It's a bit difficult as I love my neighborhood, but we've run the numbers, and we cannot justify putting the money into this house that would be needed to make it work for us for the long haul. An addition is out of the question as the cost would be too excessive for this area, and as my husband says, without an addition, the kitchen and the girls bedrooms are never going to be bigger. We bought the house for a family of 3 and with 4 in here, it is just too small.
However, we are not in a hurry. I want the right house, and honestly, I just want to move one neighborhood over where the houses are bigger and it has a swim/tennis. But right now, there is only one house for sale in there. I'm hoping more go up after April when we get closer to summer.
We bought this house at the height of the market, so there is no way to get our money out of it right now. We are going to convert it to a rental so that if the market doesn't bounce back completely, we can take the loss when we sell. Plus, it's going to need a new roof in the next year or two, and if we do that while it's a rental, that cost is deductible. So, we figure if we rent it out for 2-3 years, we can maximize the tax benefits since there won't be a gain and it will provide additional income.
Right now, we are going to take our time, buckle down and save, save, save so we have a better down payment on a new place. Plus, we are going to PURGE like crazy. I'm not moving junk. My hope is to actually move in October or November.
-- Edited by Lawyerlady on Monday 13th of April 2015 08:13:50 PM
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LawyerLady
I can explain it to you, but I can't understand it for you.
Cool. Hope you find the right place at the right time.
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A flock of flirting flamingos is pure, passionate, pink pandemonium-a frenetic flamingle-mangle-a discordant discotheque of delirious dancing, flamboyant feathers, and flamingo lingo.
Sounds exciting! Will the kids remain in the same schools?
Oh, yes. We are going to live in the same area. You watch Love it or List it where they always say "same neighborhood"? Well, there is about a 5 mile radius I will live in. LOL! So, it may take a little while.
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LawyerLady
I can explain it to you, but I can't understand it for you.
I don't envy you...at all. I am never moving again. EVER EVER EVER...
That's what I said after we bought this place. DH has been wanting to move since about 6 months after we got Baby J and I've been refusing. Now that I've embraced the idea, I'm kind of excited.
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LawyerLady
I can explain it to you, but I can't understand it for you.
Rentals are going at a premium where we are, so hopefully the same is true where you are.
Hint, if you know anyone in that neighborhood, let them know now what you are looking for. Sometimes they know who is getting ready to sell, and can steer you that way.
We have a house behind us that isn't even on the market yet, and there are three seriously interested buyers lined up
How exciting LL. I'm with O4 that I am never ever moving again.
I have a rental that I used to handle on my own. Now I have a management company & it makes life so much easier. You might want to consider one. They take a small percentage of your rental income but it is so much better than getting annoying phone calls at home at all hours when the A/C or dishwasher or whatever stops working.
We have one rental now that I handle, and it's not that big of a bother. I have an outside handy man, an inside handy man and a heating and air guy that will all deal with the tenants once I make the call, arranging a time to go, fixing it and then just sending me a bill. It works out nicely.
We should be able to get a nice cash flow from it to pay for the repairs it needs, which would be nice.
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LawyerLady
I can explain it to you, but I can't understand it for you.
Oh wow, you have a good system in place. I had the world's worst tenants & it was an absolute nightmare. They didn't turn the outside faucet off & the pipe burst. She had no idea what a burst pipe is or how to turn off the water. I had to walk her through it. They over flowed a bath tub & flooded the downstairs light fixtures. All these stupid panicky calls on weekends or at night. Blech.
we're near to the same process--in addition to finding / building another home, we're also looking to move out of the US--we're looking at a couple of places in the southern hemisphere that are a long way from anywhere--we'll keep this place for an investment property ( and for rental income ) but don't really see us moving back here again
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" the only thing necessary for the triumph of evil is for good men to do nothing. "--edmund burke
So, what is on you wish list for a new home, LL? How big? How many bedrooms? Bathrooms? Is lot size important?
Just wondering! I enjoy house hunting. (It's the moving part, that I'm not so crazy about!)
4 bedrooms, 3 bathrooms, den, bonus space, and preferably a basement. I need a big kitchen, that is number 1 - with a pantry. It must also have a good laundry room. Ideally, I'd like a 2 story house with the guest room on the main floor.
A large shed or workshop in the back would be a bonus, as would a fenced yard.
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LawyerLady
I can explain it to you, but I can't understand it for you.
One of our big reasons for moving is that we want the house to be more comfortable for visitors. We live far away from family, and we want them to be welcome and comfortable when they come visit. An in-law suite would be ideal.
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LawyerLady
I can explain it to you, but I can't understand it for you.
We entertained the thought of getting what is now called a modular home once. Some are really nice but I couldn't stay in one for long while looking because of the formaldehyde in everything.
But if I were going to build a home, those blue prints are amazing. They really optimize space in those things.
Don't know why I thought of that.
Houses with stairs doesn't seem practical if a person is hoping to grow old in it. Unless the master is on the main floor.
But that is just me.
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A flock of flirting flamingos is pure, passionate, pink pandemonium-a frenetic flamingle-mangle-a discordant discotheque of delirious dancing, flamboyant feathers, and flamingo lingo.
If I were to buy a new house I would definitely not do any better than what I have now and pay 100K for what I have now but newer. Love my hood. I know I will over improve given what I paid.
However if my house wasn't already big enough for me I would buy one at least 20 bigger with a pool. Can you get a basement in your area? We have them here but I though everything in the south was on a slab. Basement are awesome spaces.
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Sometimes you're the windshield, and sometimes you're the bug.
Hope you find a house that you like and that meets your requirements. I do not envy you the task of moving. The ONLY good thing about moving is that it is a good excuse to throw out a lot of stuff you have accumulated (or have a garage sale to try to recoup a little money.)
