House situation...to buy or not to buy? (long)

[BakersDozen]

After posting on the mortgage thread and determining to stay put in our current home, we went and looked at a house today. :tongue_smilie: The house we looked at is amazing! 5 acres (we're currently on .23), HUGE kitchen, 4 bedrooms that are very large and each bedroom has its own private bathroom (toilet, tub, single sink) and a walk-in closet that is easily half the size of the bedroom. There is a guest house that is 1200sqft w/a full bathroom and big storage room. The house has a covered front porch that is really big but the back porch...WOW! It is easily the entire length of my current house and big enough that all 7 dc could ride their bikes on it (going the same way, of course) and not run into each other. There is a chicken coop/tack barn already built. No landscaping (it's high desert) but that's no big deal as I don't want to plant grass or huge trees where water is already scarce. It has a well which has great output. The view is amazing - mountains all around, gorgeous sunset tonight, sky so dark and stars to bright it takes your breath away.

 

Price is 258K but it is empty and we know we could offer much less.

 

I am an emotional buyer. I feel that my dc (my boys in particular) are caged in our yard and can envision them tearing around this property on their bikes. I think of when our dc are adults and we could have them stay with us if need be or even give them a part of the land. I think of holidays and the dc coming back and actually having not just their own rooms but their own bathrooms. Goodness, dh and I could take the guest house and give the dc/grandkids the main house!

 

WWYD? After we were out there I went for a run around my neighborhood and was struck by the noise. I'd not noticed until tonight that what I thought was a quiet neighborhood is becoming louder. About a mile from us is much lower income housing/business and things are changing rapidly. I don't let my dc go to the park alone anymore. Most weekend nights we are treated to a concert from the people about 7 houses down as they play their music LOUD and entertain what must be extended family/friends that number in the dozens. I'm trying to describe this without coming across as judgmental or unkind, yet this same thing happened to us when we lived in Phoenix and within 2 years our lovely neighborhood was so bad the city was stepping in and trying to save it from becoming a crime-ridden, rundown rathole. It didn't work.

 

The cons we've come up w/as far as moving are:

1. We are financially stable where we are. We could refinance to a lower interest rate and save just a bit more $/month.

 

2. Moving we would have no extra $, period. The house would be moved into as-is and no improvements made on it.

 

3. Our social life (slim as it is already) would be gone. People here don't drive places that are "far away", meaing more than 8 miles away. That wouldn't be a big deal for me but for my dc who have enjoyed having neighborhood kids to play with it might be rough. There are neighbors by this other house but w/5 acre properties I don't know how well we would get to know anyone.

 

4. No phone service. We can use cell phones but my internet would be gone. Back to the dark ages! No more WTM or any other board (that might not be such a bad thing as I might use my time more wisely...).

 

Thoughts?

[lulubelle]

This does not sound like an great choice either way you go. My initial reaction to you is stay put and keep searching for something in the middle. Look for a house with less land and less house, but more than what you have. Write down what you realistically need for your family size - not necessarily your ideal. Only look at houses with those certain criteria. Good luck.

[WTMCassandra]

I would step carefully. If I were you, I might put in an offer for the max we could afford just to see what happens, knowing that it's probable it would be rejected. It depends on how important an amazing house is to you.

 

I determined at our last move that it was VERY important to me and I have been willing to live with the consequences of that decision (things are very tight). (Our case was that we saw lots of awful houses and this one great house at the very top of our range, and we had one week to make a decision. We saw just about everything available in our price range during that time--and this was clearly the right one for us.)

 

Before I made such a move, I would see if EVERYONE in the family were as committed to that house as you are, and especially your hubby. Does this house put him closer or further away from work? Will it cost him more or less time with yard work? Does he want the quiet, secluded lifestyle?

[sunshine]

I see you have a full house of children. That takes care of the friends issue. Your kids would be each others playmates and best friends. 8 miles is not too far to have the occasional friend come out and spend the day.

 

Less crime? if that is the case then put that on the pro side

More room? pro

less money to spend on what? necessities or luxuries like eating out? if necessities then I would just offer the max that we could afford then if it works great if not then refinance where you are and keep the extra aside to be able to jump on the next dream house. There is always another one.

