Post # 1
I need the opinion of those who aren’t swayed by wanting me to live closer to them! 🙂 Side note: we don’t want kids for several years. I work on the Eastside and Darling Husband works DT.
House 1: a 4 bed/2 bath house in the best location. It’s exactly in the middle of 3 major freeways. This would be the house forever. It’s freddie mac so while the kitchen and flooring is done and beautiful, most walls have huge holes, the travertine on the steps are broken, the gutters need replacing, bathrooms gutted, and every indoor door replaced. We estimate 30k in fixing up. But the house has so much potential.
House 2:Is really a 2 bed/2.5 bath townhome. It is in DT 2 blocks from a huge popular lake. It’s roughly 70k cheaper including the fixing we would need to do on the house. It’s finished but not my style at all. We would live in this one for about 5 years and then move to the Eastside while renting it out for about $500 more than the mortgage.
The thing is, I love the potential of the house but we will probably feel strapped for cash for 3 years. I don’t like the townhouse except the location and the potential for rent in a few years. So, which sacrifice do we make now?
Post # 3
My only advice is don’t get anything you don’t love. Don’t make yourself feel trapped. Keep looking. But if you really love the first one & want to fix it up since it will be a forever home then go for it. But make sure you look else where to make sure there isn’t something better out there for you.
Post # 4
If it were us, we would more than likely deal with the townhouse for a few years as having an investment property with income potential is a great way to supplement your incomes. Think of it as a nest egg 🙂
Post # 5
Wow! As someone who used to flip houses I have so many questions.
Are you intending to live in the house while you fix it up? Do you have any clue how messy that can be if so? Is your personality the type to handle that? What is the resale potential of the house? Can you get out more than you put in? What are the market values of the houses around it? Are the bones good? Have the wiring and plumbing been updated? How much work needs to be done? Have you had a professional look it over yet? How do you feel about being strapped for cash? Are you driven to settle down?
Renting a house has definite downsides. If you go that route go thru a reputable realtor who handles a lot of rental. Get references from people who successfully have rented thru them. You could lose a fortune if you get bad tenants.
Edit: I didn’t vote because I honestly don’t know what I would do without knowing resale values.
Post # 6
To me it’s: expensive house now that’s gigantic and I’d have to clean for the rest of my life or fun location with potential for being a great investment. I’d honestly go with the townhouse. But then I’m a city girl and would rather live in the middle of things.
Post # 7
@Sweet.Sugar.Rose:I know! That is my worry with the townhome except that I at least love the location for how close it is to the lake.
@Mrs.ChubbyBunny: Yeah. My husband is more logical I guess while I’m emotional. I know logically it’s better to have the investment but I just don’t love it. It’s hard to pass up the investment though!
@secondchances:A lot of questions! 🙂 This particular house is in 1 of 3 or 4 areas near Seattle that seem to have not lost as much value as others. This means maybe it hasn’t hit the bottom yet or maybe it has and it’s still a really good area. We intend to live in the house for everything except for the bathrooms. We would have those gutted and fixed before moving in. Everything else could be done while living around and slowly. The comps in the area are selling for 100k more than the current list price. Bones are good. Electrical and plumbing don’t need updating as the house is still pretty new, just somewhat trashed.
The work would slowly take 2 years probably. We have the opportunity to bring in a contractor to give an estimate but we are pretty sure our 30k estimate is high. Not happy about feeling strapped for cash and by trapped for cash I mean we don’t get to have weekend getaways every other month, big vacation every year, etc… Wants, not needs.
The townhouse feels setup for renting. They used this trendy laminate flooring on the main floor and dark carpet which should last better with renters.
@kala_way: I’ve been feeing that way also. We are young and I’ve just started going back to school to change careers. Allthough I still continue to work full time.
Post # 8
the advice i have been given by a lot of family and friends is to start with something small and work your way up to you dream house. They both sound so lovely and i can imagine how hard it is to choose but go with your heart and what is best for the future.
Post # 9
Then I would go with the dream home. It won’t be there later and you may always regret it if your heart is truly set on this being your final resting place and you don’t buy it now . Sounds like a good buy to me and if you decide it is to much- ramp up the remodel and sell it.
Post # 10
Buying a house knowing you are going to be strapped for cash is not a smart thing to do at all. It is very hard to give up wants and just go with needs, it is easy to say and very hard to do. Just like the current question… get what is ok and fits our needs or get what we want even though it might put us in a sticky situation. The real estate market isn’t the only thing to question, the job market is not the greatest either. Many people are losing their jobs without any suspicion or clue it would be happening, not that it would happen to you but just something to take into consideration when thinking ou might be putting yourself in a strapped for extra cash situaion. I would go the townhouse route. My thinking is when you are young is when you make the sacrifies to be able to get exactly what you want when you are older.
Post # 11
I live in a townhouse, and for that reason alone, I would discourage buying one. They are really hard to resell, and the one we’re renting now was on the market for over a year, before they gave up and rented it out.
It’s really loud here, you can hear the neighbors do everything, I hear their alarms go off, I hear their garage doors open, I hear their dogs, their motorcycles, their conversations, I can even hear them go up and down the stairs sometimes! It’s insane. This one time my hubby and I were being intimate, and someone banged on the wall from the townhome next to us – I was sooo embarrassed and mortified, I have never spoken to that neighbor!
also, is it an endunit or middle unit? We’re in a middle, and hate that even more. It makes the noise so much worse, plus there isn’t much light in the place, which gets kind of depressing.
I feel like I can never spend time outside without having to go to the park, because we have no privacy, no yard or anything. I really hate it.
I would rather have a house, even if I had to pay a little more. After living in a TH, I will never buy one.