Post # 1
What would you do:
My family of 5 lives in a large home on lots of land. Home built in 1989. We’ve done lots of updates, but still more I’d like to do. And then there will be major home maintenance to do as well, such as roof and windows, etc. We love our home and space, but it’s always been a LOT to maintain. Kids are young and I feel like I’m not spending enough time with them as my hubby and I both have demanding full time careers.
We had our realtor come out and she is confident we can pull 100k in equity if we sell, minus selling commission etc. We could then use the equity and downgrade. Downgrade home size and land, but a new home so less maintenance and renos.
But my kids love our home! My hubby and I love our home! We just hate spending all our weekends keeping up with it.
What would you do?
Post # 2
Well I’m lazy and rather spend my time relaxing and playing with kids / family and generally enjoying things than maintaining a home. I don’t get joy out of it so I won’t do it (or will do as little as I can get away with). So I love low maintenance homes.
In 10-20 years, will you look back fondly at the time you spent maintaining a house or will you look back fondly at the time you spent with your family doing things you enjoy (remember how much fun we had that time at the park etc etc or is it remember that time the roof leaked again and we spent the whole weekend fixing it?)
Post # 3
No question. Downsize and enjoy more quality time and less stress! I think it’s a great idea and says a lot about your values that you’re even considering it. Most people just want “more, bigger, better”. Good for you for avoiding that trap.
Post # 4
I would sell.
Our first home needed a lot of work that we didn’t anticipate (major foundation issues that our inspector missed that affected the walls and floor above it) so for the first several months we lived there we were in a construction zone. It was just the 2 of us but it was a mess. We did a lot of things ourselves to save money and it felt like every free moment we were a slave to the work that needed to be done.
We sold that house and bought a newer house (we also had to move for my husband’s job) and even though the new house isn’t maintenance free, I love the fact that the only updating we need right now is cosmetic. Our time will become even more valuable once we have kids so I’d personally would rather have the family time than spend it updating a home.
Post # 5
ArmyWifey8.23 : new homes don’t necessarily have less renovations and repairs needed unless you upgrade everything during the build – a lot of basic builder grade homes are pretty crappy. Is it possible to outsource more so that you can keep enjoying your home without sacrificing time with the kids? Is it possible to lower your standards a bit and still have a decent home with less effort? For example if you have intricate gardens can you replace them with something simpler so the landscaping is easier? Invest in a robot vacuum so you aren’t cleaning as much? If you love the home I’d try to find a way to make it less work rather than sell myself.
Post # 6
I would keep the home since it will probably appreciate more over the long run than a smaller home. Plus your family likes it. How about cutting back in your budget somewhere and put some money aside each month for outside handyman, maintenance person, etc. Delegate some of the work to someone else and you may feel positive again. You can do some of the maintenance yourself but have more outside help.