Post # 1
So FI and I have lived in our house for almost 5 years now. We bought it because it was cheap and we were tired of paying so much for rent. (We pay less for our mortage than what our rent was.) We aslo decided to buy because they still had the incentive where you got the tax rebate for buying.
We bought with the intention that this was a “first home.” We were buying, would live in it for a little bit, and then move on to our dream home. FI thought it would be great to fix things up, so we’ve done some reno’s on it. We took out horrible paneling in the small “bedroom” (if you want to call it a bedroom) and put up drywall. We completely gutted the bathroom (mistake)- new tub, sink, tile, toliet – the works. We replaced the carpet in the dining room/living room, in the above mentioned small bedroom and the little landing area at the top of our stairs with hardwood. We have flooring for our kitchen, I just haven’t gotten around to installing it yet. We replaced all the light fixtures. Bought all new appliances. Basically, our house has been eating up all our spare money.
We had a baby last year, and just like I thought, our house is too small. We have 2 real bedrooms, and the small room that is supposed to be an office for us. (It has no closet, so I don’t see how the relator was able to list our house as 3 bedrooms.) It’s quickly filling up with our son’s toys. I have so much regret over buying it. FI is still in the mindset that we will be purchasing a new home. I don’t see that happening any time soon. I feel like we wasted money fixing up a house when we could have been saving that money for a downpayment on a new home. And to top it all off, FI is talking about wanting another baby. I just can’t imagine fitting another child into our crowded house. I hate this house, and I serioulsy wish we would have never bought it.
Post # 2
Stephanie8904: Awe that sucks. I know it’s just a vent and you probably don’t need advice but just remember your renos may have improved the home’s value! And it’ll be easier buying a new house when you have one to sell. Maybe it’ll take a little longer than you expected but don’t worry! Happens to the best of us!
As for the place feeling small, I’d pinterest some awesome temporary/DIY storage ideas for toys and baby stuff 🙂
Post # 3
Usually when you’re upgrading homes (as in you already own one and want to buy a better home) all of your down payment comes from the equity from your current home. I have sold two homes and am living in my third. I only had a cash down payment for my very first home. You hopefully built up quite a lot of equity by renovating and have paid down some of the prinicple on your mortgage which gives you even more equity in your home.
In my opinion, it’s easier to upgrade houses than to get into owning your first home. If you’re this annoyed you should get an appraisal done. Some realtors will do them for free hoping to get your listing, otherwise you can pay a couple hundred bucks to get a professional appraisal done. Maybe it will ease your mind on when you can afford to look at bigger/better homes.
Post # 4
get an appraisal done – see what your house values at now! you may be surprised and your down payment for a new house can come from the equity from this house.
Post # 5
I could have wrote your post, except I’m pregnant with baby #2. I don’t think we will ever make back the money we have been putting into it.
Post # 6
Stephanie8904: I know the feeling! We aren’t entirely in the same situation but we do feel 100% stuck. My husband and I both owned “starter homes” before we ever met and both bought at the height of the market before it all crashed. Now we are stuck with two homes that do not work for a family at all! We rent out my townhome and currently live in his home. We are expecting our first baby and I don’t know where the heck we are going to fit the baby in! We have a two bedroom, one bathroom home, but the second bedroom is in the dungeon basement and it kills me to think of our new baby down in the dungeon. Its a 1950’s home so there isn’t even room in our room for a crib. We, of course, are still under water on both homes, so we are totally stuck!!! I have had so many breakdowns over it, but I have learned there is nothing we can do, so I am trying to make the best of our situation until we can sell of of the homes. But I feel your pain, I really do!!!
Post # 7
Thank you! It really is just a vent/rant/whatever you want to call it. I was going to say I’m glad that I’m not alone, but I’m not glad that some of you are in the same boat. It’s a horrible situation to feel trapped by your home. I hope our improvements have done something.. and I will have to look into getting an appriasial done.
My FI has suggested that we go talk to the back about what we would need to do to get pre-qualified for a mortgage to buy a new home… and to talk to a relator about listing our current home. (Which will obviously have to be declutter.. so hard to do with a 1.5yo!)
I know I should feel lucky to even have a home, but I want something I truely love. So fingers crossed that we won’t be stuck in our “first home” forever.
Post # 8
I would definitely see what you have for equity in the house with what you’ve paid so far and the upgrades you’ve made. You might be surprised and have more than you think to put towards a new larger home.
Post # 9
I understand that “trapped” feeling. When DH and I started to think seriously about babies, we put our tiny starter house on the market and it say for almost 6 months with no real interest. It was brutal. It was agonizing, frustrating, and 6 months may not seem like a long time, but when you’re watching all the other homes sell… very, very hard. I had just about given up when we got an offer, and we made back our upgrade investments and then some. Look at things like the yard, the curb appeal of the house. That’s all we did, and it went a long way in selling the house.
I agree with the others, tally up what you’ve spent, have a realtor do a mini appraisal, go to the bank and see what your options are.
Post # 11
My husband and I have lived in our small, 2 bed/1 bath home for just shy of five years. We have two young children. I find that we have to declutter and go through toys and clothes often to keep things in order.
I think we’re different than most in that we just don’t get the need for a ton of space. Our kids are boy/girl, 2.5 years apart and share a room. It works. When they’re older we’ll make other arrangements (we have a finished basement) but for now it’s actually perfect.
We’ve put a little money into our house, but we are not rich by any means. We’re underwater so even if we wanted to buy a bigger house we wouldn’t be able to so we make do with what we have. We live in a great neighborhood that’s safe and in an excellent school district. We bought our home as a place to live and not a piggy bank so we’re happy.
Post # 12
“We have flooring for our kitchen, I just haven’t gotten around to installing it yet.”– YOU haven’t gotton around to it? How much of the rennovation is your husband doing? It sounds like you have a lot on your plate right now with a baby and if he’s dumping all the home improvement projects on you, this just isn’t fair! He need to help out more! It does NOT matter if he wants another child right now [of course HE would b/c he doesn’t realize how much work it is!] the situation is not good for another child. Tell him NO! not until you get this house done and move into a new home accomodating of another child.
Post # 13
I didn’t buy my home as a piggy bank. It was bought when we had no children, and if it were still that way it would be fine. The fact that my FI wants another is what makes it harder to live here. We don’t have a finished basement, or the ability to finish the basement without lifting our house.
Post # 14
yupmarried: Haha yes… I primarily do all the renovations. It starts off as a team effort, but I end up doing most of it. He’s not very handy…but has tons of ideas on how to improve the house. I’ve done most of the projects we’ve started, with the exception of the bathroom. My dad helped with that because I wasn’t sure how to fix some plumbing issues.
I agree with you though. I’m not willing to have another baby until all the projects we’ve started are done. (Most are…. the biggest would be putting the tile down in the kitchen.) And I would perfer to have this home on the market and be in search of our forever home.