| Posted By |
Message |
SpiceGirl
Dream big
Member since 1/06 2486 total posts
Name:
j
|
Would you sacrifice location...
...for a house that cost less? Here's our scenario...we're looking at houses on the South shore, South of Montauk...mainly in East Islip. Our price range is the low 400's. We found a house we love and even got the seller to accept an offer 70K less than their asking price, BUT the house needs the following work:
New deck
new retaining walls
small addition on the back of the house needs a new roof
Updated Kitchen/bath
Those are the big ticket items. My FIL thinks we should pass on this house because it will cost way too much $$$ for these repairs and take years for us to get all of this done. He'd rather see us buy a house somewhere in Bohemia or Ronkonkoma where we can get a home for around $380K - with no work needed. Leaving more money each year for savings, vacations, etc.
My DH and I are so torn. Financially, it would be SO MUCH easier for us to buy the cheaper house and not have to worry about lots of big repairs. On the other hand, we really love the other neighborhood, even though the first few years will be tough (2 kids in daycare  ).
Would you sacrifice location? Or would you buy the house in the neighborhood you love and tighten your purse-strings to make it work?
Message edited 11/18/2007 7:50:39 PM.
|
Posted 11/18/07 7:49 PM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
|
Re: Would you sacrifice location...
you can change the house, you can't change the location.
|
| Posted 11/18/07 7:53 PM |
| |
|
MrsKelly
just hangin' around...
Member since 11/06 6305 total posts
Name:
Krista
|
Re: Would you sacrifice location...
Posted by Meaghan729
you can change the house, you can't change the location.
i completely agree
|
| Posted 11/18/07 8:22 PM |
| |
|
SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
|
Re: Would you sacrifice location...
I think the queston is why do you love the location of the first house?
Is is because of commuting? You know people there? If you don't think you can be happy in a different area then its not worth it. These are two totally different locations, each have their own merits. Its not like you're talking about a "good" neighborhood versus a "bad" neighborhood. This is really just a personal decision about where you want to live.
|
| Posted 11/18/07 8:38 PM |
| |
|
SpiceGirl
Dream big
Member since 1/06 2486 total posts
Name:
j
|
Re: Would you sacrifice location...
I totally agree about not being able to change a neighborhood. I say the same thing all the time.
East Islip would def be a better commute for us. I love that it's close to Hecksher Park, 5min drive to the cute town of Islip or less than 10min east to Sayville.
Living here though will probably cost us close to $1,000 more a month because the house prices are higher and so are the taxes.
Once daycare is done...that frees us $2400 a month. That's not for 4 years...so, those years will be doable, but tough.
I want to make the best decision for my family...I don't want to be in the house and always be strapped for cash. Uggghh. Why must $$$ always be an issue?!
|
| Posted 11/18/07 8:46 PM |
| |
|
beautyq115
New Year!
Member since 5/05 13729 total posts
Name:
Me
|
Re: Would you sacrifice location...
Definetely agree about not sacificing location BUT will house #1 put you in a financial hole because that is also not a good thing.
|
| Posted 11/18/07 8:48 PM |
| |
|
SpiceGirl
Dream big
Member since 1/06 2486 total posts
Name:
j
|
Re: Would you sacrifice location...
We won't be in a financial hole, but we definitely won't have a lot of extra $ each month. There will be no vacations for a few years. We probably wouldn't be able to do any of the big repairs for at least 5 years.
|
| Posted 11/18/07 9:10 PM |
| |
|
nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
|
Re: Would you sacrifice location...
Posted by SpiceGirl
We won't be in a financial hole, but we definitely won't have a lot of extra $ each month. There will be no vacations for a few years. We probably wouldn't be able to do any of the big repairs for at least 5 years.
I wouldn't put myself in the situation where you wouldn't be able to afford repairs if they come up. Stuff comes up unexpectedly all the time--new boiler, new heater, etc., and I would be too nervous to leave myself with no cushion to afford those things. I'm pretty familiar with EI, and I think there are very nice areas slightly north of Montauk that would allow you to save some $$$...I would keep looking.
|
| Posted 11/18/07 9:25 PM |
| |
|
SpiceGirl
Dream big
Member since 1/06 2486 total posts
Name:
j
|
Re: Would you sacrifice location...
