Should we buy this house? Needs a major renovation and addition
Balu Balu
6 years ago
last modified: 6 years ago
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Anglophilia
6 years agoworthy
6 years agoRelated Discussions
Floor Plan Help with Major addition/renovation
Comments (2)Here is our second story fl plans. The current structure where we live now was turned into the great room and kitchen...it's a vaulted ceiling a story and 1/2. I also have exterior images as well...which I'll share. So excited to hear any and all ideas/input!! :)...See MoreShould we buy this other house?
Comments (3)Have you factored in the costs for selling your current home? 6% is cheap to be able to get a sale in this market, but that's 6% that won't go towards the new house. And then there's the thorny issue of what is your house actually worth in a cool market, and how fast could you possibly sell it? Or do you have the money to carry two mortgages for an extended period of time while you wait for your current house to sell? I'm thinking not if you wouldn't have the money to do the updates that you want to the new house right away. You really need to talk to several real estate agents to get them to do a CMA on your house. You may be pleasantly surprised, or you may be horrified. But right now, you don't know what your home might sell for or how many DOM is expected for your market. You cannot make any decisions without that information....See MoreShould we buy a home that was unoccupied for 6 years?
Comments (22)If the house is over priced and under quality, how much would you have to put into it to be happy with it even if you don't have a lot of repairs? Would it be a forever home (best laid plans, at least?) How deep a hole would you be in if you were to have to sell it? Then how much can you afford to do in repairs? Can you get enough in inspections to be comfortable that you won't have to go that far -- and keep a cushion for contingencies? Be honest with yourself -- do you need more room or do you need to clean out and make better use of what you have? What other things could you do with the money you'd have sunk into that house (vacations, summer camps or other events for the kids, dining out, entertainment, etc.)? Would you or the kids have to do without things you have now or would have? Do you have a strong enough stomach and the patience for anything that might come with the house? How much will those things impact the rest of your lives and routines? Do you know something better won't come onto the market this spring or summer?...See Morerenovation costs and addition...should we even put in an offer
Comments (9)Thanks for the comments. This is what I needed to hear. I just am really ready to move and nothing is available. I think our disappointment is the builders aren't building anything we like. There are also only 2 of us so we don't want/need a lot of space and I absolutely want a ranch home which no one is doing. I do have a very specific idea about what I want to spend and what I want and it is different than what is being done. I think I could build what I want within my budget if I could find the right land. This particular house is probably a tear down situation, but the current owners have updated things so it is nice, just probably nothing anyone would want to live in. Most of the older homes in the neighborhood are really tiny so additions aren't obviously feasible. Since we have moved in the builders have bought many smaller homes and driven the price of the land up with what they have built. Even the city isn't happy. The last development wasn't approved because the city wanted to see more affordable homes go into our neighborhood. The builder promised they would do homes for 350k if the neighborhood would sign a petition for them to be allowed to develop. When the city did approve this builder came in and immediately put up signs for 500k+ I also have no idea but the builders have come in and bought all of the smaller tear downs without them ever going on the market. I can't even find a realtor to work with that will help me figure out how to find a situation where we could go in and find one like this to beat them out....See MoreUser
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6 years agolast modified: 6 years agoBalu Balu
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