Take the Risk of Dual Ownership?

16 years ago

We have put an offer on a house that is vacant. Currently it includes a contingency with a kick-out clause that we sell our current home by December 31. However, the sellers' agent has said that they'll entertain the offer but will want to see our house on the market by the end of next week.

HA HA HA HA HA HA HA HA HA HA HA HA HA HA.

We weren't planning to move. Woke up last Friday and said, "I want a new toy" and by Monday had found this house. Since I'm not quite done with my kitchen remodel, I have no idea what brought this on, but the house is in even worse shape from everything being moved to temporary locations while that was going on.

Aside from general decluttering, major things to be redone include refinishing hardwood floors downstairs (we did the kitchen/dining room and were just waiting for that project to finish to redo the rest, which have pet stains and are very worn); repaint most of downstairs to something more neutral than "retina-searing yellow"; reframe/rescreen the formerly-screened porch to repair damage where the dogs decided they wanted an open-air porch; rebuild rotting railroad-tie steps in the back yard; fire-bomb the basement workroom because there just is no hope for it.

Coincidentally, we just found out a large chunk of money we're due should actually appear in about two weeks. It would be enough to put 20% down on the new house, move, do the repairs and cover both mortgages for a period of time. Clearly the painting/floors could be done so much easier if the house were empty, and with 3 kids, 2 dogs and 2 cats, the thought of keeping the house clean for showings is overwhelming. That's after I get through the overwhelming part of even getting it ready without the major repairs.

The agent says we can list without actively showing, but I feel that just negatively impacts the long term, when days on the market shows high or an agent sees its current condition and seriously lowballs us and forevermore remembers it with bad floors and screaming paint and a junky screened porch.

So, while I think it would be so much easier to deal with an empty house and I truly believe it will sell faster if it is vacant, I just wonder if I'm not trying to talk myself into it because it's the easier route to move first. I do think my house will sell, I've looked at the comps, we're a good location, but I'm not sure I have the stomach for the risk of owning two for an indefinite length of time.

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Comments (19)

marys1000
16 years ago
I;'m not sure anyone can answer this for you without knowing more about your financial situation than would be prudent.
Things people here will likely want to know
Where are you - as in what's the market where you live? Specifically Average
Days on Market for your area.
Is your house something people are looking for (best school district in town etc)
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novahomesick
16 years ago
Given that most of the country is in a housing recession, your plan is risky. So, what's your risk tolerance?

Fast forward a year and imagine the following scenario:

You've moved, your current home is still on the market, and you're carrying the mortgage, taxes, insurance, and utilities on both houses. How are you sleeping at night? Will your savings carry you through one of life's little emergencies? Are you mildly concerned or biting you nails down the quick?

You made the offer on impulse but really think through the 'what ifs', assess your reactions, then you'll know what to do.
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xamsx
16 years ago
Well, if you can afford a mortgage on the "new" house without selling the old house, there is no reason you need to list so quickly. You just remove the contingency of purchase based on your house selling & obtaining financing to just obtaining financing.

I sold my house last year. I purchased my "new" house the year before. I had 10 months in between for s-l-o-w and leisurely move, and the fix ups on my old house were accomplished in 1/4 of the time it would have taken if we had been living there. We too had a dog, the floors needed refinishing, etc. It was just easier to do it that way. Like you my old house looked better empty and we did sell in under a week.

The big negative is what happens if the old house doesn't sell in a year? Two years? Ok, after a year you rent it out, but do realize you need a game-plan if it doesn't sell.

The market you are in is very important. If it is a complete buyer's market, expect the possibility of owning two houses for a long time could become a reality. If you are in a neutral or seller's market, can afford to carry two houses (mortgages, upkeep, etc) for possibly a long time, based I my previous experience I'd have to say it is the only way to buy and sell your home.
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jy_md
16 years ago
From my own experience, I really can't recommend dual ownership. While we could meet the payments of both houses, it was still incredibly stressful - it's not like you're living in both houses so one is just sitting there. We were lucky in that we only had three months of double payments - our market was pretty neutral (not going up or down but definitely slowing) and pricing had everything to do with moving the house off our hands.

