Do you think every home is a money pit?

When we bought our home-- it was in "great shape". We thought all we needed to do was make cosmetic updates to our taste to freshen up the house plus decorate.

After living here 7 months, and with the changing seasons and things you need to do (snow plow, landscaping/yard, exterminator seasonal spray, etc.), PLUS all of the things that have become apparent since we moved in (we are getting ready to start TWO construction projects)-- little or even very large projects that need to be done in order to live comfortably in the home.

The expenses are just mind numbing. And every "specialist" that is here, instills a sense of fear in me when they are here. I manage all of this stuff, and just tell DH about everything-- and all he sees is the price, and doesn't see value. I mean, of course we need the money to pay for everything-- but, does it ever stop?! Perhaps the people we bought from were neglectful in certain areas and once we take care of the trees for example, they will be safe and healthy for many years but it's just so crazy.

I keep telling myself, that it must happen to everyone-- and you always need "a guy" at the house doing SOMETHING. And the something is always very expensive!

Re: Do you think every home is a money pit?

I dont think every house is a money pit. I think it depends what you paid, what you perceived to be needed on the home and what the market value is going for in that are. For us, we paid low for our area, so the thought of putting $$$$ into it doesn't make me feel like it's a money pit. We were pretty aware of what it needed and that some things would wait for years to come. But some things can't wait (like the landscape). Like you we have to clear our trees, some are hazards, etc. I don't think most homeowners think about this. They just deal with fallen trees as they occur but for me I want to know I am fairly safe while living here.

My old house was like that though. Spent top dollar (half our fault we overpaid) and then the house pretty much needed everything but we were too inexperienced to see this. Luckily we had the money to do what we needed but we did wind up losing when we sold that home due to all that. But my current home I learned from my last and didn't overbid so I will never feel this particular house is a money pit b/c of our location and desirability.

Re: Do you think every home is a money pit?

yeah--I just kinda mean, you really need a monthly budget for things to just take care of the house... There are just so many expenses. I didn't realize the epxense of anything beyond a landscaper cutting the grass... I guess also because it's changing of seasons, we need to spray for bugs, turn the sprinkler back on, etc. It's just always something!

Yes, our two projects are things we feel are necessary-- but are they hazards, no. We are putting in a "mud room" because we have a gutted closet anyway, and something needs to be done with it and redoing the sunroom-- because it makes the house so hot because the glass is so old and does not provide any insulation-- particularly from the heat.

Re: Do you think every home is a money pit?

its a money pit because of self expectations i think. we feel our house should be the best house, have the best things, etc. also it depends if your doing the work vs sub contracting out.

we purchased a big fixerupper and in one year and around 20k have done a ton with it. I know if we sell right now we might get what we paid for it plus the money spent on renovations but not make anything due to costs involved with selling. When we do our kitchen and full bathroom remodels we will probably do something less extravagant because the more I stay the more I think we might buy my parents house when they are ready to sell in like 10 years. My block will never get the high numbers so i have to really zero in what will be the best return.

On the other hand my bro who purchased at the height of the market in southold has a huge huge, huge yard and dumped a huge amount of money into it now can't even sell it for what he paid. I think all renovations need to be realistic. People put in chef kitchens then can't fathom why they won't get their money back on the "investment" and didn't bother to really feel out the neighborhood. Yea southhold is amazing but not many people want to live 8 minutes from the end of the island.

Re: Do you think every home is a money pit?

I think MOST older houses (most of LI) do need work. And we have seen over and over, houses pass inspections only to find surprises later on.

Not all houses need work right away but it depends also what you consider projects that need to be done right away. Someone might think it's perfectly OK to have a 70's kitchen or the Christmas green carpet while someone else might concider it a MUST do right away.

And even if you buy a house with new siding, roof, paint, bathrooms, etc.....there is ALWAYS something to be done in a house. It's never done! In 20 years, those new bathrooms will need to redone again, so is the roof, fence, etc....The boiler breaks down. Shingles lift off the roof after a storm creating water leakage, etc..... IT'S NEVER ENDING!!!!

Re: Do you think every home is a money pit?

we thought our house was in very good shape until after the first winter we needed to replace the heating system. then the next spring we got water in the bottom floor from the crumbling foundation. Then the roof started to leak a few years later, and we found out that about 10 joists needed to be replaced.

Yes, we had an inspection BUT I think these things go with wear. The other owners could have still be in the house and these things would have needed to be done/replaced.

its all part of homeownership...the repairs NEVER end!

Welcome!

Re: Do you think every home is a money pit?

exactly--- it's the maintenance, repairs, updates/projects, then the decorating... it's one, or all-- every month!

Re: Do you think every home is a money pit?

