LIFamilies.com - Long Island, NY


RSS
Articles Business Directory Blog Real Estate Community Forum Shop My Family Contests

Log In Chat Index Search Rules Lingo Create Account

Quick navigation:   

Which would you choose?

Forum Opinion Poll
Option 1 42 100.00%
Option 2 0 0.00%
 

Housing Dilema? What would you do?

Posted By Message

mommy2Alex
3 babies for me :)

Member since 5/05

6683 total posts

Name:

Housing Dilema? What would you do?

DH and I have been looking for about 2 years for colonials in our area. We are very picky and have a long list of must haves. In addition, we absolutely love our block, all the houses are maintained nicely, our neighbors are awesome, its a dead end block and we have a nice size lot. The downside is our house has a bad layout (cape with the stairs in the middle of house) and we bought in 2007 at the height of the market and lost about 60K on our current home. After much searching we just haven't found the one. So now we are considering 2 options.

Option 1:
Stay in our current house and add a 10 foot extension along the back to give us a large living room, kitchen and master bd, and extend halfway on the top of the new extension to add a 3d br/bath upstairs for the kids.

Option 2:
Buy a basic knockdown around the corner and build a colonial from the ground up. Downside, the block isn't as nice as ours and its a thru block.

We are so confused!

Posted 2/11/15 8:07 PM
 

MsSissy
xoxoxo

Member since 3/07

39105 total posts

Name:

Re: Housing Dilema? What would you do?

Besides Location Location Location have you priced out the extension? And are you saying if you sold your current home you would loose $60k? If that's the case I would stay. Thats a lot of money. Between that and the location. I would figure out a way to make it work.

Message edited 2/11/2015 8:13:04 PM.

Posted 2/11/15 8:12 PM
 

TheDivineMrsM
2 girls 4 me!

Member since 8/08

7878 total posts

Name:
Mama mama mama....

Re: Housing Dilema? What would you do?

If those are your only two options, I'd build onto your current house.

Posted 2/11/15 8:35 PM
 

mommy2Alex
3 babies for me :)

Member since 5/05

6683 total posts

Name:

Re: Housing Dilema? What would you do?

They really are our only 2 options because we have looked and looked. I haven't formally priced out an extension but I have a round about figure in my head. I'd have to get plans drawn up and start actually pricing the extension here. I only want to spend about 100K on the extension here and if it went over, I would eliminate the upstairs bedroom and the boys would have to share. Not ideal but doable.

Posted 2/11/15 8:56 PM
 

Christine Braun - Signature Premier Properties
LIFamilies Business

Member since 2/11

3992 total posts

Name:

Re: Housing Dilema? What would you do?

Out of your two options, I'd stay and renovate.

But do you need more space immediately? If not, I might hold off and keep looking.

If you really think what you want may not exist in your area, then I guess customizing your house or custom building a new one is the way to go.

But if you invest in renovating your current home, which sounds like it will still be expensive and time consuming, will you honestly be happy with the end result? Or will you be wishing for that true colonial?

Also, since you are already losing money on the home, I would want to know if your changes will build equity. You dint want to over improve for your area, especially if you may not stay forever. If you are staying in this home forever, then that matters less.

Posted 2/12/15 9:15 AM
 

JDubs
different, not less

Member since 7/09

13160 total posts

Name:

Re: Housing Dilema? What would you do?

I would do option #1 especially since you love your location

Posted 2/12/15 10:06 AM
 

aliwnec10
mom of 3 boys

Member since 4/06

11328 total posts

Name:
Ali

Re: Housing Dilema? What would you do?

Posted by JDubs

I would do option #1 especially since you love your location



me too

Posted 2/12/15 10:44 AM
 

ave1024
I Took The Wrong Road

Member since 12/07

6045 total posts

Name:
That Led To The Wrong Tendencies

Re: Housing Dilema? What would you do?

I wouldn't do either. I wouldn't pump money into a house that already lost value since you likely wouldn't get that money back, and i wouldn't buy the second house in question.

I'd wait it out and try to sell for as top dollar as you can get and buy a house that works.

Posted 2/12/15 11:06 AM
 

BaseballWidow
*****

Member since 8/08

6657 total posts

Name:

Re: Housing Dilema? What would you do?

I would stay and do the renos. We are in a similar boat and have decided that this is our home and will make it how we want/need it to be. I will worry about the re-sale vale in 20 years, LOL.

Posted 2/12/15 11:26 AM
 

mommy2Alex
3 babies for me :)

Member since 5/05

6683 total posts

Name:

Re: Housing Dilema? What would you do?

Posted by Century 21 Dallow - Christine Braun

Out of your two options, I'd stay and renovate.

But do you need more space immediately? If not, I might hold off and keep looking.

If you really think what you want may not exist in your area, then I guess customizing your house or custom building a new one is the way to go.

But if you invest in renovating your current home, which sounds like it will still be expensive and time consuming, will you honestly be happy with the end result? Or will you be wishing for that true colonial?

Also, since you are already losing money on the home, I would want to know if your changes will build equity. You dint want to over improve for your area, especially if you may not stay forever. If you are staying in this home forever, then that matters less.



