Beaniemom Posted August 25, 2016 Share Posted August 25, 2016 Ok Hive....I need advice.....we currently live in a too small house that is not set up well for ds with special needs. Because we have an opportunity for great interest rates and a special deal through our credit union we decided to look at houses and found a great one. We offered, seller countered and it's not a huge difference from what we offered (around 3,000 difference). Now we are waffling because we would have to rent out the current too small for us house. Selling looks to not be an option for several years (bad timing when we bought). We previously rented the house with little problem but our renters were rough on our property and we still have repairs we must make. Nothing too major but it adds up. Dh is willing to ask his mom for help if needed to fix up current house. Even our realtor has offered to contribute to make this happen (I know she bas a vested interest). I'm torn. What say the Hive? Quote Link to comment Share on other sites More sharing options...
TheReader Posted August 25, 2016 Share Posted August 25, 2016 Could you use a property management company to manage the house you'd be renting out? Or would that eat up all the profit you need to make in order to make the new house payment? Would the hassle of landlording be so great as to surpass the hassle of remaining in your poorly set-up house as for how it meets (doesn't meet) your ds's needs? Could you rent the house in it's current state, and do the repairs over time in order to defray the costs some? Do whatever is most needed to make the home livable and rentable, and then do others once a month, or once a quarter or....something? Or will the rental value be negatively impacted...? If you stay in your current house another six months or year, in order to fix the house and get it into rentable/sellable condition before you move out (and w/o having to borrow from family), would you then be able to buy at a still good interest rate? Or, have you calculated the cost savings of buying at this current great rate/special deal vs. buying in a year at "normal" rates/no special deal? Not even necessarily the long term savings in interest, but just the monthly savings in having a lower monthly payment at today's rate vs. if the rate increases next year? Could you still afford the monthly payment a year from now, at the "normal' rate, if you wait to buy? And, the question I always ask my people when they make decisions -- which will you regret more? Staying in the house, and every day that you deal with it being not well set up for your son with SN, will you feel your frustration compounded because you didn't buy when you had the chance? And because forever after now you'll be comparing to the "house that got away"? OR will it be more frustrating/regretful if you buy, and forever after are watching every penny as you work on house repairs, pay back your MIL, can't grab a cup of coffee or new paperback book or have lunch with friends for budget worries? (if that would be the case, I'm just hypothesizing here). Will your MIL be the sort to notice every cent you spend while paying her back, or otherwise make it miserable for you? OR will you be so glad to be in the better-fit house that you'll easily tolerate any of that for the 6 months/year/whatever it takes to get back on good footing? Lastly, will your budget have room for any surprise repairs on the new house, while you're doing repairs on the rental house? Can you have the seller add a home warranty policy to get you covered for the first year just in case? and if you're buying in a different tax zone, have you looked at what the taxes are on the new house, and are they comparable to yours on your current house, and will you be able to handle that? (I ask 'cause around us, they vary greatly from one area to another, and some are really crazy high). Don't feel you need to publicly answer any of this, at all, these are just all the questions I would ask myself or my husband if we were contemplating such a decision, and I post them only to help you think through the pros/cons. :) Best of luck, whatever you decide! 3 Quote Link to comment Share on other sites More sharing options...
JFSinIL Posted August 25, 2016 Share Posted August 25, 2016 Down the road, could the new house be turned (if needed) into a group home for your son with special needs? If so, grab it. Quote Link to comment Share on other sites More sharing options...
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