But in your case, like you wrote it would be easier to fix/finish up the old house with no one living there. The only problem I can see is when you do finish up the old house, you may want to live there again :)

Good luck. I hope things go the way you want.
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chisue
16 years ago
Have you had a diagnosis of ADD-H? Is money no object? Are you in a sellers market (not many out there, but there are some)? Do you not care if your current house brings bottom dollar? (That could happen if you don't make the repairs and shine it up, and could happen anyway if your market is in free-fall.)

Would you consider a less-expensive, less risky "new toy"? Something that doesn't require a loan or a mortgage would be good.
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tauphidelt
Original Author
16 years ago
LOL! My "new toy" will simplify my life ... smaller house, closer to the center of our lives, less maintenance, good value for the money/area. I would not have made an offer just to make an offer; the right house happened to be available when I realized the current home was too stressful. It's pretty much how we got this house -- we never shopped; we bought this house because it was the right one for our lives. I didn't need to look around more to see what was available.

As for the ADHD, more like mid-life crisis, I would suspect. ;-)

If it weren't for this settlement money coming I wouldn't even think of moving first. I'm approved to own both (astounding, considering the shape of the mortgage industry right now that the bank considers 50% of my GROSS acceptable and would give me another mortgage...), but I have no illusions that I could actually make both payments and do things like eat, drive anywhere, have insurance, etc.

However, the extra money would allow me to cover both payments for many, many months. But do I want to put money into THIS house that could be paying down principal on the other one? Yes, money is still and object and yes, I do care what my house brings. But to bring top dollar it's going to need more than I can do in a week.

The market isn't rip-roaring but things move. I'm in a desirable suburb close to the city, not the best school district (not meaning "bad", the school is good, just not literally "the best", which is 2 miles down and the housing prices in those neighborhoods reflect it). We're in an established neighborhood, but have done the kitchen/bath/closet upgrades that give people much of what they'd get in new construction, which you can't get here for less than double what the comps have sold for.

I do appreciate all the input, and I'm still thinking. Their counter is due back Monday. If I can keep the price down by removing the contingency that'll be another thing to factor in.
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theroselvr
16 years ago
As Mary is saying, location may or may not play a role here. There's a poster that did fix her house up, then the market slowed by the time she was done. She's said that had she sold before doing everything, it may have sold. Hopefully she will post to give input.

For us, we remodeled the master, because we had to. I would be shamed to show my house with dark paneling / red carpet / gold ceiling & saloon doors to the bathroom. I could barely go back there and threatened my husband many times since I've lived here that I was going to buy paint to lighten up the paneling. By the time we finished it, the market slowed :( - had we been on top of the contractor we hired, it wouldn't have taken so long.

You may be able to finish the kitchen after moving, then pick a few things to do on your list after moving out. Give yourself a specific time limit, say 1 month. Then list the house. If you did not finish everything, continue to work on them while you sell. Be sure to pick a realistic price if the house does need work. You may get someone that will come in and not mind painting, or not mind fixing the porch if the price reflects that.

The only problem I can see is when you do finish up the old house, you may want to live there again :)

This is very true. I love how our remodel came out, we're having counters put in the kitchen and main bath (been saying this since before we listed) and if we did not need more room would stay. It was hard to put the house on the market for a lot of reasons, but we have to.

So, while I think it would be so much easier to deal with an empty house and I truly believe it will sell faster if it is vacant, I just wonder if I'm not trying to talk myself into it because it's the easier route to move first. I do think my house will sell, I've looked at the comps, we're a good location, but I'm not sure I have the stomach for the risk of owning two for an indefinite length of time.

From the sounds of it, you are pretty unsure and probably shouldn't do it. Even if your market is good, who knows how it will be once you are done? You're the only one that can make that decision. What if the money doesn't come or it takes longer to get here?
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sweet_tea
16 years ago
I say you should do it. Most folks have not owned two homes and are scared to do it so are telling you NOT to do it.

