8filltheheart Posted January 19, 2008 Share Posted January 19, 2008 I haven't posted about this on the general board, but those on the K-8 board know our dilemma. My dh accepted a job in VA, but the company did not buy our house. We were going along fretting about being separated, very concerned our house wouldn't sell. We put our house on the market beginning of Jan and within a week we had 2 offers and are now closing in :eek: 11 days :eek: !! I have looked at about 100 houses....everything in our price range in the area we want to live. Nothing leaps out and says....this is home. :confused: We have narrowed it down to 2 possibilities in the same neighborhood. Option 1.....It is a brand new all brick home but is at the very top of comfort range in price. Pros....big, new, will fit our family great, bipolar 15 yos will have his own space and bathroom. On a cul de sac. Builder is coming down tens of thousands on the house. Hopefully when housing slump is over, we would have instant huge equity in the house. Big con....price and not as private as a lot (still a big lot, but not nearly as wooded and sits on a corner) Option 2..... an older home that has some rotting masonite and wood around the windows. (only 1/2 masonite, rest brick). We will immediately need to spend about $20000 to replace siding, windows, and build a deck. The driveway is not paved, so we would spend $$ to do that as well. Not as large. Ds will have to share a bathroom with other kids. It is significantly smaller than our current home. Not on a cul de sac. Pros.....significantly cheaper and has a fantastic wooded lot (almost 2 acres....so the loss of the cul de sac for bikes would be made up in running through the woods.) Option 3.....try to live in a 3 bedroom furnished apartment temporarily and keep looking. We will have to find some place to board our 3 dogs. Living in close contact with our 15 yos is NOT a pleasant experience. Option 4......we spend the next year traveling around the country visiting WTM members and simply ignore the entire thing and let dh deal with it! ;) Quote Link to comment Share on other sites More sharing options...
hsmamainva Posted January 19, 2008 Share Posted January 19, 2008 I would definitely choose option #1 .... as you said, when the market improves, you'll have alot of instant equity. You'd likely not recoup any money you put into house #2 under the same circumstances. And that's alot of $$ to come up with, in addition to closing and moving expenses. I wouldn't even consider #3, under the circumstances you listed in your post. Option #4 isn't bad, if you can get any takers! LOL! Quote Link to comment Share on other sites More sharing options...
T Baer Posted January 19, 2008 Share Posted January 19, 2008 While renting may seem like torture, if you are moving into an unknown area, it's best to to give yourself more time to decide. Purchasing a home is a major decision that requires time as well as evaluation. Your family is adjusting to new living situation, new environment (social, traffic pattern and habits). Let this all sink in first before you buy. You may find an area that might suit you better. Happy Hunting and Living Quote Link to comment Share on other sites More sharing options...
KristineIN Posted January 19, 2008 Share Posted January 19, 2008 If the new house will strap you and it's not REALLY what you want, I would torture myself and rent. Really, this is a BIG decision. With the way the economy is now, I would take my time and make sure! Kristine Quote Link to comment Share on other sites More sharing options...
Brigitte Posted January 19, 2008 Share Posted January 19, 2008 Are you the person moving to Charlottesville? If so, I could tell you what I would choose. If not,a lot is going to depend on how well you know the area. If you don't know it well, I would go with the others and say rent for a while. That is what we are going to do, I think, this summer. Brigitte Quote Link to comment Share on other sites More sharing options...
Happy Posted January 19, 2008 Share Posted January 19, 2008 Buying a newer house is a safer bet, imho. However, if it is brand new there are some costs that may not jump out at you. Blinds or window treatments can be expensive, plus putting in a landscape so you don't drag mud everywhere. A house that is a couple of years old is a wonderful option. I'd probably jump in the new direction AFTER making sure that we really could afford it. I'm so tired of being house poor. Personally, I think option #4 sounds like fun. Come to Texas for a visit! :D Quote Link to comment Share on other sites More sharing options...
