- 7 years ago
- Wedding: October 2011 - Bed & Breakfast
So Mr. LK and I have viewed 12 properties in person over the last 2 weeks (after having been in the market and viewed about 20 properties last year, too). The house that we are smitten with is a foreclosure that clearly needs a new roof pronto, and I would not be at all surprised if there is mold growing on the back side of the drywall due to the rampant water penetration. But it’s my dream house. Huge master bedroom suite with a spacious bathroom, fantastic landscaping, great flow for entertaining, amazing kitchen, etc. It’s at the end of a cul-de-sac on a super quiet road, and has a great country feel, too. I love this house, and Mr. LK would love to make me happy. But it’s at the top of our range, and we simply don’t have another $35k in cash to do the immediate repairs and mold remediation, plus cash to replace the missing appliances, replace a busted window, replace the garage door openers, etc. But I love this house!!!!!
But there is another house. It’s on the low end of our price range, has a larger lot than our foreclosure love, and has a lot of potential. It needs new floors throughout (currently various shades of blue carpet that was poorly installed), the kitchen appliances could use some updating in the next few years, we’d convert the heating system from electric to oil (hate electric heat pumps with a passion), add a patio, and add 1 (maybe 2) additions to the house (one for a great room, and the other to expand the kitchen and master bathroom). The house would also need new (larger) windows, and maybe a few skylights, because it’s just kinda dark. So basically we’re talking about investing $150-200k into this house over the next 10 years to take it from ho-hum to LOVE IT! Oh, and it’s near a road that isn’t too terribly busy, but has a 45mph speed limit, which gives me pause because of our pets.
Our realtor is pulling comps in the area to help us decide whether or not it would even be worth it to put that kind of money into a house. Basically we don’t want our house to be the nicer than the market can support, but I am not sure how much to factor that in considering that we plan to be in this house for 35ish years.
What would you do? Buy the pricey foreclosure that you love and find a way to come up with another $35k for repairs? Buy the ho-hum house at the cheap price and put the money in to make it fabulous? Keep looking? Other?