Which house?

[whisperwindkat]

We are facing a dilemma although a good dilemma to have. We are currently house hunting and have 3 houses that we like. I would like opinions from here as I am getting to the point that thinking and trying to decide is making my brain hurt. First let me give you a picture of our family and lifestyle. There are 4 of us....my husband, myself, two daughters ages 9 and 18. The 18 year old will be working in Maine this summer, back home for the winter and then off to nanny school in the spring. After nanny school she will be looking for a live in position so will be home only until she finds a position. Also, at some point my father in law will be coming to live with us. My step-mother-in law has inoperable brain cancer. The house they live in is hers and he doesn't have enough retirement income to be able to stay there after she dies. There is also a chance that my mother will also be coming to live with us as well for very similar reasons. We have downsized our farm endeavors a bit, downsizing the goat herd, only 1 horse, and we still have rabbits and chickens. We still plan on raising a couple of pigs and a couple of sheep each year for the freezer. I am a stay at home mom who homeschools and does a bit of writing to make some extra money. With the oldest graduating and only 1 homeschooling I will probably spend more time writing. So here is what we are looking at.

House #1

Just outside the next town over, but economic difference is night and day in towns. This part of the county is very economically depressed. House is outside of town in a nice farming area, but town is not safe after dark and barely safe in the daylight. House is huge, 5600 square feet. House is extremely well built, needs some cosmetic updating. It has 5.6 acres (mostly wooded), two small well built outbuildings, and a pool. The house has 4 very large bedrooms and 3 bathrooms. Two bedrooms and two bathrooms are on the main floor. We like this because of the aging parent situation. My husband and I could easily live upstairs. There is a small farm next door and then a large empty tract of land that belongs to the neighbor just down the road on the other side. It is very private. We could have our animals there although there is less pasture than I would like to have with the horse and the back side of the property is very wet bottom land. House sits on top of a hill and land moves downhill from there.  Price is definitely right at 125,000. We would have to put another 30,000 into the house to replace some of the older windows, carpet and painting. House is further away from work, church, and other things that we do but not by much..10 minutes.  We love this house, but the land situation not so much. We could conceivably have this house paid for in 15 years instead of 30 meaning we could be mortgage free by retirement age. However, given the area I worry about resale potential. I don't think the are will change much, as it hasn't changed much.

House #2

Just down the road from our current house, so no extra time on commutes and in same community with same neighbors we already know and love. 4 bedroom, 2 bath house 2600 squ. feet. House is a cookie cutter ranch type so nothing special about it. Rooms are average sized rooms. It has a workshop that is heated/cooled and as large as the house. Has a pool, 6 acres and a gated driveway. Area is nice and town is safe day or night. Not a tree anywhere, so plenty of potential pasture. Land is rolling, not too hilly and all of it is good useable land for livestock, gardening or whatever. House is move in ready at 209,000. Area is the nicer part of the county with nice houses on both large a small farms and good people. Re-sale potential is there but can be slow. Not uncommon for a house to sit for a year on the market. The schools are the pits in this county(worst in the state), private school means a commute, and if you work you will commute.

House #3

Older 1942 farmhouse that has been updated. 4 bedrooms, 3 bathrooms, large open rooms. 2 bedrooms and 2 bathrooms on main floor. 6 acres, pond, 2 stall barn and small workshop. Gated driveway, already fenced and crossfenced with field wire. Established plum orchard. Open spaces along with some trees. All the land is useable and the house is move in ready.  Commute would be about 10 minutes longer. In next county over, taxes are higher, nice area, nice houses, better re-sale potential than the other two. It is at the absolute top of our price range at 249,000. Even though we would have a good sized down payment this mortgage payment would be tight. There is the potential that we could get them down on the price since it has been on the market for a good while. I worry about being stretched too thin with this house.

So, I would love to hear all of your thoughts. Blessings, Kat

[copperkid3]

What's the square footage on House #3?

[willowgirl]

I'd go with #4! Buying a property is like getting married, IMO ... you'd better be head-over-heels in love at the outset, because it's only gonna go down from there. lol

If you're not in love with any of these houses, keep looking until you find one that rocks your socks.

Alternately, make a lowball offer on #3. You just never know!

I'll add that resale potential in this equation is probably pretty important. The kids will be out of the nest, the elderly parents (sadly) won't be with you forever, and trying to sell a 5,600 sq.ft. house in a bad neighborhood when you're ready to retire or at least downsize might be tricky.

[shellymay]

Agreeing with willowgirl, but if your set on these choices I would go with #2 sounds like it is and has the most positives

[Maura]

Your FIL will probably be entitled to S-MIL’s pension, or a part of it, and other monies as well.

I really don’t know why #1 is on your list. You have a young child that you could be putting into harm’s way.

#2 sounds as though it fits your needs. Is the school that bad? Does it have guards? What is the percentage of students who go to college? That is a better gauge than economic condition.

#3 is the only one I would consider from your description. It is in a more desirable neighborhood, so the prices will be higher and so will the taxes. Make a lower offer that is not insulting, say $225,000. They can counter offer and you can go to $230,000

[solargeek]

1.Safety has to be first. We have moved 16 times and owned more than 1/2 the properties. If you feel it is unsafe, IT IS. And so will any potential buyers, visitors and friends. Also, with the coming bad times (we all feel this in our bones whether we speak of it or not), you don't want to start in an unsafe area.

