I don't know what to do.....

So my hubby and I are househunting...what a PAIN!!! We are in a tough price bracket, if we only had 30-50,000 more, we would be all set. But we are in a price range that can get us a nice house in the "ok" neighborhoods, where we wouldnt have to do much work to it, and really get all that we are looking for in a house.

However, today we saw a house in an awsome neighborhood in an awsome school district for a price that we can afford. However, it needs a LOT of work. New windows, baths, kitchen, doors. None of which we would be able to afford to do right away. The house does have great potential, but we would have to live in it "as is" for a while. I just wanted this move to be into a nice house, but the value of this house will only increase if we do work to it, and I am so tempted to go for it. What wold you all do? Have any of you been in this situation? Just fixing a house one room at a time with a minimal budget? Please help.....

Message edited 12/9/2006 8:40:42 PM.

Re: I don't know what to do.....

Wow Im in the exact same situation right now and we are probably going to go for it- we too are in a tough price bracket and the options are limited of what we can comfortably afford becuaes Im not working full time. We found a house but it needs a complete over haul- the owners are complete slobs and the kitchen and bath is not only dated but skeevy. We are taking some money from the sale of our co op and putting in aside for the renovations. We are going to try and do as much as possible by our selves with the handy family members. It has most of the things that we are looking for but cosmetically its kinda horrid and very dirty. We will have to live in a state of chaos for awhile which is going to s*uck but once we are done it will be a very nice home for us which is why we are probably going to make an offer. I would say go for it even if you have to do things little by little once its done it will be worth in and you will be proud of your accomplishments. Start with the bath and kitchens first and flooring- thats what we are doing. Then we are doing the non- neccesity things such as finishing the basements, the windows etc...

Re: I don't know what to do.....

I would buy it - if its livable, work on it as you live in it - it will be beneficial in the long run.

and I totally agree with the price range point you made

Re: I don't know what to do.....

My parents have always said, "buy the worst house in the best neighborhood".

If you plan on staying, you have all the time in the world to get the work done....

Good Luck!!!!

Re: I don't know what to do.....

I agree with Porrruss. You always want to be able to improve and increase the value of a house. If it is livable.....go for it! The things you change will only increase the houses worth. Plus you get to do it the way you want it instead of buying someone elses dream of a kitchen or bath.

Re: I don't know what to do.....

I took another look today, I really think I want to make an offer.

Re: I don't know what to do.....

DEF go for the house!!!!!!!!!!!!!!!!!!!

IMO unless it is unliveable i would GO FOR IT ASAP!

Re: I don't know what to do.....

We are in a similar situation with the house we bought last year, and we accepted that we just have to take our time making it the way we want. It's hard for me, because I'm such an instant gratification person, but it's also given me time to really think about what I want to do with each room. So I also say go for it. We are about to finish our bathroom renovation, and the fact that we waited for a year+ to do it makes me appreciate it that much more.

Re: I don't know what to do.....

I was in the same situation when we bought our house. We loved it but it needed work. We went home and made a list of what we would do to it and figured rough costs. It was going to be our "forever" house so we wanted to double check our finances. Then we decided to do one project a year with our income tax refund (and some savings). While waiting on the "big" projects we did small ones (painting, rugs, landscaping) and once we got some of the minor things done we were in a position to refinance and take money out to do the rest. The house is now exactly how we want it.
BTW - it took us 10 years to do it - but well worth it.

Re: I don't know what to do.....

Thanks everyone, I am still torn. Will look at a few more houses. If this one sells, well, then it wasn't meant to be...we shall see...this is so hard!!