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Move to a smaller/lesser home??


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Could anyone help me think this through/give thoughts?

 

We would like to relocate to be near family. My husband's job will move with him.

 

We own our current home outright but absolutely can't show it while living in it due to my son's health issues. Our budget won't allow us to "float" an equivalent to our present home mortgage very long while we wait for our current home to sell. We also can't afford to rent anything halfway decent.

 

I had given up.

 

Now I found a house that is listed at $22,000 less than a real estate agent's conservative estimate of what our home would sell for. Our town has very low real estate inventory and our price point is what is currently selling. Still, there is no guarantee of course. We could afford to pay a mortgage on this "lesser" home while we wait for ours to sell. The mortgage would be much less than rent.

 

This home is in a nice neighborhood but in foreclosure. It needs some work. I'd have to get estimates and inspection before we would bid on it of course.

 

It is smaller and "lesser" than our current home. Specifically it is a bit over 500 square feet of finished living space smaller (1100 vs. 1650 square feet), doesn't have a family/bonus room, and has significantly smaller bedrooms/ kitchen/closets, etc. There isn't a garage and we currently have a very large garage used for storage as well as vehicles. The kitchen cabinets are not nice and not plentiful like our present ones. We couldn't replace those.

 

It does have a dry basement. We couldn't fix it up right now but we could use it for storage and room for my kids to run around and be boys. Actually in that respect it has more room to run around compared to what we have in our current house. My boys would benefit from that because one has severe allergies and asthma and struggles when he plays outside in the spring and summer.

 

Would you move to a lesser home or stay put?

Edited by sbgrace
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I think I would do it based on what you have said. If you own your current home outright then you don't have to worry about payments. If the new house payment is cheaper than rent....well it sounds like a fairly ideal situation.

 

The work that needs to be done can happen slowly over time. As long as there are no structural or environmental issues (ie mold) then I would give it deep consideration.

 

Good luck, these decisions are always tough ones.

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500 sq. feet is SMALL.

 

I would do it though, while making the basement into a living area a priority. Once the other house sells you can always shop for the "perfect" house if you realize it's just too small.

 

I believe she said it was 500 sq. ft. SMALLER than what they have now?

 

I'm interested in this idea, too. If we could sell our house and buy something for cash, we'd be completely debt free. We don't need this huge house anyway, and the taxes are RIDICULOUS! On the other hand, it's my home....and I'd hate to leave it. *sigh*

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500 sq. feet is SMALL.

 

I would do it though, while making the basement into a living area a priority. Once the other house sells you can always shop for the "perfect" house if you realize it's just too small.

 

 

It's 1100 Square feet (not including the unfinished full basement). That's a bit over 500 Sq. feet smaller than our current home. I don't think we (our junk) could fit in 500 Sq. feet.

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It's 1100 Square feet (not including the unfinished full basement). That's a bit over 500 Sq. feet smaller than our current home. I don't think we (our junk) could fit in 500 Sq. feet.

 

Oh my gosh lol I was thinking you were either crazy organized or very low maintenance without a lot of stuff!

 

With that in mind, then yes, I would do it!

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I would try this: Make a few areas of your home off limits to make it comparable to the house (size wise) to the house you are interested in. If you still feel comfortable, go for it.

 

I personally live in 1400 square feet with my 5 children and while I love my home, I often wish we had a finished basement and/or a family room. When my kitchen was old, outdated and had no counter space I was miserable. It has since been renovated. So I would not downsize if I were you.

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yes, i would do it. in fact, we actually did do it! we just moved to florida last july and currently rent an 1100 square foot trailer, lol (but my dogs are so grateful for the acreage & we are grateful for the rental cost). our previous home actually just sold last friday (finally!). it was 2300 square feet, built in 1925, and had a white picket fence. oh how i miss that sweet gorgeous home! we are saving money now though and planning to build a new home here within the next 2 years. the floor plan i am looking at is a 3 bedroom and under 1,000 sq ft. we purged a lot when we moved & i'm so comfortable in a small space now. i know we can go even smaller and not sacrifice a thing. i say go for it!:)

Edited by mytwomonkeys
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We had a realtor tell us that we should have five possible homes on our list that fit our needs but when it came down to it, there was only one house on the market with all we wanted/needed so we bought it. In your situation, since it's not a need to move, I'd consider looking for a few other possibilities just to wrap your mind around it a little longer. I don't think there's anything wrong with what you're thinking. At this point in our lives, I'd do it. :)

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What you described is something we are considering.