I don't know if they're all "money pits" but their maintenance always seems to cost more than one would think it will.

When you (general you) buy a house, you might think that you can live with that outdated kitchen or pepto bismal pink bathroom. Then you live there for a few months - if it even takes that long - and you realize certain thing are really bothering you and then you have to get rid of them. I was guilty of that in my house. I had most of the money for it, and I borrowed from my mom for the rest which I paid back promptly.

Even though it worked out okay, I wouldn't want to put myself in that situation again.

It's tough, though, because it's very hard to tell from a quick visit or two with your realtor what you are willing to live with and what you're not.

Re: Do you think every home is a money pit?

I see what you are saying! I always tell my friends when they are looking at houses adn talking about how to budget, that they need to budget for the HD trips and the unexpected broken appliance.

We bought a move in ready home too (we knew it needed new bathrooms down the road but everything seemed to be in great shape etc)...and although some stuff didnt NEED to be done or done when or how we did it, we have spent a decent amount on renovations and I KNOW we are not done.

But I do believe thats part of home ownership. There is always something to be done, whether its paint, repaving, replacing, etc...

Re: Do you think every home is a money pit?

Re: Do you think every home is a money pit?

I think that any and every house (and mind you I have 1 here in NY that we completely gutted and 1 OOS that we built from scratch meaning we picked land and custom built it from top to bottom), and with BOTH houses, there has always been money that we put into it to make it truly what we want it to be..

Whether it be decorating it one way 1 day and then switching it up a few months later or having a pool installed or new fence, baby coming so switch it from a guest room to a baby's room.. so while in my case it wasn't because the house was constantly running into problems, I guess our ever changing tastes and wanting to do more with what we have is what made us constantly put money into it..

Re: Do you think every home is a money pit?

I think home ownership is not all it's cracked up to be.

The expenses associated with homeownership can be a burden.

When something breaks, you need to fix it right away..if you don't have that money you have to borrow.

The longer you own a home the more this is true.

Re: Do you think every home is a money pit?

Ours certainly was, but it was more from choice. We didn't have to do everything we did as as soon as we did it, but it was my preference.

This year I said that we won't use any bonus or tax refund money for house improvements, but I already have a small project in our kitchen brewing.

Re: Do you think every home is a money pit?

i don't think every house is a money pit...i knew that when we became homeowners there would be unexpected repairs here and there (on top of anything extra we wanted to do to upgrade our house)....

just this week i had a roof leak! luckily my HOA is covering the roof repair but my ceiling drywall in my office is ruined and i need to have my gutters moved - so 2 more contractors need to come in now....on top of that the ceiling fan in our master bedroom broke and its FL and its HOT already....so we need a fan...we planned on getting a nicer one eventually but not now its going to be an expensive week...

i think older houses, or houses that were not kept up usually have some problems and i think that some houses (even new construction) are just lemons...but to not expect to have any unforeseen issues is unrealistic to me - but everything shouldn't be going wrong either...

Re: Do you think every home is a money pit?

I found a brand new townhouse at an excellent price with tons of equity in it and jumped.

DH thinks we are going to be out of here soon...he wants a yard and blah blah blah.

I am so happy in my maintence free townhouse. I have a yard with a table and bbq, garden, enough room to play catch.
Why he needs more, I will never understand.

But my parents always had money pits. I can't handle that stress.

Re: Do you think every home is a money pit?

i think so in a sense. we bought a house in good condition but things definitely need and still need to be updated and maintained too. Thank goodness for tax refund money otherwise I don't think anything would be done!

Re: Do you think every home is a money pit?

yes

Re: Do you think every home is a money pit?

Re: Do you think every home is a money pit?

See, we owned our apartment-- but that's so different. We were there for 5 years-- yes, we had some pricey unexpected costs, but not like here.

For those who have been in their house-homes over a year-- once you sorta get settled and take care of the initial issues-- does it slow down?

Obviously-- you still have the seasonal crap, and unforeseen expenses and long-term wish list projects... but do you get to a point where you are done-ish?

Re: Do you think every home is a money pit?

Re: Do you think every home is a money pit?

Yes, I do --- but I also think it's just part of owning a home.

In the last 5 years, we have replaced our heating system, hot water tank, central air, inground sprinkler system and put in a new septic tank. Not including all of our projets to make our house a home.

All this just in time to sell - maybe.

Re: Do you think every home is a money pit?

Re: Do you think every home is a money pit?

Damn straight.

Re: Do you think every home is a money pit?

I don't think they are money pits necessarliy but there are definite costs to maintaining a place. I agree that after living somewhere for a while there are things you want to change or upgrade that you don't notice or think of when you are just looking quick

Re: Do you think every home is a money pit?

No... Every home requires work and maintenance which do cost money...