Tammyla Posted January 19, 2008 Share Posted January 19, 2008 I'm going to choose the one with the wooded lot. We bought a big home with a nice sized yard, but woods to play or walk in would be a daily blessing. Your 15 year old wont be home forever. Is he taking good meds? And I'm probably mixing up my posters, but is he going away to school this fall? Any space would be better than a little apartment with a teen.:) In all honesty I'd choose a home that will meet all your needs, not just his.:confused: I'm hoping you find your home sweet home soon. Quote Link to comment Share on other sites More sharing options...
Remudamom Posted January 19, 2008 Share Posted January 19, 2008 I hate being crowded and uncomfortable, and who wants to do a bunch of work on an old house? Quote Link to comment Share on other sites More sharing options...
Angie in VA Posted January 19, 2008 Share Posted January 19, 2008 OK, I'm waiting to vote, but while I'm thinking, do you know what it costs to heat and cool these homes? You have to consider that, and alternatives: is there a fire place? Can you get a woodstove insert? Can you put solar panels on the home down the road, or does an HOA forbid that? Or maybe you live in a warm climate and heating is not a factor. Just thinking out loud here.You've already considered the distance to work, church, activities, etc., right? We're building out in the country where there is NO HOA. I know they have a purpose, but I guess "property value" is a relative term. I love the sound of 2 acres, but I believe in space b/t neighbors and room for kids to be kids, and around here newer might mean prettier, but not necessarily better built, kwim? Pray on it, visit all the options at different times of day and night, try to find out about utility bills, and consider visiting Virginia!!! ;) Quote Link to comment Share on other sites More sharing options...
MoniMoni Posted January 19, 2008 Share Posted January 19, 2008 I feel your pain. I am tired of being house poor and they are never quite as good as you think they will be, but if you are getting it at a lower price, and it sounds like it will be less of an adjustment, I'd probably go for it. How soon do you think your DH could get relo'd again? We move about every 2 years and I am sick of it taking 2 years for me to get settled, make repairs, etc only to have to sell. Fixer-uppers are only OK for me *if* we do the work immediately *or* we know we will be there for years and it is perfect in other ways. (Can you tell this house makes me tired) If you know you are staying for the long haul, I'd probably do the apt and find what is right (repairs and all). FWIW, I voted for #4. We are in MD, just north of DC. Come on up and I'll show you a newer house that needs lots of work. :) Quote Link to comment Share on other sites More sharing options...
Sara R Posted January 19, 2008 Share Posted January 19, 2008 I wouldn't do anything expecting the market to improve anytime soon. I don't think the market has reached bottom yet; far from it. What does real estate look like in the area you are moving to compared to 2002 or 2004? If it's pretty similar, I might consider buying something if it didn't stretch me too much. If that area had a big boom, it would be really dumb to buy something expensive now because that is what has gotten the whole country in such a big mess. I've read predictions that the market won't bottom out until 2009 or 10. It takes a long time for prices to go down, and in some communities they have a very long way to go down until the median home price can be afforded on the median income. Can you rent a house instead? Quote Link to comment Share on other sites More sharing options...
8filltheheart Posted January 19, 2008 Author Share Posted January 19, 2008 Can you rent a house instead? Not really. Our relocation package includes moving and all closing cost expenses. They will store our furniture for a couple of months. Once we rent, we have to pay for the second move and all closing costs if we buy in the future (which we would). The housing prices vary from neighborhood to neighborhood. Some areas have experienced high appreciation, some haven't. Overall, the area seems stable. According to our realtor, increase in the region in general is still in the positive. The area has lots of houses on the market with few buyers in our price range. We found one house and the seller wouldn't negotiate price at all. (we thought it was overpriced for the area and walked away.) I have eliminated a lot. The remaining pool is now rather small. We are really torn between the first 2 options and feel a need to make a decision today b/c if we don't go that way and go with number 3, I have to start separating our belongings into storage and going with us areas. Based on the poll results, it seems a 50-50 toss all around. :confused: Quote Link to comment Share on other sites More sharing options...
