billsfanone Posted March 21, 2005 Share Posted March 21, 2005 Ok, my wife and I have been house hunting for about a month, and we feel ready to move on some houses. We've done exhaustive research on schools, property values, etc. We've found some decent towns we can afford... Would you either: 1) go with a house that's pristine, and would need no upgrades, and pinch every penny to make it happen, or, 2) buy a somewhat fixer upper that wouldn't stretch your budget, but needs upgrades (not major construction, just upgrades like kitchen cabinets, bathroom tiles, paint, plaster, etc.), with the possibly never getting it completely done. I'm leaning towards a fixer-upper. One that's livable to start. Not great and not a complete disaster, but livable. I have some family members who can lend solid advice on how and what to do to upgrade (and when), and maybe do a little work at minimal cost. Also, I am fairly familiar with what needs to go into the work (money, time, sweat, etc.). Pros of pristine house: No work, no headaches, no need to spend anymore money cons of pristine: dangerously eats at budget, no "emergency" funds pros of fixer upper: can easily manage financially to start cons of fixer upper: can be a never ending ordeal. Will likely spend the money to fix which would have been used up-front to go pristine. I know there's a ton more to consider, and we have. What would you do. Or what have you experienced? Link to comment Share on other sites More sharing options...
Puhonix Posted March 21, 2005 Share Posted March 21, 2005 How old are the two houses? And the neighborhoods? There's a lot of factors other than the conditions of the house. Can you tell us a little more? Link to comment Share on other sites More sharing options...
billsfanone Posted March 21, 2005 Author Share Posted March 21, 2005 All the same exact ages. Same exact neighborhoods. If anyone is familiar with Hicksville and Levittown, NY, you'd know they are EXACTLY the same. The pristine ones are fixed up so they look brand spanking new. The old ones look like they are from the 50s. Of course I'd get a professional inspector to look at major things not visable to the naked eye. But cosmetically, it's apples to apples. Link to comment Share on other sites More sharing options...
Dr. Fong Posted March 21, 2005 Share Posted March 21, 2005 Based on what you're telling us I'd say go with the pristine one. But I think a little more info. is needed to give you a real opinion. Another question that I have in addition to what Puhonix asked is how many square feet does each have? How many bedrooms/bathrooms? Link to comment Share on other sites More sharing options...
MarkyMannn Posted March 21, 2005 Share Posted March 21, 2005 Fixer-upper.............especially if your wife, like mine, would want to change the house to their style and taste. You're going to be working on it either way, so you may as well take the cheaper deal Link to comment Share on other sites More sharing options...
USMCBillsFan Posted March 21, 2005 Share Posted March 21, 2005 Be careful about expenses too. "Fixer upers" can end up being way more expensive than you think. For example, we wanted to replace the laminate counter tops in the kitchen of the new house we just bought and put granite or some other "hard" type surface. I have a very small kitchen counter space wise and it would've cost us nearly 7,000 bones! So unless you have a lot of time to fix it up or if you want to do it faster think about all the costs... just my .02... Link to comment Share on other sites More sharing options...
OGTEleven Posted March 21, 2005 Share Posted March 21, 2005 Ok, my wife and I have been house hunting for about a month, and we feel ready to move on some houses. We've done exhaustive research on schools, property values, etc. We've found some decent towns we can afford... Would you either: 1) go with a house that's pristine, and would need no upgrades, and pinch every penny to make it happen, or, 2) buy a somewhat fixer upper that wouldn't stretch your budget, but needs upgrades (not major construction, just upgrades like kitchen cabinets, bathroom tiles, paint, plaster, etc.), with the possibly never getting it completely done. I'm leaning towards a fixer-upper. One that's livable to start. Not great and not a complete disaster, but livable. I have some family members who can lend solid advice on how and what to do to upgrade (and when), and maybe do a little work at minimal cost. Also, I am fairly familiar with what needs to go into the work (money, time, sweat, etc.). Pros of pristine house: No work, no headaches, no need to spend anymore money cons of pristine: dangerously eats at budget, no "emergency" funds pros of fixer upper: can easily manage financially to start cons of fixer upper: can be a never ending ordeal. Will likely spend the money to fix which would have been used up-front to go pristine. I know there's a ton more to consider, and we have. What would you do. Or what have you experienced? 282399[/snapback] No house is pristine and in need of no work. It might seem that way, but I promise, if it's a house, it either needs something or it will very soon. The semi-fixer upper probably needs more work than you think. Your budget is important and based on what you've said, I'd lean the same way. We built a new house and it needed work (water softener, paint, wallpaper, etc.). I will say that the thought of a semi-new (pristine) hose did appeal to us, but I think no matter what you do,, buying a house comes with unexpected costs (especially your first one). Good luck. Link to comment Share on other sites More sharing options...
