Jump to content

Menu

House buying conundrum (update: we're doing it!)


MeaganS
 Share

Recommended Posts

DH is in the process of signing for a position in the town he grew up in, which we are super excited about. It would start next summer, so a year from now.

Today on Facebook I saw that the house he grew up with is for sale. This house was sold to family friends about 10 years ago and it was that friend's post where I learned about it. The house has everything we want, and more. It is also in an up and coming area and will probably appreciate by 50% or more in the next 5 years because of what's happening in the area. It has a pool, plenty of bedrooms, all the main rooms I want, 1.5 acres (we could keep our chickens!) and is only 15 minutes from Dh's new job. 

But, it is more money than we were planning on spending. We could afford it, but it is beyond what we were hoping to do. And it is obviously available now and we wouldn't need it for a year. I'm fairly certain we could find renters for a year based on the area (high concentration of young professional families constantly moving in) even knowing they'd have to leave in a year, but it is still an issue. What would you do?

The backyard is adjacent to the field the town sets of the fireworks. All of dh's family friends have spent the last 20 years of 4th of July's having pool parties and watching the fireworks from there. It would be amazing to have that legacy built in already. And it's within walking distance of an amazing brand new Children's Museum!

Am I totally crazy for thinking maybe we should do this?

Update:

So we ended up deciding no because in the end we thought it was priced too high and out of our budget. So that's all well and good, sort of sad but ok. So last night dh got a text from them letting us know that they took it off the market because it hadn't sold and they were going to do a bunch of cosmetic things to it, but if we want they could sell it to us before that at a discount. And they had lowered the price significantly anyways (so glad we didn't buy back in June. I knew it was priced too high!). So now it is only a little bit higher than we wanted to pay for a house and we have to decide again. As in, almost certainly fine budget-wise as we were being very conservative with our house budget. 

Update #2

Were doing it! We've agreed. I'm feeling excited. 

Edited by MeaganS
  • Like 8
Link to comment
Share on other sites

If your dh's childhood memories are really good, then I'd do it because the home sounds perfect and you are clearly excited. I'd do it. I'm sentimental, and I like traditions, and I just think it'd be awesome. I've been tempted to buy an old house my dad lived in and rebuilt decades ago, and it's in the middle of nowhere, many hours away, in a dead economic area. Just sentiment, lol.

  • Like 5
Link to comment
Share on other sites

It would depend on whether you can carry both for a year, because what if renting doesn’t work out? I couldn’t live with two mortgages, insurance (which around here is astronomical for a vacant house), taxes, etc for a year. I also would be terrified of bad renters. Perhaps the thing that would worry me the most, is what if the dream turns out to be nothing like reality? Is everything about to need updating (windows, roof, furnace/air, pool)? Because it’s an older house, are the utilities going to be more than you’d expect in a newer house? I know it seems ideal, but whenever I get all caught up in a moment like that, reality sucks....

  • Like 1
Link to comment
Share on other sites

It sounds amazing -- now *I* want to live there! ?

What happens if you buy the house, but the job falls through before next summer. Would you be able to sell it reasonably well?  Has the house had updates in recent years?  If it's already over budget, will you be able to afford major updates (roof, hvav). 

But like I said first -- sounds amazing. I'd find a way to make it work. 

  • Like 3
Link to comment
Share on other sites

 A few answers. I know what updates were done as of 10 years ago and I know that the current owners are really on-top-of-it kind of people. For example, I know they completely re-did the pool liner and made it salt-water a few years ago. I'm not sure on other updates and am waiting to find out about that. We could technically carry the two. Currently we are renters, and we could carry both with some cut-backs if necessary. We need to do some math. 

As for memories, we both have lots there. I remember visiting dh as a teenager there and we had our wedding reception there as well. 

We were strongly considering a pool anyways, and it has fencing, etc. all around it.

I kinda want to do it. It's going to be a late night crunching numbers and soul searching...