SnowWhite Posted January 19, 2008 Share Posted January 19, 2008 What if you added in houses with 3/4 acre lot? Seems like you'd increase your pool by a bunch and you might find one that screams home. When we relocated recently, we went with a much tinier lot than we planned (and the internet pics on the interior looked hideous... it's much nicer than it photographed), but it neighbors a school and park with ACRES for the kids to play on. So we didn't need a larger lot, and someone else does the yard work on the ACRES, LOL. Quote Link to comment Share on other sites More sharing options...
Sara R Posted January 19, 2008 Share Posted January 19, 2008 The area has lots of houses on the market with few buyers in our price range. We found one house and the seller wouldn't negotiate price at all. (we thought it was overpriced for the area and walked away.) Lots of house inventory, few buyers=the first sign that a housing bust is on its way. Prices are slow to come down, because sellers don't want to take a loss, but eventually do go down to match the demand. Your area, if it's like mine, is probably a year behind California and Florida and some of the other boom areas that are really hurting now. I don't know your area specifically. But I think the pain of the housing bust isn't just going to be in the few boom areas. The crazy mortgages have been available nationally. It's more difficult to refinance now, and a lot of those mortgages (not just subprime, but prime interest only and option ARMs as well) haven't even reset yet. When they do, more people are going to have to foreclose. In some areas it might even become socially acceptable to foreclose because so many will have to do it. And those foreclosures will bring down the housing prices anywhere they take place. Unless either of these is your dream, forever home, and you plan to stay in it for at least 5-7 years, and you are sure you will be able to afford it for all that time, I wouldn't be buying now. Of course you have the closing cost consideration. Maybe compare how much your company would pay in closing costs, compared to how much you would lose if you had to sell your house at a 2002 price? Quote Link to comment Share on other sites More sharing options...
Claire Posted January 19, 2008 Share Posted January 19, 2008 The separate area for 15yo is great and it has enough space for all of you. I personally don't walk through wooded areas because of tics and lyme disease, and I would not intentionally have children playing in this type of area. I *love* walking through woods, but limit it pretty much to parks and areas with kept paths. Woods are pretty to look at (we have some in the back), but they wouldn't make up -- for me, anyway -- for all of the work the other house would need and its smaller size. Quote Link to comment Share on other sites More sharing options...
j.griff Posted January 19, 2008 Share Posted January 19, 2008 Wow, that's a lot to think about. I say, go temporarily insane and rent a while, while you look OR take the cheaper house with the wooded lot. Is it "livable" now? I'd take outdoor room and a bit of privacy from neighbors over inside room any day. I voted for visiting everyone though, LOL. Quote Link to comment Share on other sites More sharing options...
Elisabeth in IL Posted January 19, 2008 Share Posted January 19, 2008 I'm voting for option number 2. I'd love to be able to push my 3 boys outside to go play in the woods. They would have lots of fun inventing stories and battles. Plus I'm a bit lazy and would rather clean a smaller house. Do you love this house even though it has some things to be fixed? I also like the idea of making a house mine rather than using what someone else has chosen. Quote Link to comment Share on other sites More sharing options...
Mrs. Readsalot Posted January 19, 2008 Share Posted January 19, 2008 It were me, I would go with Option 1 no question about it. I prefer new homes, though this does sound like the best of what is available for your family. Also with a new home you get a one year builders warrenty. We have found this is a very valuable asset in a home purchase. Quote Link to comment Share on other sites More sharing options...
MoniMoni Posted January 19, 2008 Share Posted January 19, 2008 Our relocation package includes moving and all closing cost expenses. They will store our furniture for a couple of months. Once we rent, we have to pay for the second move and all closing costs if we buy in the future (which we would). This is the frustration with relo. You are subject to what is on the market. Through the various moves, I have realized my sanity is worth something. Next move, there are things I will pay more for even if I can't get my $ back. The kids, DH and I aren't getting any younger and I've wasted too much of our lives moving and settling in. It isn't something I do well. I think you'll have to write out the pros and cons. You might play hard ball with the builder. If there are few buyers, he might neg other things that would put that house further ahead. Might not come down on price anymore, but put up a fence for more privacy do landscaping, screens, blinds... Sending good vibes...:) Quote Link to comment Share on other sites More sharing options...
