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Started By
Message
Real Estate Decision, need some advice
Posted on 1/14/10 at 10:27 am
Posted on 1/14/10 at 10:27 am
Right now ive found two houses in adjacent neighborhoods that im fairly interested in.
House 1: Been on the market for 9 months, listed at $159k and needs about 20-25k of remodel work. Also is 1800 sqft plus another 1000 of storage and garage space and sits on a 1.5 lot
House 2: Been on the market for 2.5 months, listed at $164k and just needs new interior paint. About 1200 sqft and no storage.
Sure, house 2 would be easier since theres minimal upkeep needed but long-term house 1 seems better. Anyone been in a similar situation??
House 1: Been on the market for 9 months, listed at $159k and needs about 20-25k of remodel work. Also is 1800 sqft plus another 1000 of storage and garage space and sits on a 1.5 lot
House 2: Been on the market for 2.5 months, listed at $164k and just needs new interior paint. About 1200 sqft and no storage.
Sure, house 2 would be easier since theres minimal upkeep needed but long-term house 1 seems better. Anyone been in a similar situation??
5
Posted on 1/14/10 at 10:30 am to Golfer
quote:
needs about 20-25k of remodel work
Structural things, or just cosmetic (countertops/flooring)?
Posted on 1/14/10 at 10:33 am to Golfer
Where is this? That 1.5 acre lot can be worth a lot.
Posted on 1/14/10 at 10:33 am to Ric Flair
Cosmetic.
Bathroom tile is from the 60\'s and the kitchen needs a new floor, cabinets, and a dishwasher.
I can do the demo and install the cabinets, just need someone to lay the flooring and counter tops.
Bathroom tile is from the 60\'s and the kitchen needs a new floor, cabinets, and a dishwasher.
I can do the demo and install the cabinets, just need someone to lay the flooring and counter tops.
Posted on 1/14/10 at 10:34 am to Catman88
quote:
Where is this? That 1.5 acre lot can be worth a lot.
One and a half lot, not 1.5 acre.
Lot is about 1/3 acre though.
Posted on 1/14/10 at 10:39 am to Golfer
quote:
Sure, house 2 would be easier since theres minimal upkeep needed but long-term house 1 seems better.
No doubt house 1 is better IMO, provided the neighborhood and location are comparable.
More square footage and, the biggest kicker to me, more property.
You can always change things about the house but you can't do jack about the size of the lot.
Posted on 1/14/10 at 12:13 pm to poule deau
Always look at what the va;ue of the home will be in future years...you want an investment.
If you remodel house one...will this put price it out of selling out of the neighborhood for the future?
If you remodel house one...will this put price it out of selling out of the neighborhood for the future?
Posted on 1/14/10 at 12:16 pm to Muahahaha
quote:
Always look at what the va;ue of the home will be in future years...you want an investment.
Incoming!
Posted on 1/14/10 at 12:23 pm to Golfer
If you're even thinking about considering having kids at some point in the future the 1200 sf house isn't going to cut it.
Posted on 1/14/10 at 1:06 pm to Golfer
yep. i opted for the more expensive one with less work. even though my dad (LSUDad) is quite the handyman as is my fiance and his dad.
Either would have been ok with the fiance. But I wanted something where I could just move into. too much work to do while he is overseas with the military.
Havent regretted it yet.
Really boils down to what is more important to you. do you have a place to live while the remodeling is going on? would you fear that you are remodeling too much and wont get a return there? would you rather have your own touches to the space, more than just interior color?
Either would have been ok with the fiance. But I wanted something where I could just move into. too much work to do while he is overseas with the military.
Havent regretted it yet.
Really boils down to what is more important to you. do you have a place to live while the remodeling is going on? would you fear that you are remodeling too much and wont get a return there? would you rather have your own touches to the space, more than just interior color?
This post was edited on 1/14/10 at 1:08 pm
Posted on 1/14/10 at 1:27 pm to Cold Cous Cous
quote:
If you\'re even thinking about considering having kids at some point in the future the 1200 sf house isn\'t going to cut it.
