, and will, be asking for roof replacement if we make an offer on house 1.
I think we're both leaning towards looking further, but having some unbiased opinions is always helpful.
I would go with #1, but honestly you should keep looking. Is there any way the seller can replace the roof for you?
Between the two, I'd do #1 - IF your offer includes depreciation for needing to fix the roof or contingent on the seller replacing the roof - also only if you would be getting flood insurance for the house value (though, I think you have to do that with a mortgage when you're on a flood plain, anyway.)
As far as homebuying goes, #1 really doesn't sound all that bad - but if the roof issue and the flood plain sound bad to you, keep looking.