ChristyB in AL Posted January 19, 2008 Share Posted January 19, 2008 I wish we had done this when we moved several years ago. We bought a nice home that was at the top of what we were willing to pay, but without knowing much about the community. We would like to sell now but the market is ssllooww. If we had it to do over again, we would rent a little while until we had investigated more. The wooded lot sounds nice but you can find a house in time that doesn't need work right off the bat. I think the perfect house will come if you are willing to wait a little while. Quote Link to comment Share on other sites More sharing options...
Chris in VA Posted January 19, 2008 Share Posted January 19, 2008 I'm in Northern Va. Here, I'd go for the cul-de-sac house, because it had room for 15 year old (and good resale value-two master bedrooms? Or would you be giving up the master so he could have it?), and won't need so much work. Honestly, we live on 20 acres of woods--I had visions of the kids enjoying the woods. Didn't happen, except for the littlest, and she probably would've enjoyed a neighborhood more. Plus, the woods nearby is a recipe for dragged in "stuff" all year long, esp if you have a dog. Besides, if there's not as much shade, you can grow a garden! lol Can you tell I'm tired of the woods? See what's close to your house. Really, it's the location that matters more than the house, imo. Also, can you use the space efficiently in both houses? Utility bills? How are the schools? (Even if you homeschool, you want an area with a fine reputation for the schools--check for any gang activity in the high school, and the proximity of apartment or rental properties as these indicate problems people don't talk about). Good luck, and let us know what you choose. Quote Link to comment Share on other sites More sharing options...
Sandra in NC Posted January 19, 2008 Share Posted January 19, 2008 It's painful to rent, but it's better than being rushed into a major purchase. My husband has an employee whose family moved up here for the job and bought a home after looking for one weekend. They love the home; the problem is the neighborhood is new and investors are scooping up lots of properties. It will be a rental-heavy neighborhood soon. They have regrets. My vote would be to rent for 6 months and take your time finding the neighborhood you want to live in. Once you've done that, you can start looking at homes in that neighborhood as they come on the market. With the economy softening and home sales slowing, prices will probably get even better for you. Also, you want to make sure your husband likes his new position. One time we moved, my husband found out within the first 3 months that the job was not for him. It's nice to have some flexibility until you're certain. Quote Link to comment Share on other sites More sharing options...
Mom2GirlsTX Posted January 19, 2008 Share Posted January 19, 2008 Oh, part of me says take the new brick, but my logical side says to "hunker down and accept the pain and agony of renting" for awhile to find the right house. So I quess my vote is to tell you to rent, be miserable for a short time, and then live blissfully happy once you find the "perfect" home. Quote Link to comment Share on other sites More sharing options...
Old Dominion Heather Posted January 19, 2008 Share Posted January 19, 2008 The market in Va is pretty much dead with no sign of it looking up any time soon. Cooling a brick house in the summer in VA is going to be expensive, especially if it is new with mo large shade trees around. You can epect to have to run your AC from the beginning of May through the end of September, maybe longer. You can expect to heat from the beginning of November through the end of March. Quote Link to comment Share on other sites More sharing options...
Stirsmommy Posted January 19, 2008 Share Posted January 19, 2008 I voted the apartment. I know it will be awful but we were in one for five months and I am glad I waited so I could pick my house a bit more slowly. A few months of being cramped could really pay off in the long run. Melissa Quote Link to comment Share on other sites More sharing options...
amyinva Posted January 19, 2008 Share Posted January 19, 2008 If it is Charlottesville, email me! I live right outside Cville after having grown up in town, and I can definitely give you the inside scoop on different areas of town. We have a friend who is a builder here, and I'd say we have a pretty good idea of what is holding value and what is not. Not to mention, we'd love to meet you! amyinva @ gmail dot com. Quote Link to comment Share on other sites More sharing options...
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