Very valid points, I don't per se need a true colonial I love them but I also like the fact that in the cape our MBR would be downstairs while the kids are upstairs, especially as they get older, I think it gives my husband and I more privacy. I truly just want a large kitchen/den area for entertaining. I don't think we would be over improving for our area as there are a lot of expanded capes around. We are in W. Islip so there are a lot of Capes/Splits and High Ranches but not too many colonials. They exist South of Montauk but they are $$$, have no basements and when I looked into homeowner's insurance for them it was Chat Icon Unless, something major happens (husband loses job) we will be here for the long haul. According to our financial planner if we stay for the long run we should eventually recoup the loss from buying so high. The whole process is just so confusing. Ughh! What we really want is the house next door but the family can't sell because its in a living trust and the mom is 100 Chat Icon and hasn't lived there in 5 years. That would be the best because then we could renovate to exactly what we want and still be on our block. Chat Icon

Posted 2/12/15 12:29 PM
 

summertime
LIF Adolescent

Member since 9/10

852 total posts

Name:

Re: Housing Dilema? What would you do?

Neither. I would keep looking. Don't settle.

Posted 2/12/15 1:14 PM
 

EclecticEsq10810
Biden 2020

Member since 10/10

2122 total posts

Name:
L.

Re: Housing Dilema? What would you do?

Posted by ave1024

I wouldn't do either. I wouldn't pump money into a house that already lost value since you likely wouldn't get that money back, and i wouldn't buy the second house in question.

I'd wait it out and try to sell for as top dollar as you can get and buy a house that works.




Ditto.

Posted 2/12/15 3:12 PM
 

ChilisWife
God Bless America

Member since 5/05

3345 total posts

Name:
A.K.

Re: Housing Dilema? What would you do?

We are going through this now. We love our home and block but need more space. However we have hated the homes on the market in our price range. I want to renovate - which will give us a lot of what we need although not everything. But everyone says to wait and keep looking but how long should we put our life on hold? We dont want to put money into improving our house (necessary repairs, decor, etc) if we are moving but I also dont want to stay another 2 years in a holding pattern. Its stressful.

Posted 2/12/15 4:22 PM
 

mommy2Alex
3 babies for me :)

Member since 5/05

6683 total posts

Name:

Re: Housing Dilema? What would you do?

Posted by ChilisWife

We are going through this now. We love our home and block but need more space. However we have hated the homes on the market in our price range. I want to renovate - which will give us a lot of what we need although not everything. But everyone says to wait and keep looking but how long should we put our life on hold? We dont want to put money into improving our house (necessary repairs, decor, etc) if we are moving but I also dont want to stay another 2 years in a holding pattern. Its stressful.



This is exactly our problem. I don't want to wait anymore, we have been looking for over 2 years. Chat Icon

Posted 2/12/15 4:45 PM
 

Meme729
LIF Adolescent

Member since 2/11

547 total posts

Name:
M

Re: Housing Dilema? What would you do?

We are in the same situation. I have literally been looking for a house on and off for about 4 years. We currently live in a 4 bedroom cape. I love how we have large bedrooms and I love our neighborhood, block and neighbors. I really want all of the bedrooms upstairs and a larger kitchen, living and dining room. It's so frustrating that all of the houses we see in our price range basically need to be completely renovated. That being said, we have decided to renovate our house in the next few years. By keeping this house, we can have everything we want on our wish list for less money than starting over w someone else's house. I think that would be your best option too. If only we could be rich, right?

Posted 2/16/15 4:54 AM
 

StarsStripes
LIF Adult

Member since 12/12

1192 total posts

Name:

Housing Dilema? What would you do?

I would only move around the block if the house was in perfect condition and I didn't need to do a thing to it.

Posted 2/17/15 11:28 AM
 

thiadora
Happy Little Girl

Member since 5/05

3830 total posts

Name:
Thia (Cynthia)

Re: Housing Dilema? What would you do?

I don't have an answer for you. I just wanted to let you know that I really do understand the difficulty you're having in this particularly area. I am in the same town as you. I'm not officially looking, but I have the itch to move. I've been looking on the mlsli website for about 6 months (but not physically visiting houses).

There are so few houses that I actually like and to get what I want we would have to spend quite a bit more money. We would probably have to put about that same amount into our current home, but I would really like a bit of a bigger property than we have. (I think our property is about 60 x 100 and there is already an extension at the back so our backyard is small).

I'm starting to think of shifting my search to surrounding areas. I see a lot more of houses that are my taste in other areas. But I really was just hoping to keep my DS in his elementary school or at least in the one that goes to the same middle school we're zoned for.

Posted 2/17/15 8:38 PM
 
 

Potentially Related Topics:

Topic Posted By Started Replies Forum
who buys the crosss for the baby the god mother opr god father? dilema help!!!!!! 04bride 1/14/07 16 Parenting
Report shows renters and homeowners paying more than 30 percent of income on housing rising across the country SweetestOfPeas 10/3/06 4 Home
Florida, North Carolina, Pennsylvania and elsewhere in New York are top destinations for residents often in search of affordable housing MegZee 9/17/06 0 Home
Another carseat Dilema...I can't decide on a pattern.... Dani00518 7/12/06 12 Parenting
Nassau/Suffolk - Predicts loss of 6% in housing values over the next two years! lorich 4/13/06 10 Home
In such a dilema.. Help! justme1 10/28/05 7 Parenting
 
Quick navigation:   
Currently 181207 users on the LIFamilies.com Chat
New Businesses
Carleton Hall of East Islip
J&A Building Services
LaraMae Health Coaching
Sonic Wellness
Julbaby Photography LLC
Ideal Uniforms
Teresa Geraghty Photography
Camelot Dream Homes
Long Island Wedding Boutique
MB Febus- Rodan & Fields
Camp Harbor
Market America-Shop.com
ACM Basement Waterproofing
Travel Tom
Yoga Womb/ SECS talk

      Follow LIWeddings on Facebook

      Follow LIFamilies on Twitter
Long Island Bridal Shows