2. Schools second if you ever plan to sell. Poor schools will cause you to lose $$, take longer to sell, and also ATTRACT the wrong sort of future residents as who with any means at all wants to live where you cannot sell and where your kids will get a poor education? Not everyone can homeschool so schools are important.

3. Commute third. Re-sale often depends on the commute.

4. Dream BIG! But buy within your budget as stuff goes wrong with houses and land (and for you livestock) usually right after you move in! Boy do I know that.

Property #3 may be the one but only if you can work out the $$. I agree with the above posters who said, don't jump too soon. Unless #3 is your dream home, you CAN wait a while to see what comes on the market. In WI and IL, March is really the first "listing" month with May-June being the full blown buyer's market time.

Good luck and pray hard.

[Cabin Fever]

Which home will be easier to maintain? For instance, do any have painted wood siding that requires scraping and painting every few years? Do any have roofs with many peaks and valleys versus a simple single roof line? Are there basements? If so, any sign of water damage or flooding? To me, a pool is a detriment - lots of maintenace involved and potential for leaks. I prefer a one-story versus a two-story due to easier maintenance and safer to paint/stain, clean chimney and gutters.

[Deleted]

Drop an offer on number three that is in your price range if it is accepted great. Other wise go with number two or hold out and see what comes on the market.

[indypartridge]

Agree about continuing to look, as well as making an reasonable offer on #3. I realize different parts of the U.S. have different 'rules of thumb' regarding home prices, but in my experience, it's typical to only offer 85-90% of the asking price in the initial offer. Another point to consider - if FIL cannot afford to stay where he's at - could he afford to contribute something when he comes to live with you, to help alleviate being stretched tight?

[LauraD]

I would avoid #1. #3 sounds the best, IF you can get a price that you're comfortable with. Does house #2 have the same school system that you have now? If so, I don't see a problem with it. After all, you're in the exact same boat now with selling your current home.

[whisperwindkat]

Apr 6, 2016 8:44:54 GMT copperkid3 said:

What's the square footage on House #3?

Sorry about that. The square footage for house number 3 is 2600 sq. ft. Thanks, Kat

[whisperwindkat]

All three have the same school district...percentage of kids that go to college 0%. We currently live in the same county as the first two and the other house is barely over the county line. I think I might have been a little misleading about house number 1. It is outside of the nearest town by about 20 miles (yes this is a very large spread out county), so not a serious security risk as far as being at home. There are 4 homes within 3 miles of this house, 2 sold in the past 5 years for over 600,000 dollars. The others are easily 300,000 homes. Current appraisal on this house is over 300,000. It was a reverse mortgage and the finance company is selling for the amount that was borrowed. It is a well built home, built by a local architect as his personal home. The home has been well maintained. The roof is 5 years old, the water heaters are all new within the past 2 years, the a/c units are in good condition although not brand new. The chimneys have been inspected yearly. Really honestly we love this house, but not sure if we love the property. The biggest thing wrong with this house is that it is stuck in the 80s inside and the yard is a mess. The other houses we could make work but they do not rock our world. Also, house number one is already wheelchair and handicapped friendly. Other houses are not and would need some serious alteration/construction/demolition.

[copperkid3]

I believe that you've just answered your own question then. The MOST BANG FOR THE BUCK is #1; the yard can be cleaned up

and for the money involved, you can afford to update that 80's look and bring it into the 21st century. By the time that you need

to think about selling down the road, prices and places should improve.....or not, but it will have been a home in the meantime.

[whisperwindkat]

Thanks everyone.

[karenp]

Number 2, clearing woods for pasture takes forever, more pasture means less money spent on feed. I prefer the look of 2 story house, but if you are planning on taking care of aging parents, a single story makes more sense.

[LauraD]

Keep in mind that the house can always be changed, but the location and the lay of the land cannot. Based on your new info I would take a second look at #1, but you will need to decide if you want something that big for the rest of your life. I know we plan to build single-story and relatively small so when we're old and decrepit we won't have to worry about stairs - or cleaning a McMansion.

[Deleted]

How long do you plan on staying in this house? After the old folks are gone and the oldest daughter has flown the nest, the 3 of you are going to rattle around in House #1. Lot of house to heat and cool for just 3 people.

#2 sounds nice. Make a couple apartments in the heated/cooled building for the old folks. More privacy for everyone but still close.

#3 no point busting the budget.

[mollymckee]

I don't think I'd want a house in an unsafe area. That aside, 5600square feet is a lot of house to heat, cool and maintain if you don't really need the room. I think I'd pass on house number 1. A huge, older, home is often a giant money pit. Don't you live in the south? You will have to use air conditioning fight the humidity and keep the whole house cooled, except when you will have to heat it. That will be expensive.

I would not put my families finances in jeopardy when I wasn't sure that my mom or my F-I-L would really end up living with me. At the time you were making final plans for the move, it would be time to discuss how much they can help with the money. There are few people that don't get some social security or some type of pension. It is only fair to expect help with the living costs.

This leaves house 2, or finding another possibility. Can you find another house that may work?

[LauraD]

Have you made a decision? I'd love to know which house you chose.