Posted by nov04libride
Posted by SpiceGirl
We won't be in a financial hole, but we definitely won't have a lot of extra $ each month. There will be no vacations for a few years. We probably wouldn't be able to do any of the big repairs for at least 5 years.
I wouldn't put myself in the situation where you wouldn't be able to afford repairs if they come up. Stuff comes up unexpectedly all the time--new boiler, new heater, etc., and I would be too nervous to leave myself with no cushion to afford those things. I'm pretty familiar with EI, and I think there are very nice areas slightly north of Montauk that would allow you to save some $$$...I would keep looking.
That's what worries me. If we went ahead with this house, we'd have approx $50K left in the bank after all was said and done (down payment, closing, etc). That I felt was our cushion for emergencies only...not for making upgrades. Upgrades would have to wait.
|
| Posted 11/18/07 9:42 PM |
| |
|
laurabora
LIF Adult
Member since 4/07 2712 total posts
Name:
Laura
|
Re: Would you sacrifice location...
If you can live with the house with way it is until the kids are out of daycare, I'd buy house #1. It's where you really want to be, and as long as the retaining walls aren't crumbling and the kitchen isn't disgusting, I'd live with it for a future in a town I liked more. Within a few years you'll have money to do all the upgrades.
If it *needs* all of those things done immediately, I'd pass on it.
|
| Posted 11/18/07 10:25 PM |
| |
|
SpiceGirl
Dream big
Member since 1/06 2486 total posts
Name:
j
|
Re: Would you sacrifice location...
Posted by laurabora
If you can live with the house with way it is until the kids are out of daycare, I'd buy house #1. It's where you really want to be, and as long as the retaining walls aren't crumbling and the kitchen isn't disgusting, I'd live with it for a future in a town I liked more. Within a few years you'll have money to do all the upgrades.
If it *needs* all of those things done immediately, I'd pass on it.
The kitchen/baths can definitely wait. They are not that bad...not my taste, but no biggie.
The garden retaining walls are in pretty bad shape, but we could probably hold off on repairs for 2-3 years.
The deck is in pretty bad shape. I'd probably want to take care of that project first. Of course we all know, that's big bucks. Could it wait 5 years...probably not.
|
| Posted 11/18/07 10:33 PM |
| |
|
Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
|
Re: Would you sacrifice location...
Posted by SpiceGirl
Would you sacrifice location? Or would you buy the house in the neighborhood you love and tighten your purse-strings to make it work?
I truly would sacrifice for the better location.
We settled on the block we are on and the townn (a bit noisy/busy for us, but a very desirable neighborhood overall). We preferred other towns that were a bit more than our budget at that time. Yet we bought here knowing that it lacked something we wanted and that we probably would not be happy for a lifetime with. Years later, we have the funds to live in other towns we preferred. So we plan to move within the next few years and it stinks to have to move just b/c you are not happy with the town/location.
I say buy for location even if it is tight so you don't HAVE to move again. If your gut is telling you already, I say go with it, esp while the market is in your favor.
Message edited 11/18/2007 11:26:56 PM.
|
| Posted 11/18/07 11:16 PM |
| |
|
leese
Sarge!
Member since 5/05 1965 total posts
Name:
Leese
|
Re: Would you sacrifice location...
I say other.
I would not go for this house, but wait for the right house, right price, right location.
I ended up waiting a year for the exact town, exact neighborhood we wanted --- the house needs some work but we can handle it and got it for a good price.
Personally, I'd pass -- and keep looking in your desired location. It seems that you will be too long without your ideal house.
|
| Posted 11/18/07 11:41 PM |
| |
|
Tine73
Member since 3/06 22093 total posts
Name:
*********
|
Re: Would you sacrifice location...