This is my main predicament. 10 years from now the 1200 isn\'t going to cut it.
Posted on 1/14/10 at 1:28 pm to Golfer
the home I was speaking about that we just signed on is 1943 sq ft and i think it will barely be large enough for us 10 yrs from now.
1800 sq ft may not cut it depending on if you want to add on.
1800 sq ft may not cut it depending on if you want to add on.
This post was edited on 1/14/10 at 1:30 pm
Posted on 1/14/10 at 1:30 pm to LSUdaughter
quote:
do you have a place to live while the remodeling is going on?
Yes, and I\'d have it structured to where I could be in the house during the remodel. 90% of it is cosmetic.
quote:
would you fear that you are remodeling too much and wont get a return there?
No, anyone who bought said house would be renovating both.
quote:
would you rather have your own touches to the space, more than just interior color?
Nah, doesnt really bother us...we like the character of both.
Posted on 1/14/10 at 1:33 pm to LSUdaughter
quote:
1800 sq ft may not cut it depending on if you want to add on.
The garage/storage can easily be finished out for a playroom, etc. And even in its current condition, the bedrooms are large enough to support 3 kids in the two spare rooms.
The 1200 sqft house we would outgrow when child 2 would be on its way...
Posted on 1/14/10 at 2:40 pm to Golfer
I think the larger house is obviously the better choice. When you get a house, you'll need things you didn't have in an apartment (lawnmower/more tools/workbench) in garage. Even with just one kid in the small house, you'll easily run out of space.
Posted on 1/14/10 at 2:59 pm to Ric Flair
quote:
I think the larger house is obviously the better choice. When you get a house, you'll need things you didn't have in an apartment (lawnmower/more tools/workbench) in garage. Even with just one kid in the small house, you'll easily run out of space.
seconded.
let us know what you decide. did we help?
Posted on 1/14/10 at 3:18 pm to LSUdaughter
Im going to let the House #1 sit as long as possible...I dont think theres even been an offer on it. Initial asking price was $169k
ETA: Zillow reports the current owner bought the house in 2004 for $115k. Besides a new roof (gustav) there have been no major updates to the house.
Might be able to lowball them for around $137 considering theyd still be making nice sum back.
ETA: Zillow reports the current owner bought the house in 2004 for $115k. Besides a new roof (gustav) there have been no major updates to the house.
Might be able to lowball them for around $137 considering theyd still be making nice sum back.
This post was edited on 1/14/10 at 3:24 pm
Posted on 1/14/10 at 3:48 pm to Golfer
quote:
2004 for $115k
Pre Katrina, means nothing, also if they bought it 6 years ago and did not do any updating, I am thinking your 25K of remodeling may not be recoverable in a resale. I also feel that 1200 sf will get small with two people much less kids, I would go witht he bigger one and just be carfeull with all of your remodeling and keep cost down that way
Posted on 1/14/10 at 3:52 pm to Tigerpaw123
quote:
also if they bought it 6 years ago and did not do any updating, I am thinking your 25K of remodeling may not be recoverable in a resale
Explain?
The current owner was the previous tenant, fyi.
Posted on 1/14/10 at 5:40 pm to Golfer
THe current owner being the previous tennant does change my thoughts some, but eariler someone asked about the renovations and you responded that everyone who looked at the house was planning to do remodeling and I took that as the place was really horrible and needed lots of repair to make it suitable for anyone (so I am thinking it had the orginal owners or possibly vaccant for some time), then I learn that someone bought it a few years ago and did no remodeling so that is telling me that it may not need it, and if you buy it for near market price, then dump 25k in it and try to sell it you will prob only get market value for it and not the extra you dumped in it.
I guess a simpler way to put it is to find out what houses are selling for per sq ft in the area and if that equals the price you pay plus the cost of remodeling you will be fine come re sale time, if not then do what you want but you will prob not get those dollars back.
I guess a simpler way to put it is to find out what houses are selling for per sq ft in the area and if that equals the price you pay plus the cost of remodeling you will be fine come re sale time, if not then do what you want but you will prob not get those dollars back.
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