billsfanone Posted March 21, 2005 Author Share Posted March 21, 2005 These houses were originally all 2br 1 bath ranchs. What people did is make the attic 2 more bedrooms (in both pristine and the fixer-uppers). Some have a raw attic, but I'm taking them out of the equation... I'm comparing apples to apples. Link to comment Share on other sites More sharing options...
billsfanone Posted March 21, 2005 Author Share Posted March 21, 2005 Fixer-upper.............especially if your wife, like mine, would want to change the house to their style and taste. You're going to be working on it either way, so you may as well take the cheaper deal 282414[/snapback] Yeah. I hear that. Link to comment Share on other sites More sharing options...
R. Rich Posted March 21, 2005 Share Posted March 21, 2005 How old are the two houses? And the neighborhoods? There's a lot of factors other than the conditions of the house. Can you tell us a little more? 282403[/snapback] What he said. Don't fall too much in love w/the house either. We put a bid on one house, and I'm glad they didn't accept it. The house we ended up buying was MUCH better and cost us less. Plus, all we had to do was move in. We didn't have to buy anything for the place, other than minor things like garbage cans. The kitchen was redone recently, the roof still had another 7 years on it before they recommended we get it replaced, the air conditioning unit was practically brand new, window treatments (which can be very expensive, depending on what you want) and the appliances were included (fridge, dishwasher, washer/dryer). The house was an estate auction and the executor didn't live in Maryland (lived in California). They just wanted a fair amount for the place, which we offered. We saw the place on July 3 of 2001. The next day, a holiday, our agent wrote up a contract. The next day, July 5th, he brought it to our apartment in Randallstown for my wife to sign, drove to my office in Northeast Baltimore for me to sign, then drove to Columbia, Maryland to give it to the listing agent. Three days later, we got the call saying they accepted. Link to comment Share on other sites More sharing options...
HtownBillsFan Posted March 21, 2005 Share Posted March 21, 2005 I'd rather go with the fixer. I hate not having emergency money. You never know what might come up. I know with my house, I didnt need to fix anything. Well, we ended up repainting the entire house, re-doing 3 floors (tile, wood, carpet). There are things you are going to want to change. If you can do it, fix it up, if not buy the "new" one. Just my opinion. Link to comment Share on other sites More sharing options...
billsfanone Posted March 21, 2005 Author Share Posted March 21, 2005 No house is pristine and in need of no work. It might seem that way, but I promise, if it's a house, it either needs something or it will very soon. The semi-fixer upper probably needs more work than you think. Your budget is important and based on what you've said, I'd lean the same way. We built a new house and it needed work (water softener, paint, wallpaper, etc.). I will say that the thought of a semi-new (pristine) hose did appeal to us, but I think no matter what you do,, buying a house comes with unexpected costs (especially your first one). Good luck. 282419[/snapback] Thanks. I think the only downside of the fixer-upper is that we're stuck living in an old looking house for a while. I know there will be unexpected things. And I haven't gotten to the point of getting an inspector yet. Just getting a feel for what people think.. Link to comment Share on other sites More sharing options...
NCDAWG Posted March 21, 2005 Share Posted March 21, 2005 Just remember, You own the house-never let the house own you. Also being experienced in this subject (4 homes in 7 years), estimate the cost of the renovations to the fixer-upper and budget them right in to the cost to make sure you do them within six months of moving in...otherwise the renovations will probably not get done. You cant predict the future, and I got caught doing that, and lost my job, and was stuck in a fixer upper with no cash....it was stressful to say the least. I would also take into account the area and yard too. We just bought in Concord NC, wasnt crazy about the house or yard but excellent schools so in 5-7 years we will move again. Hope this helps Link to comment Share on other sites More sharing options...