For the things you mentioned, no. I would do the retaining wall and the roof first and then take your time updating the rest. You can spend little money now doing some minor improvements (maybe paint the cabinets) and then do a major improvements when you have the money.
5 years will go by really fast!
|
| Posted 11/19/07 1:18 AM |
| |
|
sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
|
Re: Would you sacrifice location...
we held out for a specific neighborhood once we finally narrowed it down to that. we spent almost a year looking in several towns in a wide area.
There is a good chance there will be another dip in home prices right after the new year, maybe you should wait so you can get into to target area without feeling like you don't love the house.
Good luck.
|
| Posted 11/19/07 6:32 AM |
| |
|
BlueDiamonds
mommy to 3 boys
Member since 2/07 3885 total posts
Name:
proud mommy
|
Re: Would you sacrifice location...
i would not sacrifice location. think about this, down the road in 5 years, 10 years, where would you be happier?
if you are really getting a good deal on this house and you love it, then go for it. i don't think the repairs are that major. and kitchens and baths increase value, so when you update those you will create more equity in the house. plus, you can redo them how you want them to be! sounds like you have a pretty decent cushion in savings for an emergency.
DH and i just started house hunting and our price range is in the lower end of the area. Like you, we want to be south of Montauk. we know that we won't have updated everything right away.
|
| Posted 11/19/07 10:22 AM |
| |
|
beautyq115
New Year!
Member since 5/05 13729 total posts
Name:
Me
|
Re: Would you sacrifice location...
Posted by leese
I say other.
I would not go for this house, but wait for the right house, right price, right location.
I ended up waiting a year for the exact town, exact neighborhood we wanted --- the house needs some work but we can handle it and got it for a good price.
Personally, I'd pass -- and keep looking in your desired location. It seems that you will be too long without your ideal house.
ITA! I don't think either house is right at this moment for you based on what you have said. Prices will probably still continue to drop.
|
| Posted 11/19/07 11:06 AM |
| |
|
ali120206
2 Boys
Member since 7/06 17795 total posts
Name:
|
Re: Would you sacrifice location...
Posted by beautyq115
Posted by leese
I say other.
I would not go for this house, but wait for the right house, right price, right location.
I ended up waiting a year for the exact town, exact neighborhood we wanted --- the house needs some work but we can handle it and got it for a good price.
Personally, I'd pass -- and keep looking in your desired location. It seems that you will be too long without your ideal house.
ITA! I don't think either house is right at this moment for you based on what you have said. Prices will probably still continue to drop.
I agree as well!
|
| Posted 11/19/07 11:27 AM |
| |
|
dpli
Daylight savings :)
Member since 5/05 13973 total posts
Name:
D
|
Re: Would you sacrifice location...
I don't know if I would sacrifice location, but if it needs that much work I would keep looking, I think. New retaining walls is a red flag for me - they can be pretty expensive, if you want to have them done to last. If they are high walls and retaining parts of your property, they can also be a liability if they collapse. I would try to get an estimate for at least this part of the work before deciding what to do.
|
| Posted 11/19/07 3:21 PM |
| |
|
MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
|
Re: Would you sacrifice location...
Posted by leese
I say other.
I would not go for this house, but wait for the right house, right price, right location.
I ended up waiting a year for the exact town, exact neighborhood we wanted --- the house needs some work but we can handle it and got it for a good price.
Personally, I'd pass -- and keep looking in your desired location. It seems that you will be too long without your ideal house.
ITA
|
| Posted 11/19/07 3:26 PM |
| |
|
~Melissa~
Member since 5/06 1462 total posts
Name:
|
Re: Would you sacrifice location...
I agree with Leese as well. Good luck! The right house will come along. 
|
| Posted 11/19/07 5:05 PM |
| |
|
MrsBumbleb
it's me
Member since 5/05 11234 total posts
Name:
Christine
|
Re: Would you sacrifice location...
Posted by Meaghan729
you can change the house, you can't change the location.
exactly
|
| Posted 11/20/07 5:23 AM |
| |
|