If I were to buy a new house I would definitely not do any better than what I have now and pay 100K for what I have now but newer. Love my hood. I know I will over improve given what I paid.
However if my house wasn't already big enough for me I would buy one at least 20 bigger with a pool. Can you get a basement in your area? We have them here but I though everything in the south was on a slab. Basement are awesome spaces.
It depends on the area. A lot of houses have crawl spaces under the house or even raised for ventilation.
some times the coolest place to be is under the house in the Summer.
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A flock of flirting flamingos is pure, passionate, pink pandemonium-a frenetic flamingle-mangle-a discordant discotheque of delirious dancing, flamboyant feathers, and flamingo lingo.
Laundry room on the main floor or on the floor with the bedrooms?
Main floor or basement if there is one. Too much chance of damage if the washer leaks.
I love my main floor laundry. It's so easy to toss in a load while you are doing something else.
I know people love the idea of having the laundry upstairs with the bedrooms so you don't have to lug the clothes up and down. But you would never BE upstairs just hanging out. I would have to run up and down the stairs to get it done. No thanks. Main floor laundry is best for us.
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Out of all the lies I have told, "just kidding" is my favorite !
We had a laundry upstairs at one house. And, it was convenient not to lug clothes up and down but as you said, you aren't usually hanging around upstairs because there is usually more to be done downstairs.
If I were to buy a new house I would definitely not do any better than what I have now and pay 100K for what I have now but newer. Love my hood. I know I will over improve given what I paid.
However if my house wasn't already big enough for me I would buy one at least 20 bigger with a pool. Can you get a basement in your area? We have them here but I though everything in the south was on a slab. Basement are awesome spaces.
We have a basement now. Basements in the south are different. They are built on the hilly lots and are walk outs.
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LawyerLady
I can explain it to you, but I can't understand it for you.
Laundry room on the main floor or on the floor with the bedrooms?
Main floor or basement if there is one. Too much chance of damage if the washer leaks.
I love my main floor laundry. It's so easy to toss in a load while you are doing something else.
I know people love the idea of having the laundry upstairs with the bedrooms so you don't have to lug the clothes up and down. But you would never BE upstairs just hanging out. I would have to run up and down the stairs to get it done. No thanks. Main floor laundry is best for us.
I agree. Plus, mine has a timer, and I often set it to run an hour before we get up, if it was upstairs with us, it might wake us.
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LawyerLady
I can explain it to you, but I can't understand it for you.
OK. That pic is weird. It did NOT look like that before.
Anyway, we looked at 5 houses today. There is one we really like, but it is over-priced. We'll wait and see if they come down a bit, or if anything else similar comes available. Three were absolute NOs, and one of them we were just looking at for fun. We both REALLY liked it, but it's a fixer upper and we're not really up for that.
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LawyerLady
I can explain it to you, but I can't understand it for you.
Going to see a new house Thursday. It's in the neighborhood we want, and it is not yet listed. It's the cousin of a friend and they are just getting ready to list it, so we might be able to swoop in if we like it! And it's on a cul-de-sac next to a vacant lot. We could buy the vacant lot and assure we never have neighbors on that side!
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LawyerLady
I can explain it to you, but I can't understand it for you.
Going to see a new house Thursday. It's in the neighborhood we want, and it is not yet listed. It's the cousin of a friend and they are just getting ready to list it, so we might be able to swoop in if we like it! And it's on a cul-de-sac next to a vacant lot. We could buy the vacant lot and assure we never have neighbors on that side!
That is what my parents did. They tried to buy the lot on the other side but it was owned by a contractor & he wouldn't sell. Good luck. I hope you like the house. House hunting is fun!
Going to see a new house Thursday. It's in the neighborhood we want, and it is not yet listed. It's the cousin of a friend and they are just getting ready to list it, so we might be able to swoop in if we like it! And it's on a cul-de-sac next to a vacant lot. We could buy the vacant lot and assure we never have neighbors on that side!
My parents did that. Left the lot wild - lots of trees and critters. If you end up buying this house, buy the lot too. Worst case scenario, somone wants the lot down the road and you can name your price. Best case scenario, no neighbors ever.
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Out of all the lies I have told, "just kidding" is my favorite !
So, we made the offer on the house. It's done beautifully. The basement is completely finished and actually nicer than the upstairs. And it's a full walk-out with plenty of windows and light so it doesn't feel like a basement. There is a second master suite down there with giant bathroom, a full kitchen, a family room, and extra rec room and a powder room, plus 2 storage rooms and a storage closet.
The main floor is a 3 bedroom ranch with a formal dining room - the bedrooms are all bigger than we have now. The living areas are about the same, but better laid out. The laundry room is on the main floor off the kitchen. Then there is an open stairway up to a bonus room which will be the kids playroom.
The lot is 2 acres and there is a creek in the back. The vacant lot next door will not be easy to purchase - it is privately owned and the guy bought it at the height of the market and paid waaaaaay too much and wants his money back. Too bad lots have lost almost all their value. He'll be sitting on that another 10 years.
We got our mortgage pre-approval yesterday. That was hard - they don't like it when you want to keep your current house, but since we already have a rental house, we can convert it to a rental and still qualify, but we have to get a lease on it before we can buy the new one.
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LawyerLady
I can explain it to you, but I can't understand it for you.
Keep the area around it clean so snakes won't have a place to hide.
Sounds wonderful though.
Lots of summer wading.
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A flock of flirting flamingos is pure, passionate, pink pandemonium-a frenetic flamingle-mangle-a discordant discotheque of delirious dancing, flamboyant feathers, and flamingo lingo.