View Full Version : Decisions, decisions, decisions!
08-07-2003, 03:52 PM
Oh man... here we go....
Wife found a house.... so the decision has to be made...
Here's the "facts" as I see them....[li]It's in a better part of town[li]It's much bigger (1900 sq ft VS the 1300 I'm in now)[li]22 X 24 2 (1/2?) car garage/shop VS my detached 24 X 24...[li]HUGE swimming pool in need of around $2500-$3000 worth of repairs (2 estimates)[li]The place is thrashed and dirty... It needs[li]Carpet[li]Paint[li]Facia and soffett and trim work[li]Has attached full width screened in patio that's pretty much had it as far as the screen and wood goes[li]Has new Kitchen cabinets, floor, stove, and countertops.[li]It's priced at least $30k below all the other houses in that area.
Am I willing to dedicate at least a year of weekends to gain about $30K in equity?
Man, I feel tired just thinking about it...
How much does it cost to maintain a large pool (unheated) all year?
Decisions, decisions, decisions...
08-07-2003, 05:26 PM
How long would it take for you to save 30K,then make your decision.
08-07-2003, 05:47 PM
You also have to take into consideration the non-financial benefits of a larger home, better neighborhood, happy wife, etc.
How's the lot?
08-07-2003, 06:09 PM
Not sure where you live but out here in Tucson they have pool services (you could get yourself a pool boy!! HA). They come out once a month and toss a wand in the pool thats attached to a chlorine tank. Give the pool about a 2 min. shot and its good for a month. I think they are bout 20 to 30 bucks a month. Money well spent if you don't want to fool round with all the pool shock and chlorine tablets and all. Plus they usually guarante the pool to be void of mustard alge and all the other nasties. You do have to get the pool up to standards befre they will service it though.
I say go for it!!
08-07-2003, 06:35 PM
I'm thinking it sounds like a good deal. Paint, carpet, facias and soffits, dirty etc all have the makings of a nice equity increase for the handy. Put your negotiating shoes on and lowball them. You can always come up a little at a time. Chances are if they are selling without fixing these things first, they will accept an offer.
Now 30K for a years worth of weekend work, with a short commute ;) and tax free doesn't sound too bad. But there's enough there that you could probably hire some weekend help, if for nothing else, just to give you some "collapse in a chair" time :) You'll need it, it can be a drag coming home from work, to go to work. Been there and got the T-shirt. Actually I might still be there :o
08-07-2003, 08:34 PM
Marc- You mentioned "better neighborhood". Are you talking about someplace with a HOA? If so, that could be a problem for someone with a wood shop. Just something to consider. :) ;)
08-08-2003, 06:37 AM
It sounds like the same road I took a couple of years back. I say go for it!!! My house is in a nice location but needed (and still does)a lot of work - paint (inside and out), new floors, new kitchen cabinets, trim repair, etc. I was able to negotiate down +/- 15K pointing this out. I'm in no rush to do this work so am enjoying doing a little at a time.
08-08-2003, 01:59 PM
I'd go for it.
Besides, a lot of what your are listing (painting, carpeting) is really maintenance items over time that you would have to do in any house, and you don't have to have it done tomorrow.
You have the rest of your life.
08-08-2003, 02:56 PM
Buying the worst house in a good neighbourhood. $$$
Buying a house discounted for mostly cosmetic reasons (all the right things wrong with it). $$$
Making 30k for a paint job and a couple of carpets... priceless.
I agree, sight unseen this sounds like a deal. Bargain hard based upon all the things wrong with it.
08-08-2003, 02:58 PM
There are lots of exercises you can do in a pool that are easy on the joints and beneficial to a weight loss regime. I mean, you can repair soffets all morning and then instead of hitting a hot sweaty gym, work out in a cool pool.
08-08-2003, 03:39 PM
A bid was submitted (by someone else) and accepted in the same day... I didn't even get a chance to submit a bid...
*sigh*... wasn't meant to be I guess....