I have owned two homes at the same time. It is not that bad, really.

In your case, it makes sense to do all those fix up things while the home is empty. Plus you are likely to net more money on the sale of your home once it is fixed up. If you try to sell it now (not fixed up), you probably will net less than if you fix it up when empty and sell while vacant(even taking into account the months you are paying mortgage while vacant). Plus it will be less stressful on you.

I had a coworker that bought a new home and he didn't even list his old home until he moved into the new place. He said he always does that - that it is too stressful to try to sell a place while still living there. I agree. (your case you have the fix up as well,which really will benefit you when the home is empty. Plus pets and kids...it is tough enough selling with them present, then try remodeling as well. NOT!)

And here is something else to consider. Stress wise, I think you are better off with fixing up/selling while vacant. The stress saved to you here is mucho. That is worth a lot in life.
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sparksals
16 years ago
I say you should do it. Most folks have not owned two homes and are scared to do it so are telling you NOT to do it.
I have owned two homes at the same time. It is not that bad, really.

The reason why most folks have not owned two homes and are afraid to do it is because they cannot afford it!

It certainly CAN be bad for those who don't have the financial means to hold two mortgages.

It's not about fear or never doing it before. It's about people making solid financial decisions that won't bankrupt them.
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chisue
16 years ago
I was picking up on some feeling I got from your OP. Now you say your current house is "too stressfull"; that's what I was hearing.

Is the new house less expensive, smaller, what? As long as you aren't moving in an attempt to escape the undone chores in the old house, I'd say that this can work.

If indeed you can carry both homes while you ready your current house for sale, yes, move and get cracking on the old home. Run the numbers, how little can you take for your present home and come out whole?
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tauphidelt
Original Author
16 years ago
chisue, I've been known to tell people I want to move because this house is dirty, but no, not the real reason. My husband has been broaching the idea for a few years, and I strongly suspect he does think "new house" = "different family", ie -- dogs don't pull trash out of the cans, kids don't leave science project on the dining room table, wife puts her shoes away instead of kicking them off right inside the door. Sadly, his dreams aren't going to be fulfilled with this move. lol

The new house is smaller, no basement, but with a bedroom configuration that actually works better for us. The proximity to 95% of our activities is the main draw, though. Two minutes from work for me, less then 3 miles to either school, 1 mile from public transportation for DH. We aren't that far out but the back-and-forth for kids' activities has gotten wearing. Plus the much smaller yard will alleviate hours and hours of lawn maintenance each weekend. What I really woke up and wanted that morning was to simplify my life and this house does that.
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chisue
16 years ago
That's exactly the answer I was hoping to hear! Hope you get the smaller, more conveniently located house and can start living in it while you fix up the old house. Maybe you can sell or give away a LOT of the "stuff" we all accumulate when you move. LOCATION (cubed) has always been my mantra. (You could tell everybody to remove their shoes at the door, Hawaiian style. A little bench with kick-off storage?)
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feedingfrenzy
16 years ago
If you can afford it, you should do whatever makes your life less stressful and more enjoyable. But if you feel you would stress out carrying two mortgages, then you shouldn't.

We've carried two mortgages when we could afford to, and I can say that it makes buying and selling much less stressful. But I know people who've had to do it when they couldn't really afford to and they found it extremely stressful.

Only you can make this call, but don't automatically rule out carrying two mortgages just because some people have had bad experiences.
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Nancy in Mich
16 years ago
We woke up one morning one September, went to an open house, and decided to move. We seriously hunted for three weeks, found a good house with a good price and were under contract. Closed three weeks later, planning to move in after Christmas because the current owner wanted to stay 45 days after sale. Then he moved out about 10 days after sale and we were moved in on Thanksgiving weekend.

The old house was ready to market by March 1. That was March 1, 2006. We 'closed' on a rent-to-own situation on that house on July 31, 2007. Yes, we made all the payments without a problem, but I don't like to think about what else I could have done with the $1100/mo!