 

We have a house that will be going up for sale. It will be challenging to show it with us all living here (11-12 people). The main problem, though, is finding a suitable home to rent while this one sells. A rental big enough, if we can find someone to rent to us all plus 3 dogs, 2 birds, and a cat, the rent will be a lot. Add that rental cost to this house payment and the house payment of a rental property we own, it's a lot of money going out every month.

 

Instead of renting, we may be able to buy an inexpensive home now. The payment for it will be equivalent to what my DH is paying for his apartment. It will get us all together (I'm in Florida and he is in Ohio) sooner rather than having to wait for the house to sell. In the end, we will have a house that we can use as a rental after we buy our "real" home later.

 

It sounds similar to what you all are doing. It's certainly a viable option.

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I am doing it now with 3 kids and it is a condo not a house. We have a 1050 sq foot 2 bedroom condo. We do have a garage and some storage but that would be similar to an unfinished basement as far as storage. Now that I really decluttered for listing it on the market I feel like the space is fine. I just want a yard for gardening. I want another bedroom since we have boys and girls and eventually they will need seperate rooms and a bigger kitchen but I have been living with the small kitchen and it making do. I don't feel like I need more square footage now that we delcuttered. I try to live in the smallest space we can not only to save money but for environmental reasons. Go through everything and every room and really think about what you need and declutter. You can add in some built in storage. Make sure you keep the decluttering up on a regular basis. I really wish I could float two places for a short while. I hate being on the market with 3 kids and I realy want dh to be abe to really do a job search.

Edited by MistyMountain
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We have down sized. Are you willing to get rid of a bunch of stuff to do it? We went from 2800 SF with 3 cars of garage with a full room above the garage that wasn't counted to 2500 SF with a 2 car garage and a small shed. We got rid of a lot of stuff before moving and are realizing that we are going to have to get rid of more.

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We downsized five years ago from 2500sf to 1700sf. I was so glad we did. We've since moved one more time, choosing again the lesser square footage.

 

As your kids get older, you may feel a bit pressed for space. BUT that time with kids in your home is really just temporary; I've found that the smaller space gives us more opportunity to be together and to grow as a family--just at a time when many kids try to pull away. A smaller home has been a blessing for us.

 

I'd continue to consider the foreclosure home and also continue to watch for other sales. You can get a great deal on a foreclosed home right now.

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We downsized about 2 years ago to move to an area with better schools. We still have a mortgage but it is significantly less a month than our old home. We are also a little closer to family though we weren't that far from them before. We moved back to where I grew up so this just feels like "home" to me.

 

It was difficult at first because we had to get rid of a lot of stuff. Once it was done, it actually felt better to not be keeping so much and to have everything cleaned out. I have to be more organized this way.

 

We still don't have the house fixed the way I'd like it...just takes time when you have busy kids...but we are getting there and I like living here.

 

I would have a problem with no garage for storage. Our attached garage in the new home is small, only 1 car, so we put up lots of shelving but my husband also has a "man cave," a pole barn on the back of the property to keep his equipment. He does home repair so has a lot of that kind of stuff. If he didn't, we could probably do without a garage though. I'd just take a good look at what you currently keep in your garage to decide if it could be kept in the basement or wherever you might have storage.

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I appreciate all the thoughts!

 

My concern with downsizing is books. My husband is a collector really and my kids have tons of books too because a grandmother is very book generous. I don't think I could put them in the basement or at least I'm pretty sure my husband wouldn't put his books in the basement. We've got four full free standing bookshelves in the family room and 6 wall bookshelves too. I don't know how we'd downsize books.

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We've done it and it was worth it to be near family. We went from a 2000 sq ft home with 2 car garage to an 1100 sq ft home with a small storage shed.

 

It all depends on your priorities. It sounds like either way you would not have a mortgage and moving expenses will be covered by your husband's work. (correct?) With the possibility of having cash in hand at the end? I would do it! ;)

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To be honest, that seems really small to me, especially as your children get larger/more independent. My friend's family of six fits in 1200 sf. She loves it, but I think it will be crowded when her four kids become teenagers. She has hoarder tendencies, though, so if you are extremely streamlined maybe it would be comfortable?

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We moved from a 2300 sq foot home to a two bedroom 1100 sq ft town home. I love it. All of my girls share one room with bunk beds. We did purge significantly and got rid of lots of things. We also are renting a storage building for $75 a month. Our town home is a wonderful arrangement and feels very spacious due to the layout of the home. We are renting and able to save an enormous amount of money due to the low cost of rent for such a small home. Not to mention the lower expenses of heating and cooling a smaller place. I say go for it! We have adapted so well to living in such a small space that I dont think that we will ever spend the big bucks to live in a large home again. Living in a bigger home comes with it's own set of problems, in my opinion. I have enjoyed living simply.