 

I personally, if I could go from .23 to over 5 acres would pack tomorrow and it you tell me where it is I just might!! :D

[5wolfcubs]

If I were you, I might put in an offer for the max we could afford just to see what happens, knowing that it's probable it would be rejected.

 

:iagree: I like this idea. Pray first, then make your offer. The house/land sounds great! But deliberately moving into a situation with NO financial leeway...not so good. Still, dh has been regretting our move from an acre with goats & chickens for the very reasons you state.

:grouphug:

Edited October 18, 2009 by 5wolfcubs
yes, I can spell...really!

[Dobela]

Have you also looked into the price of utilities? Your electric/gas would be more expensive most likely. How would that effect your budget? What about increased cost of travel to stores, church, other activities?

 

And can I say, all I can think of when you say desert and wide spaces is rattlesnakes. Shudder. That would be a deal breaker for me LOL.

[Mad Jenny Flint]

I think this post makes little sense given your previous post re: being debt-free/having financial leeway.

 

Dh and I believe that a mortgage can = very sensible debt. We are in no hurry to pay off our house, but it will be paid in 9 years (15 year mortgage at a rate that is practically unheard of). So, it doesn't necessarily matter that you won't pay off your house.

 

However, it costs money to move, and to maintain a larger home is more expensive, as well. Utilities, insurance, taxes will all be more expensive. And there are always repairs with a home. Appliances break, roofs leak, plumbing and electric can present with problems at any time (particularly plumbing in a house with 9 people). If you will not have the extra to deal wtih these issues, you need to stay put.

 

If you stay put, here is what I would do: work hard to find contentment where you are. Focus on the good things about being where you are- your family's social life, internet, financial stability and familiarity, the feeling you are making good choices with your $. Wait for things to improve with the economy a little. It is going to improve.

 

You will be able to move at some point, maybe just not at this point. If you are so set on trying to make this house you've looked at work, I would offer LESS than what you can afford, leaving room for all the ancillary expenses, and see what happens. If they take it, then it was meant to be, and if not, then it just isn't. For now.

[elegantlion]

Honestly the no internet would be a deal breaker for me. So much of my family's life happens via the internet (not just on these boards) I would not want to do without. I would feel very isolated. My dh and I want to move to a more rural setting at some point but internet is still a necessity for us. I wouldn't want to have to drive everytime I wanted to look up something on amazon, pay a bill, or send an e-mail.

Edited October 18, 2009 by elegantlion

[amy g.]

Well, I would make an offer and if it was rejected, feel secure that God was telling me to stay where we are.

 

It sounds totally worth it to me.

[Chris in VA]

We moved to a more isolated spot from a neighborhood, and it really hurt my kids. However, we just have 3, and the only one affected was the middle son. I think with 7, it's totally different.

 

Everyone has given you good advice. I'd tally up the increased expenses (honestly--it would be tempting to fudge the numbers! lol) and offer what we could realistically afford--not up to the edge financially, but with a buffer. I'd also check to see if cable is going to be run out there any time soon. We only had dial-up until two years ago--I know you wouldn't even have that. How about 911 service and emergency service/fire/police?

 

The house does sound incredible. Around here, it'd be a 2 million dollar property, easily! Location, location, location...:D

[melissel]

I personally, if I could go from .23 to over 5 acres would pack tomorrow and it you tell me where it is I just might!! :D

 

The house does sound incredible. Around here, it'd be a 2 million dollar property, easily! Location, location, location...:D

 

:iagree:!!!

 

However, everyone else has given you very good advice, especially about talking to everyone in the family to see what they think. I also just wanted to throw in that you should be able to connect to the Internet via your cell phones, depending on your plan. We looked into that for me because I work from home and wanted to be perpetually "connected" so that I could get the kids out and about more (turns out our cable company recently installed hotspots everywhere though). My uncle, who runs his own business, has the same thing, and he loves it. So if that's truly a factor (it would be for me too), check with your cell company.