The house we sold was extensively redone. The kitchen brought gasps of awe (I am not kidding, they would see the beautiful new cabinets and exclaim on the amount of storage, then turn the corner, see the pantry and just gasp aloud.). The home was about 30% larger than the standard home in the sub, but not the largest home by far. It was priced lower than other homes of its size. It had curb appeal to spare. It had all new paint and refinished oak floors. It took 17 months to sell!

If you can do that without looking back, go for it.
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notrafficinga
16 years ago
We just did what you are contemplating. Our house was just not working for us. It wasn't the size, it was the ill-designed floorplan. Funny how you don't really know until it is too late. We were going nuts tripping over each other and the walls were closing in on me.

We have lived in our new home for a couple of months and it was a good decision. My mom is renting my old house until her new one is finished. She will be leaving just as it is time to spruce up for the selling season.

We can "technically" afford the extra payment, but it WILL be stressful to see all that money leave every month. It won't be as stressful as a slobby husband, a kid, two dogs and a cat would be during the selling process. Only you know your tolerance for chaos. Mine doesn't extend to my husband constantly claiming that "everybody understands mess when you have a kid" while the house is on the market and much of the mess is his desk full of empty coke bottles and candy wrappers. An empty wastebasket sits dejectedly nearby.
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tauphidelt
Original Author
16 years ago
Thanks to everyone for the replies. We've decided to go ahead and remove the contingency, shoot for closing the first week of October,and moving the next to get ours on the market no later than mid-month. (Ask me in a year if I still think this was a good plan... LOL!)

The saving grace is that having seen the comps and talked with the realtor, a realistic listing price is about $30K above what I had thought would be the sales price. So I have a fair amount of negotiation/price drop/wiggle room where I can still come out with the net I've been counting on when I run the numbers buying the new house, and if I get more, so much the better.

Only you know your tolerance for chaos.

My tolerance for chaos is very high. My tolerance for keeping a tidy, unchaotic home is pretty darn low. ;-)
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sweeby
16 years ago
Sounds like a great decision for your particulars -- particularly since it appears you canprice for quick sale. Renovating is SOOOOO much easier if you're not living there.
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theroselvr
16 years ago
We had a showing yesterday and one today. Of course the kitchen is kind of ripped apart. I've wanted to replace the white counters since February but hubby wouldn't go for it because they'd need to be custom. Now that we found a house, hubby agreed after hearing it from one of the ladies at another community we were going to buy in.

I had a cabinet moved, was spackling the whole kitchen, thankfully had primed the other day. I'd have to say it's been 3 weeks like this (I work slow). We were at the design center when we got the call for the showing.

After getting home, hubby ran to Depot to get me paint, I put on one coat while he did other things. We both did little things like cleaning, washing floors, but managed to be ready by 11 am. Don't have feedback from yesterdays showing; I wasn't going to turn either away.

Funny, people always want to see the house when we have projects going on.

Thanks to everyone for the replies. We've decided to go ahead and remove the contingency, shoot for closing the first week of October,and moving the next to get ours on the market no later than mid-month. (Ask me in a year if I still think this was a good plan... LOL!)

The saving grace is that having seen the comps and talked with the realtor, a realistic listing price is about $30K above what I had thought would be the sales price. So I have a fair amount of negotiation/price drop/wiggle room where I can still come out with the net I've been counting on when I run the numbers buying the new house, and if I get more, so much the better.

We also had about $20k wiggle room to begin with, then this market happened. Problem is our house looks smaller from the street, getting people in hasn't been easy. We've come down almost all of the $20k. This market is rough. Hopefully it won't happen where you live.

Good luck & congrats on the purchase
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tauphidelt
Original Author
16 years ago
I hope one of those showings pans out for you. Seems I always hear stories of the people who bought the house being the ones who came by when it was a total wreck. lol

hubby agreed after hearing it from one of the ladies at another community we were going to buy in.

Boy does that sound familiar... ;-)
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Take the Risk of Dual Ownership?

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tauphidelt
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tauphidelt
Original Author