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We are currently doing just what you mentioned. We moved from a 3,000 sf house to a 1200 sf house. We still own the first house. It just hasn't sold. We ended up finding tenants to lease the first house.

 

Living in the smaller house has been an adjustment. At first it was an adventure. The plan was to make this a short term situation. We invested in organization to contain everything.

 

I have to say that going on three years the adventure has worn off! And now we are saving to be able to move to a bigger house. We plan on finding tenants for this house and renting something a bit bigger for our family.

 

I honestly can not stand living here any more! Keeping clutter contained is a constant job. There is no room to spread out, and no where to get away. I find myself sitting in the car to talk on the phone, so I can talk in private! I think two of my children would be much happier if they had some space of their own. There is no where to work on school work, practice instruments, read in the evenings, if my husband wants to watch tv unless one goes to their bedroom. And even there someone might be working on something else that bothers one's concentration.

 

Hope I wasn't too much of a downer, but that's my experience.

 

ETA: Just read your comment about books. I got rid of 50 boxes of books before moving! I cried! But you know I'm okay without my books. I don't miss them as much as I thought I would. We purged and purged. I don't really miss any of the stuff we got rid of. I do miss our space!

Edited by missmoe
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Would the new house have a yard big enough for a storage shed? There are so very nice ones that don't cost too much. It might help make the house more liveable.

 

A friend of mine made a nice shed into her private sanctuary with a window air conditioning unit and space heater. She keeps her books, music, and doll collection there. She calls the shed her adult doll house.

 

Ann

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a little money goes a LONG way when finishing off a basement if your husband could do the work.

 

I'd be nervous downsizing, but others like living in smaller homes. If you're ok with a smaller space long term, then go for it!

 

How can a home have no family/great room? It's only bedrooms and a kitchen? You can make an awesome great room in the basement, and if you could put a bathroom down there, it would be very nice. Is it a walkout basement? Our basement gets TONS of light. Even if it wasn't, with the right lighting and layout, it could be very nice.

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Just to toss out another idea - would there be anything along the lines of a long-term hotel where you're going? Put most of your stuff in storage, stage your current house, and live there while searching like mad for a new house. The boys could possibly spend some time with family for a change of scenery.

 

I wouldn't want a long-term solution to what is really a short-term problem.

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Just talking out loud here....

 

 

How can a home have no family/great room? It's only bedrooms and a kitchen? You can make an awesome great room in the basement, and if you could put a bathroom down there, it would be very nice. Is it a walkout basement? Our basement gets TONS of light. Even if it wasn't, with the right lighting and layout, it could be very nice.

 

 

It has a living room. Currently we have a larger living room and a very large family/bonus room as well.

 

It's got an eat in kitchen (with good room for a table away from the main kitchen--sort of a combined dining/kitchen space). But the kitchen has less than 1/2 the cabinets and space of our current kitchen. The cabinets are also not great. They painted them and they aren't as good quality as our current to start with.

 

It has three bedrooms--all quite a bit smaller than our current bedrooms (11x10 for two and 10x10 for one). Closets in bedrooms are at most 1/2 the size of our current closets--probably less. It does have a coat closet and linen closet though both are small.

 

Two baths (small).

 

Full, dry basement. There are windows--3 or 4--but not walk out unfortunately.

 

There is a pretty good sized shed on property so we'd have a place for mower and etc. We're losing a garage and utility room but gaining the shed and basement. I don't know!

 

I think there are hardwood floors under carpet. I'm hoping because we have wood here and it best for the asthma/allergy kid. Otherwise we'd need to put something down. It looks like hardwood judging from the basement "ceiling". I'm going to see it again and try to figure that out. It seems to be a well built house and is in a good neighborhood. But it does need work--probably a new furnace, doors replaced, new guttering if not roof, bathrooms need some relatively minor work we could likely do ourselves, etc. We'd have to make sure we aren't putting more into it than it's worth when all is said and done. Any work would be done before move in though for sure because of my son.

 

At this point in my life "pretty" doesn't mean much. I just want something that works for us financially and in living terms.

 

I'm concerned about the stress of moving and the costs primarily--incurring debt even if it's likely temporary.

 

:tongue_smilie: This is hard. I keep hoping for some clarity somehow. My husband hasn't seen it so we're going together. Maybe he'll have clarity.

Edited by sbgrace
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Not sure about construction with the kid with asthma. We bought a fixer once and I will never do it again. It was awful! And, before we got it fixed up, dh job started getting bad, and you can't sell a fixer.

 

During fixing it up, there was dust all of the time. I cleaned every day and there was still dust everywhere.

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