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Buying a home..... Sorry it's long.

We put a contract on a 3 bedroom, 2 bath 1350 sq ft house with a full basement, and 5 acres. The asking price was 79,900, the house is older, built in 1951. New windows, roof, septic, HVAC, water heater, so the big stuff is covered. When I looked at it, I lifted the carpet and there are hard wood floors throughout. So that's a bonus. The house looks like something out of the 70's show, so it needs updating, but that will come in time.

Our house is on 1 acre, we totally updated it 5 yrs ago, new roof, siding, windows, floors, kitchen, etc.... It's 1650 sq ft, on a slab, built in 1994. The downside to our house is the location. We're right off a US highway, and it's annoying. With people walking, breaking down, running out of gas, etc... I've hated it here since we moved in 6 yrs ago. It was a house my Husband had bought, and rented out. After they nearly destroyed it, we moved in, and redid everything. Our house values out at 135,000.00. We owe 90,000 on it, so the least we'll take is 129,000.00

The offer we made on the other house is 70,000+ they pay closing costs. It's also contingent on the sale of our house. So we realize someone could come along, and make a better offer... We haven't heard back from our realtor if they've accepted it, or not.
We also know we're already approved through our current lender.

So, do you think we made a wise decision? We want more land for our boys to run, and off the highway. They won't have to change schools, and it's so quiet you can hear the squirrels in the trees (which I love).... Of course I know this is all subject to our sale, and inspections...

I'm only questioning it because there will be work ahead of us, and we're not getting any younger (I'm 41, Hubby's 44).... Our boys are old enough to help (10, 11, 17yrs). They are actually excited about it all. So would you feel good about doing this?

Thanks for reading, and any advice!

Answer Question
 
Anonymous

Asked by Anonymous at 12:16 PM on Dec. 5, 2013 in Money & Work

Answers (14)
  • Go for it!
    ILovemyPaulie

    Answer by ILovemyPaulie at 12:23 PM on Dec. 5, 2013

  • You are still relatively young, if you are up for the work then no issue.

    I'm 52 hubby 56. We also have three boys are 22, 24 and 31, so some help, but mostly off living their own lives. We just bought a little fixer upper built in 1945 in an area we've been wanting to move to, and consider ourselves young enough to do the work. We're almost done with the kitchen (moved in July 31st), and have plenty more to do.

    Only you know for sure how much you're willing to do...especially while living in the house....with kids.

    You don't say how much they were asking for the house, a house with 5 acres sounds wonderful. Best of luck to you.
    ohwrite

    Answer by ohwrite at 12:25 PM on Dec. 5, 2013

  • My biggest concern would be whether or not you can actually sell your house? I know where I am, home sales still suck. No one is buying, and what is for sale is ridiculously overpriced and often in bad shape. So that would be my concern. That and the fact that you would all have your hopes up for this and then if the house doesn't sell, you're going to be so disappointed.

    But as far as buying the house - it sounds to me like you're getting a great deal there. I mean, you'll have to do some remodeling as you said, but overall it sounds like a better situation for you all.
    wendythewriter

    Answer by wendythewriter at 12:29 PM on Dec. 5, 2013

  • If you are comfortable with the size then it sounds fine. I would think selling your house on a busy road will possibly take some time, so I would always suggest keeping an eye on other properties in your area if this one doesn't work out. When did you put in an offer? If it's been over a day or two then maybe touch base with your Realtor to find out if there is any word. They may be considering a counter.

    QuinnMae

    Answer by QuinnMae at 12:29 PM on Dec. 5, 2013

  • Our house is out in the country, just off a US highway, so it's not constant traffic, just not somewhere I can let our dogs run, and if I open windows the sound can get annoying....... We had new insulated windows put in so inside you can't hardly hear anything... Also the houses in our area are flying off the market. Not sure why, but nothing stays on the market long.

    We did all the work on our current home ourselves, so what that house needs is actually not as bad as this one was when we moved in, and I hadn't really thought of that until now...

    Our realtor told me they are very motivated to sell. They lived in the home for 30 years, and are now in a retirement home, and need the money. So fingers crossed they will take the offer, and we can sell our home.. We just listed it 2 days ago, so with Christmas I realize there might be a lag until after the New Year..
    Thanks Ladies!
    Anonymous

    Comment by Anonymous (original poster) at 12:42 PM on Dec. 5, 2013

  • The asking price for their house is 79,900.
    Anonymous

    Comment by Anonymous (original poster) at 12:43 PM on Dec. 5, 2013

  • How long has their house been on the market?
    Are you willing to come up on your price?

    The things that stand out to me might not be a factor in the market you are in locally.
    QuinnMae

    Answer by QuinnMae at 12:47 PM on Dec. 5, 2013

  • Their house came on the market 2 weeks ago. We're willing to come up about 3000.00. We want to be able to have enough to build a shop for my Husband, since the one there is all but falling over....
    Our realtor said their house was valued too low, it should have been listed at 89,900, but the people need out of it.

    We're in the Midwest, (central Missouri).
    Anonymous

    Comment by Anonymous (original poster) at 12:57 PM on Dec. 5, 2013

  • Do you enjoy doing the work that is ahead of you? If you do, then absolutely. If it is a chore to be suffered through, maybe not.
    Dardenella

    Answer by Dardenella at 12:59 PM on Dec. 5, 2013

  • Just have to wait and see. Hope your house sells.
    louise2

    Answer by louise2 at 1:04 PM on Dec. 5, 2013

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