ETA: I forgot to say that I have no doubt we could sell it if the job falls through. It really is a hot real estate market and will only continue to be so for the foreseeable future.

  • Like 7
Link to comment
Share on other sites

I'd do it. I really would. It has everything you want in a house, it is where you want a house and it is in a good market so that if your plans change, you can sell it or rent it out. I'd make an offer and see what they say - make sure it's a fair one and if you work through a realtor, make sure the realtor tells them who is making the offer - they  may be willing to "make a deal" for sentimental reasons, too!

 

  • Like 2
Link to comment
Share on other sites

We did something similar, with different details. But, while the house was more than we hoped/planned to spend, it didn't put us under financial strain. I definitely wouldn't do something that put financial stress on the family by choice, having been there in the past without choice. 

Link to comment
Share on other sites

We've always had a hard and fast policy not to ever look at a house outside our budget, because math is heartless b!tch (it doesn't care how you feel about it.) We've always managed to find a house that met our needs and that we genuinely liked even though I'm sure there were houses outside our budget that we would've liked much more. But then, I'm not into sentimentalizing buildings.  We feel obligated to maintain margin (extra time, money, energy )because sh!t happens to everyone eventually. We've been around long enough to see recessions,collapsing housing markets, industry down turns,  sharp increases in other costs, major medical costs that aren't covered 100%, and lean times.  We don't want to be a burden to others in our old age a moment sooner than is necessary.  We want financial stability and the peace of mind that comes with it, not perpetual servitude to a particular dwelling.  There's no house on earth worth more to us than those things.  If the house you adore is in your budget and the location makes sense, then go for it. Enjoy! If not, remember that it's just a house.  Your peace of mind that comes from true financial stability, even when the unexpected hits,  is far more important than any building ever built.

  • Like 1
Link to comment
Share on other sites

Ahhh! I'm having such a hard time deciding. DH did the numbers and it is totally doable for us with wiggle room. I'm Facetiming with the owner this afternoon (we're 11 hours away) and if it is good, there is a big chance I'll be heading there tomorrow to go see it. We just might do this...

  • Like 5
Link to comment
Share on other sites

On 6/27/2018 at 7:37 PM, MeaganS said:

DH is in the process of signing for a position in the town he grew up in, which we are super excited about. It would start next summer, so a year from now.

Today on Facebook I saw that the house he grew up with is for sale. This house was sold to family friends about 10 years ago and it was that friend's post where I learned about it. The house has everything we want, and more. It is also in an up and coming area and will probably appreciate by 50% or more in the next 5 years because of what's happening in the area. It has a pool, plenty of bedrooms, all the main rooms I want, 1.5 acres (we could keep our chickens!) and is only 15 minutes from Dh's new job. 

But, it is more money than we were planning on spending. We could afford it, but it is beyond what we were hoping to do. And it is obviously available now and we wouldn't need it for a year. I'm fairly certain we could find renters for a year based on the area (high concentration of young professional families constantly moving in) even knowing they'd have to leave in a year, but it is still an issue. What would you do?

The backyard is adjacent to the field the town sets of the fireworks. All of dh's family friends have spent the last 20 years of 4th of July's having pool parties and watching the fireworks from there. It would be amazing to have that legacy built in already. And it's within walking distance of an amazing brand new Children's Museum!

Am I totally crazy for thinking maybe we should do this?

 

I don't know if you're crazy but reading this I was thinking "oh god, I certainly hope that never happens to us because we'd buy it no matter how bad an idea it was ARGH". 

That is a HARD situation because I believe in financial planning but I completely get what you are going for.

The 15 minutes from his new job is what sells it to me. That is worth a lot of money. So much. I save so much money working near my kids, getting home after school, etc.

Good luck to you. 

Link to comment
Share on other sites

How high are the odds of the job falling through? I have never heard of being employed but not starting for a year.  Is it common in your husband's field? How upset will you both be if you own it but never get to live in it?

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share

×
×
  • Create New...