Friday, 13 June 2014

Advice Needed - Houses...to buy, or not to buy...

I need help. Any advice/thoughts/info would be sooo greatly appreciated.

You see, I live in a house that my grandfather built 62 years ago. It's on a part of the land my great grandfather owned. There's a lot of history in this house, and we do love it here.

We're renting though. When my Gram passed, the family asked us if we'd be willing to rent the house while they settled the estate, cleaned and renovated the property, etc. etc. There's two people renting the barns behind the house, so they need to clean up too - so they expected to prep the house for sale in the Spring of 2015.

The property is 8 acres, two barns and one old farmhouse. Although I love being here, this house needs some work....thankfully, it's mostly cosmetic. The house is sound and strong, the furnace, well, septic system, roof and windows are all new. The hot water heater is a couple years old.


The stuff we still have to do is (things with a star beside need to be done, others are just wants):
- Redo the siding ***
- Rip up the carpet and lay down hardwood in main area, spare bedroom and new floor in bathroom (not hardwood) ****
- Redo the front steps ***
- Paint the roof
- Repaint the trim and cupboards
- Install new counterops
- Install new hardware on the cupboards

- Install new closet doors
- Install a new bathtub
- Put up insulation and drywall in both porches

- Put in a new screen door
- Install new windows in the front porch
- Finish the basement which will involve: digging up foundation, laying gravel and then relaying the new foundation, framing and putting up drywall, installing a second bathroom and painting/putting down new flooring

So really, if you look at what needs to be done vs. what I want to be done, it's actually not a bad list (although it IS long). And a lot of it is inexpensive....paint, for one, isn't much. All of it can be done over time, and done by my hubby, nothing is urgent because it's all just cosmetic...not something I love to look at, but still functional.


It's come time for us to decide if we want to buy it. I'm debating because, despite the sentimental value behind it, there are some major cons. For instance, it's in an area that may become commercial in the next decade. I live in the country now, but it's starting to be developed. I don't want to live on a farm in the middle of a commercial area, thank you very much.

Pros:
- We love it here
- It's close to town but still country
- LOTS of space for the doggies to run, and barns that we can use for a horse or two and some goats
- We know the insides and outs of this house, as my father has lived in it since birth and maintained it for many many years = hopefully no surprises
- It's everything we wanted in a house, except it needs a bit of work

Cons:
- The area may be changing from country to commercial (thankfully, change is VERY slow here)
- We can get something more move in ready, with less acreage, for the same price
- There's a lot of work to be done

So...keeping in mind that we can get more for less $$, in a smaller property and in a further away location....what would you do?

4 comments:

  1. That is a hard decision!!! Praying you get wisdom from the Lord! Praying now

    ReplyDelete
  2. Ugh. I am a sentimental person. So I would want to buy it. Plus it seems it's everything you want besides the whole 'move in ready' aspect. If your hubby is handy and you feel you have the time and willingness to renovate, I say do it.

    ReplyDelete
  3. Land is not a replenish able resource. What we have is all we got, I live in what now is a very commercial,area...farms that eventually died off caved and owners wanted change found themselves sitting in the middle of a pot of gold....all I'm saying is you can get pushed out of anywhere cause of change, so do u want to pay more or same for less and still find yourself not living in a town that changed or do u want history options more and have a wild card in your pocket.then there is the whole optional rental income for the barns etc.

    ReplyDelete
  4. What a tough decision! I would probably buy it just because of all the family history there. Maybe if in the future you decide you don't like the area anymore you could use the house as a rental property? I have known people who have done that! I will definitely keep you in my prayers as you decide what to do!

    ReplyDelete

I love comments and new blogs to read! Please feel free to leave a couple words and a link to your blog, and I will be sure to check you out!