Puhonix Posted March 21, 2005 Share Posted March 21, 2005 Don't fall too much in love w/the house either. We put a bid on one house, and I'm glad they didn't accept it. The house we ended up buying was MUCH better and cost us less. Plus, all we had to do was move in. We didn't have to buy anything for the place, other than minor things like garbage cans. The kitchen was redone recently, the roof still had another 7 years on it before they recommended we get it replaced, the air conditioning unit was practically brand new, window treatments (which can be very expensive, depending on what you want) and the appliances were included (fridge, dishwasher, washer/dryer). The house was an estate auction and the executor didn't live in Maryland (lived in California). They just wanted a fair amount for the place, which we offered. We saw the place on July 3 of 2001. The next day, a holiday, our agent wrote up a contract. The next day, July 5th, he brought it to our apartment in Randallstown for my wife to sign, drove to my office in Northeast Baltimore for me to sign, then drove to Columbia, Maryland to give it to the listing agent. Three days later, we got the call saying they accepted. 282426[/snapback] Good point, when the right house comes along, it'll scream your name. This is a major investment, and not something you want to rush into. What we ended up doing is building a home in a new development. That way we got everything we wanted, exactly the way we wanted it, and had a lot of say in the layout and format of the house. Its our dreamhouse, and the area around us is booming. Since we bought the house 5 months ago, the price has already gone up $10,000. And its still going up, with bigger houses and more neighborhoods popping up. Link to comment Share on other sites More sharing options...
Anon Y. Mous Posted March 21, 2005 Share Posted March 21, 2005 As a Canadian I am not entirely sure of the tax implications. But you guys can write off your carrying charges (we unfortunately cannot) Can this have any effect on your decision? Can you still write off your upgrades/renovations? Not sure how that works Link to comment Share on other sites More sharing options...
billsfanone Posted March 21, 2005 Author Share Posted March 21, 2005 Be careful about expenses too. "Fixer upers" can end up being way more expensive than you think. For example, we wanted to replace the laminate counter tops in the kitchen of the new house we just bought and put granite or some other "hard" type surface. I have a very small kitchen counter space wise and it would've cost us nearly 7,000 bones! So unless you have a lot of time to fix it up or if you want to do it faster think about all the costs... just my .02... 282416[/snapback] Thanks. I have make some calls and price things out. Link to comment Share on other sites More sharing options...
TheMadCap Posted March 21, 2005 Share Posted March 21, 2005 I recently bought a house which at first glance appeared to be in great shape. I learned however, that NO house is without need of repairs. THere is so much to be painted, repaired, fixed that I am not sure where to begin. Go with the one with less work to do... Link to comment Share on other sites More sharing options...
KRT88 Posted March 21, 2005 Share Posted March 21, 2005 don't buy a fixer-upper if you can't afford to fix it up. Make sure you like the neighborhood, because that is super important. If you are planning to have children, or you already have them, the school district is critical. Sounds to me like you already did your homework. Talk it over and bid on what you feel is the best for you now and in the coming years, because you'll likely be in the same house for a while. Link to comment Share on other sites More sharing options...
billsfanone Posted March 21, 2005 Author Share Posted March 21, 2005 Good point, when the right house comes along, it'll scream your name. This is a major investment, and not something you want to rush into. What we ended up doing is building a home in a new development. That way we got everything we wanted, exactly the way we wanted it, and had a lot of say in the layout and format of the house. Its our dreamhouse, and the area around us is booming. Since we bought the house 5 months ago, the price has already gone up $10,000. And its still going up, with bigger houses and more neighborhoods popping up. 282438[/snapback] Thanks. We've looked at a ton already. We're both pretty picky. The one that screamed "buy me" is a tiny bit out of our price range. Not completely not-doable, but stretching it. This is my dilema. We're going to lowball the fixeruppers that have been on the market a while and hopefully come away with a steal. There's no lowballing the others. They are usually on the market for a week or two. It's nuts around here. Link to comment Share on other sites More sharing options...
KRT88 Posted March 21, 2005 Share Posted March 21, 2005 PS, I friend of my wife bought a fixer-upper down in NC for $115,000. She has put a ton into the house in the past year but its worth about $165,000 now after dumping more than 30K into it! That can work if you have the money to do that. Her husband was in Afganistan for 18 months so she had the money to fix it up! Link to comment Share on other sites More sharing options...
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